• Two days of meeting for
• Attract investments that stimulate economic growth
• An initiative of the Attijariwafa bank Group
LThe kick-off of the 2024 edition of the International Africa Development Forum (IFAD), organized by the Attijariwafa bank Group through its Africa Development Club and under the leadership of the Al Mada Pan-African Investment Fund, was given this Thursday, June 27, 2024, in Casablanca, Morocco. After nearly 4 years of interruption, this forum, which is part of an approach to promoting trade, investments and more generally South-South cooperation exchanges, is back. The opening ceremony of the 2024 edition was marked by speeches by Ryad Mezzour, Minister of Industry and Trade of Morocco, Wamkele Mene, Secretary General of the Secretariat of the African Continental Free Trade Area within the African Union (AfCFTA), and Siandou Fofana, Minister of Tourism and Leisure of Côte d’Ivoire.
30 countries represented and 5,000 participants discussed for two days on the theme of this edition “Here, we invest”. A crucial theme, according to Mr. Mene, SG of the AfCFTA, “because it resonates with the continent’s aspirations to attract investments that stimulate economic growth and sustainable development”. According to him, African countries need investments to transform value chains, industrialize and promote economic and social inclusion. The potential of African value chains lies in boosting productivity, deepening economic integration and improving resilience to economic shocks. However, in 2019, regional participation in value chains was only 2.7%, significantly lower than in other regions, such as Asia, where it reaches 47%. African countries mainly export raw materials and perform low-skilled tasks, which limits the benefits they can derive from trade.
“The AfCFTA aims to change this by promoting industrial development, diversification and improvement of the regional value chain. To achieve these objectives, we are implementing the AfCFTA’s private sector engagement strategy, which focuses on key sectors such as agriculture and agro-processing, automotive, pharmaceuticals, transport and logistics. These sectors promote intra-African trade and joint production of goods and services, with high-potential value chains aimed at transforming raw materials such as cocoa beans into finished products within Africa,” explained Wamkele Mene.
Speaking at the opening of the forum, Morocco’s Minister of Industry and Trade, Ryad Mezzour, stressed the need to consolidate investments in Africa to facilitate regional integration and to invest with a clear awareness of the challenges and opportunities ahead. He also noted that Morocco, by creating favorable conditions and continuously improving the business environment, has proven that it can offer world-class services, rivaling the best international standards.
For his part, the Chairman and CEO of the Attijariwafa Bank Group, Mohamed El Kettani, indicated that Africa was undergoing a profound transformation, marked by major development projects and shared ambitions, considering that in order to achieve its full potential, it is crucial to adopt inclusive policies, optimize the allocation of resources, make strategic investments and invest in the levers of transformation to meet major challenges. One of the main challenges, he noted, is the creation of jobs for African youth, by transforming the demographic dividend into an engine of economic growth, which implies increased investments in education and vocational training, the promotion of inclusion and entrepreneurship, particularly for women, and the reduction of the digital divide by making digital a real factor of development.
The B to B space is in full swing
During this 2024 Forum, a large space was dedicated to business to business (B to B) meetings. 4,000 business meetings between operators on the continent were recorded this year. These meetings allowed participants to identify concrete levers for development and generate partnerships. The inauguration ceremony of the Investment Market of the International Africa Development Forum was also held, which was honored by the presence of high-ranking personalities, including Téné Birahima Ouattara, Minister of State of Côte d’Ivoire, Antoine Thomas Necephore Fylla De Saint-Eudes, Minister of Industrial Development and Promotion of the Private Sector of Congo. This year, the Investment Market welcomed an exceptional delegation from 11 African countries, in addition to Burkina Faso, namely: Benin, Cameroon, Congo, Côte d’Ivoire, Egypt, Gabon, Mali, Mauritania, Senegal, Togo and Morocco. Dedicated to promoting investment on the continent, the guest countries of honour presented their national development plans, highlighted their investment opportunities in strategic high-growth sectors and outlined their key initiatives aimed at stimulating economic growth and developing foreign direct investment (FDI).
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About the Africa Development Club
LThe Africa Development Club, created by the Attijariwafa bank Group in 2016, aims to unite the business community, leaders, and public representatives in order to pragmatically boost investments across the continent. It is a space for networking and exchanges, but also a platform providing access to information, services, and expertise with the aim of promoting the realization of entrepreneurs’ projects, major structuring projects of States, as well as South-South and North-South-South cooperation. The Attijariwafa bank Africa Development Club has 13 Clubs across Africa, with more than 5,000 active members in 42 countries. Since its creation, nearly 22,000 participants, business leaders, and government leaders from 40 countries have taken part in the “Africa Development” dynamic and more than 26,000 structured business meetings have been held.
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About Attijariwafa bank Group
Attijariwafa bank is a leading player on the African continent. In addition to banking, the Group operates through subsidiaries specializing in various financial businesses such as insurance, real estate credit, consumer credit, leasing, asset management, stock market intermediation, private banking, consulting, long-term leasing, factoring, etc. The Attijariwafa bank Group employs 20,782 people and manages a portfolio of more than 12 million customers. Attijariwafa bank is based in Morocco and operates in 27 countries through majority-controlled banking subsidiaries: – In Africa: Benin, Burkina Faso, Cameroon, Ivory Coast, Egypt, Gabon, Mali, Mauritania, Niger, Republic of Congo, Senegal, Chad, Togo and Tunisia; – In Europe: Germany, Belgium, Spain, France, Italy
It is also present through financial companies or representative offices in Abu Dhabi, Dubai, Geneva, London, Montreal, Beijing, Qatar and Riyadh.
About Al Mada based in Casablanca
Al Mada – Positive Impact is one of the largest private equity funds on the pan-African scene. With its continental roots, it operates at the heart of the African economy and aims to contribute to the dynamics of South-South cooperation through impactful long-term investments. It operates in structuring sectors of activity across 27 countries, thus working for inclusive growth in Africa.
