Rabat – “The continent’s infrastructure deficit is one of the main factors preventing Africa from realizing its economic growth potential in full and achieving its development goals,” King Mohammed VI stated in an address delivered at the 4th edition of the Africa Investment Forum in Marrakech.
The monarch’s opening speech, read by Omar Kabbaj, Advisor to the King, underscored the pressing need to address the continent’s infrastructure deficit.
King Mohammed VI voiced his concern over the overreliance on debt as a primary source of financing for national policies. He warned against the detrimental effects of relying on debt, particularly in the face of exogenous shocks, rising interest rates, and persistent inflationary pressures.
These factors, he noted, were constraining African nations’ “ability to strike a balance between economic and social development requirements and the imperative to preserve internal and external budgetary balances.”
Highlighting Morocco’s commitment to infrastructure development, the King showcased the country’s achievements over the past two decades. In particular, the royal speech emphasized the expansion of renewable energy capacity, an extensive highway network, and the introduction of high-speed rail, making Morocco a global leader in logistics connectivity.
In addition, he reiterated Morocco’s commitment to creating a conducive investment environment, aiming to increase private investment to two-thirds of the total by 2035.
Read also: How King Mohammed VI Is Reconciling Morocco With Africa
Under the overarching theme of “Unlocking Africa’s Value Chains,” the 4th Africa Investment Forum, taking place from November 8-10, aims to foster vital partnerships that will provide investors with carefully curated opportunities in an era of transformation for the continent.
A collaborative effort between the African Development Bank and the Islamic Development Bank initiated in 2018, the African Investment Forum has evolved into the premier investment platform on the continent. With several other institutions participating in this initiative, it has become a beacon of hope for Africa’s economic revival.
King Mohammed VI praised the platform as “an African response to the issue of investment financing,” where private sector investors collaborate with project sponsors, supported by the technical expertise of development partners.
As Africa stands at a crossroads, bridging the infrastructure gap and attracting investment for shared prosperity have become more urgent than ever.
“The infrastructure gap between Africa and other parts of the world we hear so much about is a matter of concern to us all,” the King emphasized. “That gap must be quickly filled in order to promote regional value chains that can accelerate the productive transformation of African countries”
