The founding institutions of the Africa Investment Forum have reaffirmed their commitment to mobilizing private capital for Africa’s development, building on the platform’s success in securing $225 billion in investment interest since 2018.
At a pivotal meeting during the World Bank/IMF Spring Meetings in Washington, DC, leaders from nine multilateral development banks outlined plans to scale up the initiative’s impact, with the partnership framework set for formal adoption at May’s African Development Bank annual meetings.
African Development Bank President Dr. Akinwumi Adesina captured the forum’s transformative impact: “We’ve reshaped global perceptions by proving Africa’s bankability.” The 2024 Market Days event demonstrated this progress, attracting 2,300 investors from 83 countries and generating $29.2 billion in investment interest across critical sectors. Notably, 22 deals have reached financial close, with African institutions providing 41% of financing a testament to growing continental financial capacity.
The gathering highlighted a paradigm shift in development philosophy, with Africa Finance Corporation CEO Samaila Zubairu asserting, “Africans must take ownership of our development.” This sentiment was echoed by Development Bank of Southern Africa’s Boitumelo Mosako, who emphasized proactive creation of Africa’s economic future rather than passive anticipation.
The forum’s unique boardroom-focused model continues to attract institutional support, with Africa50 CEO Alain Ebobissé noting its transaction-oriented approach distinguishes it from conventional conferences. New partner BADEA, while recently joining, affirmed longstanding belief in the initiative’s value proposition for catalyzing transformative projects.
As the partnership prepares for its 2025 gathering, the collaborative platform stands as a working model of pan-African cooperation demonstrating how coordinated action by development finance institutions can de-risk investments and crowd-in private capital at scale. With African leaders now setting the investment agenda, the forum represents a maturation of the continent’s approach to financing its development priorities, moving beyond aid dependence to investment-led growth.
