Africa-Press – Rwanda. Africa attracted $29.2 billion in new investor interests across 37 development projects in different countries during the just concluded African Investment Forum Market Days 2024.
During the forum, governments officials, investors, project developers, and business tycoons engaged in 41 boardroom discussions on 37 investment deals with projects varying from transport, power, energy, agribusiness, industry, mining, pharmaceuticals, private equity, tourism, urban infrastructure, water management, in addition to water and sanitation.
Akinwumi Adesina, the President of the African Development Bank and Chair of the AIF, said the level of rigor for projects increased, in terms of project readiness, with greater focus on investment-ready projects, an enhancement from the previous editions of the forum.
Participants increased by 60 percent from the previous year, coming from 83 countries around the world.
“The waves of the Africa Investment Forum are cascading investment ripples from Africa to all parts of the world…I am proud that we have achieved for Africa,” said Adesina.
“We are becoming a global investment movement for Africa.”
He said state representatives sought to mobilize $975 million for Nigeria’s Special Agro-Processing Zone but the boardroom sessions garnered $4.8 billion.
Similarly, projects initiated by Morocco and DR Congo drew investor interest higher than initially targeted.
The AfDB hosts the forum as part of a collective initiative that includes the African Export-Import Bank, Africa50, Africa Finance Corporation, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank, and Trade and Development Bank.
This year’s forum themed “Leveraging Innovative Partnerships for Scale,” convened to drive investments, accelerate growth, move forward successful projects with continuity, and to forge new alliances for stability and resilience of African economies.
Nadia Fettah Alaoui, Morocco’s Minister of Economy and Finance, said AIF is a major catalyst and a unique platform for investment and for accelerating the transformation of Africa.
She appealed to the African diaspora noting that there are good projects for investment and as well money to finance their projects.
Admassu Tadesse, the President and Managing Director of Trade and Development Bank Group, said that the projects go through a structured process that has shaped the build-up to the Market Days, noting that the efforts have been towards the task of developing bankable projects to perceived market risks and cost of capital, among other things.
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