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Africa Urges Large-Scale Investments, Says AfDB President.

Rabat: Dr Akinwumi Adesina, Chairman of the Board of the Africa Investment Forum (AIF) market days, has made a strong call for transformational investments across the continent, emphasizing the need for large-scale initiatives to improve the lives of African people. Speaking at a press briefing during the 2024 AIF market days in Rabat, Morocco, Dr Adesina, who also serves as President of the African Development Bank (AfDB), underscored that Africa is not interested in small-scale or "mickey-mouse" investments but rather in impactful projects that can be executed at scale. According to Ghana News Agency, Dr Adesina urged governments and investors to deepen partnerships, stating that collaborative efforts from regional and global investors are crucial for attracting, retaining, and growing capital in Africa. He highlighted that the focus should be on creating synergies through global, regional, financial, and investment partnerships to make significant changes in Africa. Dr Adesina further noted that the chal lenge is not the unavailability of capital but the need to derisk investments to attract the necessary large-scale funding. AfDB and its partners are actively working on initiatives to create a favorable investment environment, mobilize capital, and expedite financial closures for projects across the continent. The event also featured insights from Mr Alain Ebobissé, CEO of Africa50, who emphasized the AIF's role in accelerating project implementation and ensuring stakeholders meet financial milestones. He mentioned innovative transactions, such as the introduction of one of Africa's first power transmission public-private partnerships (PPPs), to be highlighted at the forum. Ms Boitumelo Mosako, CEO of the Development Bank of Southern Africa (DBSA), echoed the sentiment of collaboration, noting the AIF's intentional platform for addressing Africa's development needs, focusing on sectors such as water, energy, and logistics. The 2024 AIF market days have attracted over 2,300 participants from 83 countries, including 1,707 investors from more than 200 institutions globally. The forum is set to focus on investment in key areas like mining, renewable energy, food and agriculture, manufacturing and pharmaceuticals, and water and sanitation.