Boosting trade through investments by export credit agencies and harnessing African capital for infrastructure development were key topics on the agenda during two "fireside chat" panel discussions held on the opening day, November 26, of the Africa Investment Forum Market Days. The frank and constructive exchanges highlighted emerging challenges around financing projects that will shape the future of Africa's economies.

Panelists Tim Reid, CEO of UKEF, the British government's export credit agency, and Saad bin Abdullaziz Alkhalb, CEO of the Saudi Export-Import Bank, both reiterated Africa's importance for their institutions. Reid said, "Africa is a strategic priority for us. We manage a portfolio of around £60 billion, including £10 billion in Africa, and we aim to increase this funding. One of our greatest assets is our network on the ground, which communicates with governments and understands what is happening locally."

Reid noted that UKEF has launched projects in several countries, including Angola, Benin, Togo, Côte d'Ivoire, Ghana, Rwanda and Kenya, with the ambition of expanding its activities on the continent.

Alkhalb, meanwhile, pointed out that his organisation has only three offices outside Saudi Arabia, all located in Africa: South Africa, Morocco and Egypt, which will open soon. "We have signed 21 memoranda of understanding with African institutions, including the African Development Bank, to support growth and reduce risks relating to transactions on the African market," he explained. "We are also finalising a $400 million agreement with Afreximbank to accelerate trade between Saudi Arabia and African countries.

Since our launch five years ago, we have invested approximately $25 billion, 20 percent of which has been within the African market. Most of this has been in trade, but we hope that this will evolve into other sectors such as agriculture, infrastructure and energy transmission networks."

Both speakers emphasised the importance of greater coordination across the entire financial ecosystem to achieve maximum impact. "In December, we'll welcome the Bank and other financial institutions to London to discuss the harnessing of investment capital and working together for the benefit of borrowers," said Reid. Alkhalb announced that discussions were underway with the Bank Group to create a sustainable investment fund in Africa.

In a discussion on harnessing African capital to finance infrastructure, Ibrahim Magassa, President of Algest Investment Bank, which has offices in Paris, Abidjan, and Brazzaville noted the continent's challenges: "The infrastructure deficit in Africa is $117 billion per year. Around 40 percent of Africans do not have access to electricity, and more than 300 million people do not have access to drinking water. Transport in Africa costs five times more than in Asian countries." He urged stakeholders to move quickly and prepare projects so that the various banks and investors present today are willing to finance them."

He also stressed the importance of conducting high-quality market research to more effectively ready projects for bankability. To this end, Algest Investment Bank is focusing on pre-financing from governments for the development of these projects.

Rachel Moré-Oshodi, Managing Director and CEO of ARM-Harith Infrastructure Investment Ltd, explained how endogenous resources such as sovereign funds have increasingly become levers for financing major domestic infrastructure projects. "The transformation will come from ourselves, with local capital, local investors at the forefront and global partners amplifying what we are trying to do," she said.All panelists praised the organisation of the Africa Investment Forum, a platform that allows stakeholders to meet and exchange ideas on a regular basis.