An ITW Africa investment workshop titled “Financing Africa’s Future: Unlocking the Next US$100bn” brought together financiers and infrastructure leaders to debate how Africa can mobilize the capital required to meet surging demand for connectivity and digital access. With the African Development Bank estimating a massive financing gap, the session examined investor appetite, capital structures, and the policy frameworks needed to attract long-term funds.
Moderated by Vivek Mittal, CEO of Africa Infrastructure Development Association (AFIDA), the panel featured Arun Varughese, Head of Tech, Media and Telecoms at Rand Merchant Bank; Ilias Djouai, Vice President of Investments at Africa Finance Corporation; Kuutti Kilpeläinen, Head of Digital Infrastructure and Solutions at Finnfund; Premeshin Naidoo, Sector Lead for TMT & Industrials at Absa Group; and Akin Akin-Taylor, Investment Principal at AIIM.
Varughese argued that Africa’s equity story cannot advance without unlocking the debt side of the capital stack. He noted that to stimulate equity, you must unlock debt.
Kilpeläinen stressed the role of DFIs, which are increasingly taking equity positions and deploying risk-sharing mechanisms. He noted that there must be a pathway to exit, and Africa still lacks the liquidity for investors to recycle capital.
Naidoo called for partnerships across financiers, developers, and borders, and for more continental-level planning. “Every dollar is competing with lower-risk dollars elsewhere,” he cautioned, underscoring the importance of creating tangible business cases to monetize Africa’s demand.
The session underscored both opportunity and challenge: the capital exists, but investors demand predictability, liquidity, and policy alignment. Without frameworks that de-risk infrastructure, Africa risks being starved of long-term funding.
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