Thousands Gather in Rabat to Drive Investment in African Economy.

Rabat: More than 2,300 project sponsors, financiers, business leaders, government officials, and other key stakeholders have convened in Rabat, the capital city of Morocco, to discuss and finalize investment deals aimed at transforming Africa's economy. This gathering is part of the 2024 edition of the Africa Investment Forum, an initiative spearheaded by the African Development Bank (AfDB) alongside seven other founding partners. This year, the Arab Bank for Economic Development in Africa (BADEA) joins as a new partner.According to Ghana News Agency, the other partners include Afreximbank, Africa Finance Corporation, Africa50, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank, and Trade and Development Bank. The three-day event, themed 'Leveraging Innovative Partnerships to Scale-Up,' exemplifies the partners' commitment to driving transformative investments across Africa through strategic collaborations. Since the inception of the Africa Investment Forum in 2018, arou nd US$180 billion in investment interests have been registered in critical sectors such as energy, infrastructure, health, and agriculture.Speaking at the opening ceremony, Dr. Akinwumi Ayodeji Adesina, President of the AfDB, emphasized that Africa's accelerated development necessitates greater mobilization of private capital, which is the driving force of the forum. He pointed out that by 2050, one out of four people in the world will be African, with housing investment opportunities expected to reach US$1.4 trillion, and the continent's food and agriculture market projected to rise to US$1 trillion by 2030.Dr. Adesina highlighted that the continent's investment opportunities in energy, transport, digital infrastructure, water, and sanitation require at least US$170 billion annually. He urged investors to seize these unique opportunities, asserting, "Africa is not as risky. Perception is not reality." He stressed the need for investors to support Africa's ambition to become a green energy power hub and e xpressed the forum's role in matching investors with opportunities, mobilizing capital, and accelerating financial closure for projects.Madam Nadia Fettah Alaoui, Minister of Economy and Finance of the Kingdom of Morocco, called on development partners to enhance their collaboration and function more cohesively for greater impact in the growth of African countries. She outlined challenges such as high debt risks, high unemployment levels, particularly among youth, access to energy, food security, climate change, and health concerns.Madam Alaoui emphasized the urgency of establishing partnerships with Multilateral Development Banks (MDBs) in Africa and beyond at the core of policies to address these challenges in a dynamic global environment. She stated, "We must recognize that we still have a long way to go. Until the private sector can play its full role in reducing the financing gap of the Sustainable Development Goals (SDGs) of our continent."She urged development partners to intensify their support for structural reforms undertaken at the national level by African governments to promote private initiatives and strengthen the learning and preparation of well-designed and financially viable projects. Madam Alaoui commended the AfDB for forging strong alliances with various financial and key partners, which she deemed essential for stimulating the mobilization of additional resources and accelerating the continent's development.