AfDB garners $29.2 billion in its investment forum in Rabat

Curtains fell on the Africa Investment Forum in Rabat which helped the African Development Bank (AfDB) mobilize a total funding of $29.2 billion for 47 projects, covering critical areas such as water supply, energy, transport, mining, pharmaceuticals, private equity, tourism, and infrastructure.

The event drew 2,300 investors and delegates from 83 countries, AfDB chief Akinwumi Adesina said.

The event is set to become a “global investment movement for Africa,” he said, noting that 15 new sponsors have been lined up for next year’s edition, including banks, insurers, and export credit agencies, along with others who’ve expressed interest in joining as new partners.

The event also marked growing investor interest in Africa’s development projects.

For example, Adesina noted that Nigerian state representatives sought to mobilize $975 million for Nigeria’s Special Agro-Processing Zone, but the boardroom sessions garnered $4.8 billion.

Similarly, projects initiated by Morocco and the Democratic Republic of the Congo drew investor interest higher than initially targeted, he said.