Econostrum | Economic News in the Mediterranean

Nine funds create the continent's first network of sovereign investors

Written by Frédéric Dubessy on Tuesday, June 21st 2022 à 17:20 | Read 509 times

Nine African sovereign wealth funds to act together to promote investment and develop projects (photo: ASIF)
Nine African sovereign wealth funds to act together to promote investment and develop projects (photo: ASIF)
AFRICA. Meeting in Rabat on 20 and 21 June 2022, nine sovereign wealth funds (see box below) have decided to create the Africa Sovereign Investors Forum (ASIF).

Organised at the initiative of the Moroccan strategic fund for support and economic development, Ithmar Capital, this event was born of an awareness by these partners of the importance of mobilising international capital to finance the future growth of the continent. Ithmar Capital is one of the two Mediterranean signatories to the memorandum of understanding establishing this event with the Egyptian sovereign wealth fund.

The ASIF aims to "promote collective and concerted action by African sovereign and strategic funds for the benefit of the continent's development and growth for a more resilient, inclusive, sustainable and autonomous Africa," according to a statement.

This new forum also intends to "set in motion a new dynamic to address the challenges related to the financing of investment opportunities through the development of projects and thus structure the attraction of international capital to Africa."

A multidimensional partnership

As a platform dedicated to project development and investment promotion, the ASIF "will address key sectors for the continent, such as infrastructure, food security, industrialisation, urbanisation and climate change".

The forum "lays the foundations for building a multi-dimensional partnership that will consolidate existing inter-African relations and contribute to Africa's progress," the statement continued.

During the launch in Rabat, ASIF signed a tripartite letter of intent with the African Development Bank (AfDB) and Africa 50. Based in Casablanca, this investment platform was created by the AfDB and African governments to fill the infrastructure financing gap in Africa. This rapprochement will result in collaboration "around project identification and preparation, capital mobilisation and cooperation in the development of skills and expertise.

In the same vein, ASIF has received support from the Middle East, through the signing of a Rabat Declaration showing their interest in the initiative. These include the region's largest funds, the Abu Dhabi Investment Authority (ADIA), the Abu Dhabi Developmental Holding Company (ADQ) and the Kuwait Investment Authority (KIA).

The signatories of the memorandum of understanding
of the Africa sovereign investors forum
  • Fundo Soberano de Angola (Angola)
  • Fonds Souverain de Djibouti (Djibouti)
  • The Sovereign Fund of Egypt (Égypte)
  • Fonds Gabonais d'Investissements Stratégiques (Gabon)
  • Ghana Infrastructure Investment Fund (Ghana)
  • Ithmar Capital (Maroc)
  • Nigeria Sovereign Investment Authority (Nigeria)
  • Agaciro Development Fund (Rwanda)
  • Fonds Souverain d’Investissements Stratégiques (Sénégal)

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