Group Lauds $34.82bn Investment For Africa’s Development

The Citizens Watch Advocacy Initiative (CWAI) has lauded the Africa Investment Forum (AIF) outing in Marrakesh, Morocco, which witnessed a record-breaking $34.82 billion investment interest for projects across Africa in a groundbreaking effort.

Project developers and investors looked at investment opportunities in several areas, including food and agriculture, renewable energy, mining, transport corridors, aviation, deep-water seaports and railways, ICT, digital infrastructure, artificial intelligence, creative industries, and health.

The forum, under the theme “Unlocking Africa’s Value Chains,” attracted global leaders and investors, showcasing its pivotal role in shaping Africa’s economic landscape.

Reflecting on the event, the executive secretary of Citizens Watch Advocacy Initiative (CWAI), Omoba Kenneth Aigbegbele, commended the president of the African Development Bank (AfDB), Dr. Akinwumi, stating, “The president of AfDB is indeed spreading shared prosperity across Africa with this innovative and bankable financial platform for building infrastructure corridors.”

He said the AIF has consistently proven to be a driving force in attracting investments, creating a pathway for sustainable development, and positioning Africa as a global economic powerhouse.

His Majesty, Mohammed VI, King of Morocco, represented by Omar Kabbaj emphasised the AIF’s unique position, stating the AIF is not just any forum; it is a transactional platform where real business is conducted, deals are made, and actions supersede rhetoric.

The AIF has become a catalyst for transformative projects, with a retrospective analysis revealing substantial investments in key corridors such as the Abidjan – Lagos highway and the East Africa Railway corridor.

The president of AfDB, Adesina, highlighted the strategic importance of these corridors in enhancing regional integration and trade.

Adesina asserted, “The future depends on Africa,” pointing to the continent’s role in the $7 trillion electric vehicle market. Africa, with abundant green metals for electric vehicle development, is positioned as a key player in this rapidly growing market.

The AfDB, in collaboration with partners, is implementing initiatives like the Desert-to-Power Initiative and the Alliance for Special Agro-Industrial Processing Zones, aiming to unlock Africa’s potential and foster economic growth. Dr. Adesina emphasised, “Invest in Africa and reap high-risk adjusted returns!”