Covering various project developments and priority sectors, $35 billion in financing commitments have been made towards infrastructure, renewable energy, agriculture, health and creative industry projects in Africa, aiming to catalyze economic growth and infrastructure development across the continent.
Facilitated by the African Development Bank (AfDB); Islamic Development Bank; Development Bank of Southern Africa (DBSA); Africa 50; European Investment Bank; African Export-Import Bank (Afreximbank); Trade and Development Bank; and Africa Finance Corporation, the commitments were made in Morocco in November and aim to expand various strategic sectors of the African economy.
Key deals signed include three billion dollars committed by the AfDB, Afreximbank and the United National Industrial Development Organization towards the Alliance for Special Agro-Industrial Processing Zones – an initiative aimed at transforming Africa’s underdeveloped rural areas into agro-industrial corridors.
The AfDB and Morocco’s sovereign wealth fund, the Mohammed VI Investment Fund, also signed a Letter of Intent to provide support for small- and medium-sized enterprises in Morocco, while the Canada-African Development Bank Climate Fund approved $36.3 million to support climate adaptation on the continent.
Boitumelo Mosako, CEO of the DBSA, noted: “It has been a positive outcome to see the engagement with several partners on a number of transactions.”