Jeddah, December 6, 2024 – The Islamic Development Bank (IsDB) Group participated in the Africa Investment Forum Market Days 2024, held in Rabat, Morocco, under the theme "Leveraging Innovative Partnerships for Scale." The forum, which is a vital platform for driving economic transformation across Africa, brought together key players from international development finance, including the African Development Bank Group, the European Investment Bank (EIB), the Trade and Development Bank, as well as a network of prominent African banks. The event underscores a shared commitment among these organizations to propel strategic investments that will foster sustainable economic growth and development on the African continent.
The Africa Investment Forum has grown into one of the leading events in the region, attracting a wide array of stakeholders, including project sponsors, government leaders, and investors, all dedicated to advancing high-potential projects that will catalyze economic progress. This year’s theme of leveraging innovative partnerships for scale emphasizes the importance of collaboration in tackling Africa’s development challenges and accelerating its economic transformation. Through this collaborative approach, the forum seeks to align the objectives of both public and private sector stakeholders to unlock impactful investments and business opportunities.
Central to the forum’s objectives is the facilitation of direct interactions and deal-making opportunities between project developers and capital sources. By linking financeable projects with funding from commercial banks, institutional investors, and other capital providers, the forum plays a key role in accelerating the implementation of projects across a broad range of sectors. These include critical areas such as infrastructure, energy, agriculture, technology, and beyond. The sessions provide a platform for open dialogue and collaboration, ensuring that the projects most in need of investment are connected with the resources necessary to bring them to fruition.
At the opening session of the forum, Hani Salem Sonbol, the CEO of the International Islamic Trade Finance Corporation (ITFC), highlighted the significant role of multilateral development banks in promoting global trade and driving economic growth in low- and middle-income countries. Sonbol emphasized how these institutions, including the IsDB Group, are uniquely positioned to provide financial and technical expertise that can build economic resilience in developing economies. He pointed out that multilateral development banks can catalyze large-scale projects by leveraging both financial resources and specialized knowledge to enhance infrastructure and investment across diverse sectors.
Sonbol also discussed the IsDB Group’s ongoing efforts to foster public-private partnerships (PPPs) that align with the strategic development goals of African nations. He highlighted the IsDB Group’s collaboration with a variety of partners in initiatives such as the Arab-Africa Trade Bridges program, a groundbreaking initiative aimed at enhancing economic integration between the Arab world and Africa. The program emphasizes trade and investment as key drivers of economic progress, facilitating mutual growth through targeted support mechanisms, including risk mitigation tools such as credit guarantees and mixed financing models. These tools are designed to attract private investment by reducing potential risks, thereby making projects more attractive to investors.
In his remarks, Sonbol underscored the importance of scaling up innovative solutions to address Africa’s pressing development challenges. The IsDB Group’s role in this context is to create the financial and technical frameworks that empower African nations to realize their economic potential, ensuring that investment flows into sustainable and impactful development initiatives.
The 2024 Africa Investment Forum Market Days further solidified the IsDB Group’s dedication to advancing economic growth across Africa through strategic partnerships and investment collaboration. As the forum continues to evolve, it will undoubtedly play an instrumental role in shaping Africa’s future by fostering a conducive environment for transformative investments and building bridges between the private and public sectors. By connecting the right people with the right projects and resources, the event is contributing to the realization of a more prosperous, sustainable, and integrated African economy.