AfDB Prez calls for large-scale investments to transform Africa
Dr. Akinwumi Adesina, Chairman of the Board of the Africa Investment Forum (AIF) and President of the African Development Bank (AfDB), has called for large-scale investments to drive transformational change across Africa.
Speaking at a press briefing during the 2024 AIF Market Days in Rabat, Morocco, Dr. Adesina stressed that Africa needs bold, impactful investments that can significantly improve the lives of its people and reshape the continent’s economic future.
“As far as I’m concerned, the only thing that matters in Africa is what we do big time. Africa doesn’t have time for mickey-mouse investments. Africa must think big and act at scale,” Dr. Adesina declared, underscoring the urgency for ambitious financial commitments to address Africa’s development challenges.
Collaborative Investment to Unlock Potential
Dr. Adesina urged African governments and global investors to deepen partnerships to attract and retain capital, while working collaboratively to overcome barriers to investment. He highlighted the necessity of aligning regional and international efforts to ensure the successful execution of high-impact projects.
“The focus is on how to make things happen in Africa through global, regional, financial, and investment partnerships—bringing solutions to scale. Africa’s future relies on our ability to work together, with the right synergy, to mobilize the resources needed to create jobs, improve infrastructure, and deliver sustainable development,” he stated.
He pointed out that Africa’s primary challenge isn’t the unavailability of capital but creating an environment conducive to de-risking investments. This, he said, is a major focus of the AfDB, which has implemented several initiatives to improve investment conditions, attract financing, and accelerate the closure of critical projects.
“Collectively, AIF partners have originated deals worth approximately $50 billion, and we aim to attract even more investors while creating opportunities for meaningful deal-making. The time to act is now,” Dr. Adesina emphasized.
Innovative Approaches to Drive Growth
Mr. Alain Ebobissé, CEO of Africa50, reinforced the forum’s importance as a platform for accelerating project implementation by fostering collaboration among institutional partners. He stressed that the AIF not only introduces innovative projects but also holds stakeholders accountable for achieving financial and operational milestones.
“This year, for example, we’re presenting one of Africa’s first power transmission public-private partnerships (PPPs), showcasing how the AIF can leverage its collective power to move groundbreaking projects forward. This is not just about showcasing projects but delivering results,” he said.
Scaling Up Amid Complexity
Ms. Boitumelo Mosako, CEO of the Development Bank of Southern Africa (DBSA), highlighted the platform’s intentional and results-driven nature, which allows it to meet the continent’s development needs despite challenges.
“AIF has been critical in enabling us to scale development projects across sectors, including water, energy, and logistics. Amid the complexities of today’s global environment, this platform offers us a way to collaborate and take decisive action to deliver results for Africa,” she stated.
Strategic Focus Areas for Investment
The 2024 AIF Market Days has drawn over 2,300 participants from 83 countries, including 1,707 investors representing more than 200 institutions worldwide. The event provides a critical platform to attract investment in key sectors such as renewable energy, mining, agriculture, manufacturing, pharmaceuticals, and water and sanitation.
This year’s forum comes at a time when Africa is poised to position itself as a global investment hub. Dr. Adesina emphasized the strategic importance of focusing on transformational sectors that can drive long-term economic growth.
“Scaling up investments in sectors such as renewable energy and manufacturing is vital not only for job creation but also for achieving sustainable development goals across Africa. Every project we advance through this forum is an opportunity to change lives and secure Africa’s future,” he noted.
Investors Called to Action
The AfDB President called on international investors to seize the moment and explore the immense opportunities Africa offers. He reiterated the AIF’s role as a catalyst for connecting capital to transformative projects, creating tangible impacts, and ensuring inclusive growth. With over $50 billion in projects already in the pipeline and a growing investor base, the forum continues to strengthen Africa’s position on the global investment map. “The goal is to make things happen for Africa—at scale. We have the talent, resources, and potential. What we need now is the action to match,” Dr. Adesina concluded.
