Carlos Lopes hails Africa Investment Forum, urges more investment in infrastructure

The recently concluded Africa Investment Forum brought together a range of banks and key actors in the development space to focus on deals and transactions that will drive investment in infrastructure and information technology on the continent. The forum, organized in a common structure with a focus on moving from talk to action, highlighted the need for increased investment in key sectors to propel Africa's economic growth. Carlos Lopes, Former Executive Secretary of UNECA, commended the event and stressed the importance of mobilizing domestic resources to bridge the investment gap and position Africa as a frontier market that truly matters. Lopes emphasized the significance of addressing the perception of risk associated with investing in Africa and the need for strategic focus, ambition, sophistication, and coherence to attract more investments to the continent. The key theme of the Africa Investment Forum centered on the necessity of channeling investments into infrastructure and information technology. Lopes highlighted that while infrastructure in transport and power is essential for industrialization, investments in IT are crucial for future growth. The realization that both aspects are vital for Africa's development underscored the forum's discussions, with a focus on cross-border and regional projects to address the continent's infrastructure needs. Three key points emerged from the forum. Firstly, the need to mobilize domestic resources to drive investments and bridge the gap in infrastructure financing. Lopes pointed out that while progress has been made in mobilizing funds, more resources are required to meet Africa's developmental needs. Secondly, the emphasis on de-risking investments to attract capital and create a conducive environment for investors. Lopes acknowledged the efforts of development banks in this area but highlighted the importance of changing the perception of Africa from a commodity-driven narrative to one of ambition, sophistication, and coherence to attract diverse investments. Finally, the forum highlighted the importance of policy coherence and a strategic national approach to ensure all stakeholders work towards a common goal of economic transformation. In an interview with CNBC Africa, Lopes emphasized the need for a shift in the perception of Africa's investment landscape. He highlighted the importance of ambition, sophistication, and coherence in attracting investments that drive economic transformation. Lopes noted that the continent's demographic boom and increasing urbanization require a forward-looking approach that goes beyond traditional narratives of resource exploitation. By focusing on strategic sectors, prioritizing value chains, and ensuring policy coherence, Africa can position itself as an attractive investment destination with a diverse range of opportunities. The Africa Investment Forum served as a platform to showcase the continent's potential and attract investments that are crucial for sustainable development. As African economies strive to diversify and move towards a knowledge-based economy, investments in infrastructure and IT play a pivotal role in driving growth and creating opportunities for the continent's growing population. By mobilizing domestic resources, de-risking investments, and changing the narrative around African investment, the forum set the stage for a new era of growth and development on the continent.