AIF 2022 draws $31bn in investment interest

The primary investment forum for the continent, this year’s Africa Investment Forum Market Days, attracted $31 billion in investment interest from both African and international investors.

The 2021 Africa Investor Forum Market Days, which were postponed and took place as online boardrooms in March of this year, generated an additional $32.8 billion, bringing the total amount of investment interest this year to $63.8 billion.

Several African heads of state and government attended the three-day event, which was hosted in Abidjan, the commercial city of Ivory Coast. The executives presided over meetings with possible investors and facilitated negotiations. They included President Alassane Ouattara’s representative, Vice President Tiémoko Meyliet Koné of Côte d’Ivoire.

Others included Vice President Jewel Howard Taylor of Liberia, Vice President Philip Mpango of Tanzania, Prime Minister José Ulisses Correia e Silva of Cabo Verde, and Prime Ministers Patrick Achi of Côte d’Ivoire. President Sahle-Work Zewde of Ethiopia, President Nana Akufo-Addo of Ghana, Vice President Emmerson Mnangagwa of Zimbabwe, and Vice Presidents Jewel Howard Taylor of Liberia also attended.

“Building economic resilience through sustainable investments” was the focus of this year’s Market Days event, which was the third since 2018. It was held in the midst of the Russia-Ukraine war, the Covid-19 outbreak, and the effects of worldwide economic difficulties that have been exacerbated by these factors.

The occasion demonstrated the shared commitment of the founding members of the Africa Investment Forum to help unlock the continent’s investment potential in crucial fields like infrastructure, agriculture, energy, education, the creative industries, sports, and deals that support female entrepreneurs.

African Development Bank, Africa50, Afrexim Bank, Africa Finance Corporation, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank, and Trade and Development Bank are the founding partners of the forum.

Given that the world is currently facing so many unprecedented economic challenges, the partners claimed this year’s results have exceeded expectations. Dr Akinwumi Adesina, president of the African Development Bank, praised the success of the event and the partners’ dedication.

He said: “Despite the challenges, we are not afraid, and neither have we despaired nor lost hope. We are excited and committed to a collective goal… accelerating the closure of deals to transform Africa and its investment landscape.”

The goal of the Africa Investment Forum, according to Adesina, is to increase foreign direct investment into Africa while ensuring that the private sector continues to be the engine of this transformation.

“The private sector is Africa’s growth accelerator. We must mitigate real and perceived risks and persuade the private sector that investing in Africa is safe,” he emphasized.