The Independent Uganda: You get the Truth we Pay the Price
Second Annual Meeting of Africa Sovereign Investors Forum
Kampala, Uganda | AGENCIES | African Development Bank Vice President for Private Sector, Infrastructure, and Industrialisation Solomon Quaynor has called for unity to unlock the potential of African sovereign wealth funds, strategic investment funds, pensions, and life insurance assets, estimated at $2.3 trillion.
Speaking at the Second Annual Meeting of the Africa Sovereign Investors Forum (ASIF) in Kigali last week, Quaynor said the African Development Bank was committed to supporting the establishment and operations of the African Sovereign Wealth Funds (ASIF) secretariat, while working with ASIF members to develop and finance transformative strategic projects across the continent. He said that with a determined focus on Africa’s development needs, the African Development Bank would mobilise billions to trillions of dollars, cementing its role as a key catalyst for economic growth and prosperity in Africa.
The meeting ran from the 6th to 7th of July under the theme, “Strategic Partnerships: driving Africa’s resilience and sustainable development.”
ASIF was launched in the Moroccan capital Rabat in June 2022 by a group of ten African sovereign wealth funds. Its goal is to facilitate the mobilisation of long-term capital to develop Africa. During the inaugural event, the African Development Bank, Africa50, and ASIF jointly signed a letter of intent to foster cooperation in the development of green and climate-resilient infrastructure projects across Africa. This partnership will strengthen the Alliance for Green Infrastructure in Africa (AGIA).
ASIF founding members include prominent sovereign wealth funds like the Agaciro Development Fund(link is external) from Rwanda, Fonds Souverain de Djibouti, Fonds Gabonais d’Investissements Stratégiques (link is external), Fonds Souverain d’Investissements Stratégiques (link is external) from Senegal, Fundo Soberano de Angola (link is external), the Ghana Infrastructure Investment Fund(link is external), Ithmar Capital(link is external) in Morocco, the Nigeria Sovereign Investment Authority(link is external), and the Sovereign Fund of Egypt (link is external).
Two sovereign wealth funds, Ethiopia Investment Holdings and Mauritius Investment Corporation, have joined ASIF, further expanding the forum’s membership. Participants agreed on the criticality of mobilising African institutional investments into transformative projects in Africa, noting that this would attract global private and institutional investors to the African continent.
