The Africa Investment Forum platform has garnered nearly $225 billion in investment interest to date, since its inception back in 2018.
This week, founding members of the Forum, signed a Partnership Framework Agreement, reinforcing collective commitment to mobilize transformative investments across the African continent, on the sidelines of the African Development Bank Annual Meetings.
The African Development Bank said in a statement, the new framework creates a clearer partnership model that sets out roles and benefits for the founding partners. It also opens the door for expansion to new partners, ensuring everyone benefits while increasing the Forum’s overall impact.
Principals of the African Development Bank Group are Africa50, Africa Finance Corporation, Development Bank of Southern Africa (DBSA), Arab Bank for Economic Development in Africa (BADEA) and Afreximbank signed the agreement. The other partners are Trade and Development Bank, European Investment Bank and Islamic Development Bank.
Speaking at the signing ceremony, Dr. Akinwumi Adesina,President of the African Development Bank Group and Chairperson of the Africa Investment Forum, said “this agreement is a testament to our shared vision- that Africa will not be developed by aid, but by investment. The AIF has changed perceptions and proven that Africa is indeed a bankable destination.”
Dr Fahad Abdullah Aldossari, Chairman of BADEA’s Board of Directors said: “The signing of the AIF Framework Agreement marks a remarkable milestone to ascertain both effectiveness and efficiency as well as financial sustainability for AIF 2.0 in a bid to advance more projects to bankability and crowd-in transformative investments to the continent.”
Boitumelo Mosako, CEO of the Development Bank of Southern Africa said it is important to continue to leverage the AIF as a platform for capital mobilisation in Africa, to bridge the infrastructure funding gap on the continent.
Picture: AfDB