AIF secured $34.8bn investment interests, says AfDB

November 11

11:40 2023

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Akinwumi Adesina, president of the African Development Bank (AfDB), says the 2023 African Investment Forum (AIF) secured $34.82 billion in investment interests.

Championed by AfDB, AIF is a multi-stakeholder and multi-disciplinary platform that advances projects to bankable stages, raises capital, and accelerates deals to financial closure.

Adesina, who spoke on Friday, at the end of the 2023 AIF market days, held in Marrakesh, Morocco, said the investment was secured during the three-day event.

He said the figure was higher than the $31 billion investment interests secured in 2022.

“Talking of results, it is now time to unveil the results of the Africa Investment Forum 2023 Market Days boardrooms,” he said.

“We successfully secured 34.82 billion dollars of investment interests! What an incredible achievement, all in just 72 hours!”

Adesina thanked the partners, saying they responded positively to his request.

He said the investments will deliver transformative impacts on the lives of people.

“That is the bottom line of the Africa Investment Forum: investing to improve lives,” Adesina said.

Adesina said the AfDB alongside its founding partners, attracted the participation of institutions such as the United Kingdom Export Finance, and Multilateral Investment Guarantee Agency (MIGA).

“International Finance Corporation, Saudi Arabia Ministry of Investments, United States Trade and Development Agency, the European Bank for Reconstruction and Development participated,” the AfDB president said.

”We also had the participation of the Japan International Cooperation Agency, and the Japan Bank for International Cooperation, among several others.

“We are building a financial powerhouse around investments in Africa.”

Adesina also spoke about the letter of intent signed with Mohamed Benchaâboun, the director general of the Mohammed VI Fund for Investment.

He said it will invest in supporting the private sector, especially small and medium-sized enterprises and infrastructure in Morocco.

“This is a great vision by His Majesty King Mohammed VI,” he said.

He also said with the launch of the alliance for special agro-industrial processing zones, strong partnerships were forged — and a commitment of $3 billion was made by the partners.