Conscious of the importance of mobilizing international capital to finance the future growth of the continent, a dozen African sovereign wealth funds and investors have come together at the initiative of Ithmar Capital, to create Africa Sovereign Investors Forum (ASIF), a platform dedicated to project development and investment promotion.
ASIF promotes collective and concerted action by African sovereign wealth funds and strategic funds for the development and growth of the continent for a more resilient, inclusive, sustainable and self-reliant Africa.
The attending members signatories of the Memorandum of Understanding are:
Fundo Soberano de Angola (Angola)
Fonds Souverain de Djibouti (Djibouti)
The Sovereign Fund of Egypt (Egypt)
Fonds Gabonais d’Investissements Stratégiques (Gabon)
Ghana Infrastructure Investment Fund (Ghana)
Ithmar Capital (Morocco)
Nigeria Sovereign Investment Authority (Nigeria)
Agaciro Development Fund (Rwanda)
Fonds Souverain d’Investissements Stratégiques (Senegal)
The aim is to set in motion a new dynamic that will make it possible to address the challenges related to financing investment opportunities through project development and thus structure the attraction of international capital to Africa.
ASIF will also address key sectors for the continent, such as infrastructure, food security, industrialization, urbanization and climate change.
In addition, ASIF lays the foundation for building a multi-dimensional partnership that will strengthen existing inter-African relations and contribute to Africa’s progress.
During this ceremony, a tripartite letter of intent was signed between ASIF, the African Development Bank (AfDB) and Africa50, as a collaboration agreement for the identification and preparation of projects, mobilization of capital and cooperation for the development of skills and expertise.
Furthermore, Abu Dhabi Investment Authority (ADIA), ADQ and Kuwait Investment Authority (KIA), among the world’s largest sovereign wealth funds, have lent their support to the new ASIF platform through the signing of the Declaration of Rabat, illustrating the strong interest of institutional and private investors for this initiative.
Under the theme “Seizing Africa’s promising opportunities: Agility and collaboration in a changing world”, this meeting is an opportunity for several experts and high-level speakers to discuss ways to address the continent’s challenges through the convergence of financial markets’ expectations with the national priorities of the continent’s countries, capitalizing in particular on the agility of sovereign investors.
Discussion panels over the two days unpacked the investment priorities and opportunities that are emerging in light of Africa’s untapped potential and recent economic and geopolitical developments, the role of sovereign investors in driving sustainable, resilient and inclusive growth in Africa, and the role of patient and savvy investors in accelerating the mobilization and deployment of private capital across Africa.
About ASIF:
ASIF, a first of its kind initiative, is a multilateral platform that gathers African sovereign investors in order to put in place a collaboration framework between these key players. The initiative seeks to intensify institutional cooperation between its members and accelerate capital mobilization for the benefit of the continent. ASIF’s members are: AGACIRO (Rwanda), FSD (Djibouti), FGIS (Gabon), FONSIS (Senegal), FSDEA (Angola), GIIF (Ghana), Ithmar Capital (Morocco), NSIA (Nigeria), PIC (South Africa) and TSFE (Egypt).
About Ithmar Capital:
Created in 2011, Ithmar is a strategic investment fund with a primary focus on supporting the economic development of Morocco. A multi-sector fund, Ithmar aims to promote investment in all strategic national sectors by developing structuring and transformational projects with a strong impact.
As a strategic link between national priorities and private investment, Ithmar acts as a trusted third party and adopts a long-term intervention logic, thus reinforcing its position as a wise and patient investor.
Acting as a growth driver for future generations, Ithmar is committed to a sustainable economy and intergenerational equity.
As a sovereign wealth fund, Ithmar has adhered since 2015 to the Santiago Principles which are carried by the International Forum of Sovereign Wealth Funds (IFSWF) of which it currently chairs the board of directors.
