African leaders have once again expressed concerns over the continent’s struggle to attract investments.
However, they have promised to reduce market risks, institute more market-friendly policies, and actively pitch opportunities to the rest of the world.
Gathering at the ongoing Africa Investment Forum (AIF) Market Days in Marrakesh, Morocco, these leaders have expressed their determination to pool resources together to change the course of history and rewrite Africa’s story.
This follows the establishment of the African Investment Fund (AIF), a joint project of the African Development Bank (AfDB), Africa 50, the Africa Export-Import Bank, and the Development Bank of South Africa, among others, as Africa’s investment intermediary.
AfDB President, Akinwumi Adesina stated that the aim of the initiative was to raise a minimum of $2 billion in financing and investment commitments from alliance members and partners within the next five years.
“Achieving this financial goal will result in the establishment of 15–20 additional Special Agro-Industrial Processing Zones (SAPZ) projects spread across various African nations.”
He further emphasized the Alliance’s multifaceted approach to project development, financing for tenant companies, and the preparation of various investment pathways.
“The intention is to strengthen existing programs, bridge funding gaps, and consolidate resources to enhance agricultural value addition in Africa.
“The Alliance will raise funds through various investment windows for project preparation, project development and construction, and financing for tenant companies. By doing so, the Alliance will bridge the critical financing gap, complement existing initiatives, and mobilize resources towards our common goal of enhancing agricultural value addition in Africa.
“The Alliance is geared not only to provide financial support for project preparation but also to offer equity and debt investments, technical assistance, as well as administer project monitoring and oversight. It will help improve administrative, policy, and investment incentives,” he added.