The Africa Investment Forum (AIF) 2023, which took place from 8-10 November in Marrakech, Morocco, has effectively garnered $34.82 billion in investment interests for various projects throughout the continent.
During the forum, developers and investors explored opportunities in diverse sectors such as food and agriculture, renewable energy, mining, transport corridors, aviation, deep-water seaports and railways, ICT, digital infrastructure, artificial intelligence, creative industries, and health.
AIF operates as a multi-stakeholder, multi-disciplinary platform with the goal of advancing projects to bankable stages, raising capital, and accelerating deals toward financial closure. Its overarching vision is to direct capital into critical sectors to achieve the Sustainable Development Goals, the African Development Bank’s High 5s, and the African Union’s Agenda 2063.
A significant development at the forum was the establishment of the Alliance for Special Agro-Industrial Processing Zones, backed by an initial commitment of $3 billion. Partners in this initiative include the AfDB, Afreximbank, the United Nations Industrial Development Organisation, and Arise Integrated Industrial Platforms.
The Alliance aims to convert Africa’s underdeveloped rural areas into agro-industrial corridors of prosperity by facilitating the development and delivery of SAPZ projects. These Special Agro-Industrial Processing Zones stimulate structural transformation in agriculture by connecting rural and urban development, integrating smallholder farmers into value chains through logistics and infrastructure.
New commitments include $1.1 billion from the African Development Bank Group, $1 billion from Afreximbank, $300 million from the Islamic Development Bank Group (IsDB), and $600 million from Arise Integrated Industrial Platforms (Arise IIP) and its partners.
President Akinwumi Adesina of the African Development Bank highlighted the transformative impact of these investments during the closing ceremony, emphasizing the forum’s success in securing $34.82 billion in just 72 hours, in alignment with AIF’s vision to close the investment gap and transform the continent.