The 2023 Africa Investment Forum finally ended yesterday with the cherry news that about $35billion investment interests were sealed between investors and various African countries to support infrastructure project finance across the continent over the next few years, all things being equal.
This followed three days of intense boardroom negotiations and presentations at the Palais De’ Congres, Marrakesh, in the Kingdom of Morocco.
Summarising the activities that transpired at the event that hosted over 1000 delegates from across the world, President of the Africa Development Bank (AfDB), Dr Akinwunmi Adesina, said: ‘The boardrooms were jampacked and in some cases, Heads of State and Government presided at discussion sessions on projects as chief executives for their countries as big ticket deals were considered in food and agriculture, renewable energy and transportation.’
According to him, other sectors captured in the deal rooms at event include mining, creative industry, ICT, Artificial Intelligence, deep sea seaports, railways, health and special agro industrial processing zones and industrial corridors.
Adesina added that as attendees honoured Africa’s variety and dedication motivated by investment, new alliances for special agro investment zones were forged.
He said that since the investment forum’s founding more than five years ago, the AfDB has been steadily transforming into a powerful force for investment in Africa.
The $5.9 billion railway project in Tanzania, the power transmission projects in Kenya and Ghana through public-private partnerships, and the Zambian effort to build an electric vehicle manufacturing were some of the projects discussed.
Read Also: Your Money Is Safe In Nigeria, Tinubu Tells Saudi Investors
Also captured in the 2023 deal rooms was the Morocco gas pipeline finance project, the financing of a soda ash plant in Egypt, hydropower plant in Mozambique and the strengthening of electric transmission grid in parts of Africa.
This was even as he revealed that the board of continental institution at the AIF 2023 formally approved the establishment of the Youth Entrepreneurship Investment Bank for Liberia and six other countries.
The Liberian bank is to be capitalised with US$16 million, while the six other banks will be commissioned when feasibility studies on them are concluded.
Adesina said part of the initiative for setting up the bank was to curb joblessness among Africa’s estimated 477 million youths, many of who have suffered needless deaths crossing the Mediterranean Sea in search of a better life in Europe.