Africa Investment Forum in Rabat Focuses on Mobilizing Resources for Transformative Projects

RABAT, Morocco (BG) – Experts at the 2024 Africa Investment Forum in Rabat, Morocco, on Wednesday underscored the urgent need to close Africa’s infrastructure investment gap and mobilize resources for critical projects across the continent.

The three-day event, from Dec. 4 to Dec. 6, is Africa’s premier investment marketplace. Moroccan Minister of Economy and Finance Nadia Fettah inaugurated the fifth edition of the forum, emphasizing the importance of collaboration to tackle the continent’s development challenges.

The program featured senior African Development Bank (AfDB) Group executives, including Senior Vice President Marie-Laure Akin-Olugbade and Vice President and Chief Financial Officer Hassatou N’Sele, who provided detailed insights into the AfDB’s operations and opportunities for collaboration.

On the forum’s sidelines, the AfDB hosted a high-profile meeting with global insurers, export credit agencies (ECAs), and institutional investors to explore innovative risk-sharing solutions.

Opening the meeting, N’Sele highlighted the critical need to address Africa’s infrastructure investment gap, noting that private investors currently account for just 10% of infrastructure financing on the continent, less than half the level in Asia.

She stressed that Africa requires $1.3 trillion annually to meet its Sustainable Development Goals (SDGs) by 2030.

To support this, the African Development Bank is committed to expanding its financial capacity by $73 billion over the next decade through innovative structuring approaches, including leveraging the insurer and ECA communities.

In a presentation, Berne Union Executive Secretary Paul Heaney noted that long-term investment in Africa by credit insurance providers is increasing and diversifying.

He highlighted that Angola, Egypt, Ivory Coast, Ethiopia, and Mozambique have the most exposure and stated that African risk is not as high as often presumed, though strong sovereign support remains essential for success.

The forum aligns with the African Union’s Agenda 2063 and the Sustainable Development Goals, focusing on key sectors such as infrastructure, energy, agriculture, and healthcare.

This year’s theme, “Leveraging Innovative Partnerships for Scale,” reflects a collective commitment by partners to drive transformative investments through strategic collaborations.

The Africa Investment Forum is spearheaded by nine development finance institutions, including the African Development Bank, Africa50, Afreximbank, the Development Bank of Southern Africa, the Islamic Development Bank, the European Investment Bank, Trade and Development Bank, the Africa Finance Corporation, and the Arab Bank for Economic Development in Africa.