Zambia’s AfDB presidency candidate, Maimbo, clamours for collaborative investment-driven model for Africa

Samuel Maimbo, Zambia’s candidate for the African Development Bank (AfDB) presidency, has called for a shift from the traditional reliance on aid and debt towards a more sustainable and collaborative investment-driven model for Africa.

Speaking at this year’s Djibouti Forum on Wednesday, Maimbo, a former Vice President of the World Bank, applauded the creation of a collaborative platform for institutional investors in Africa, established by the Fonds Souverain de Djibouti (FSD), Djibouti’s sovereign wealth fund.

“The idea of an African sovereign wealth fund partnering with others across the continent is the beginning of a crucial conversation. We must stop this cycle of aid and debt – we already know how that story ends. It’s time to pivot to hope and prosperity,” he said.

The forum brought together over 150 international guests from 51 countries, including institutional investors managing more than US$2.6 trillion in combined assets.

FSD Chief Executive Officer, Slim Feriani, underscored the fund’s commitment to co-investment and partnership.

“The FSD is ready to partner with you, taking equity stakes and putting real skin in the game. Our goal is to double our assets under management in the next five years and we know we cannot achieve that alone,” Feriani said.

Acha Leke, Senior Partner and Chairman of McKinsey & Company Africa, shared an optimistic outlook on Africa’s economic future despite existing challenges such as high debt levels and uneven growth.

“Despite its challenges, Africa is home to approximately 345 companies valued at over US$1 billion, with a combined revenue of about US$1 trillion,” he noted.

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