This year's Djibouti Forum has attracted over 150 international guests from 51 countries. It oversees cumulative assets of over $2.6 trillion.
The common thread throughout the discussion was the need for greater strategic partnerships and the need to seek greater domestic resource mobilization, allowing pension funds and sovereign wealth funds to take greater risks.
Prime Minister Abdulqad Kamil Mohamed has declared that Djibouti is ready to diversify the economy beyond its established ports and logistics sector, which he described as “one of the most efficient and refined in Africa.”
“Renewable energy, the digital economy, tourism and financial services are all at the heart of this next chapter. We are looking for access to capital, expertise and partners that share our long-term vision.”
The Prime Minister has reassured investors of Djibouti's unwavering commitment to maintain peace and promote economic and political stability. “The pillar of strategy at Djibouti is stability. The currency, which has been locked in the dollar since 1949, provides investors with a certain degree of stability, which is unusual in Africa,” he said.
Dr. Slim Feriani, CEO of Fonds Souverain de djibouti (the country's sovereign wealth fund), highlighted the preparation of the fund to jointly invest with international investors in key projects. “FSD has partnered with you, has developed a stock interest and is essentially on the game. We hope to double our management assets over the next five years.
Feriani highlighted the potential for an attractive return on investment for private players in Djibouti. “Investors here have seen positive returns,” he explained, acknowledging the need for sustainable reforms to further attract private investment. “The private sector is a force for good and requires positive regulations to create a fostering environment.”
The two-day forum featured over 50 high-level speakers and engaged in discussions on topics such as privatization, public-private partnerships, technology, connectivity, energy, tourism, financial services, and logistics. The event fostered a lively debate among leading economists, policymakers and investors about macroeconomic landscapes across Djibouti and Africa.
Dr. Acha Leke, senior partner and chairman of Africa's McKinsey & Company, expressed optimism about Africa's economic outlook despite challenges such as the country's high debt and unequal economic growth. “Despite all the challenges, there are around 345 companies in Africa that are more than $1 billion, with cumulative revenues of around $1 trillion,” he said.
Lionel Jinzu, former prime minister of Benin and co-founder of Southbridge, has identified the emergence of charity capital as an important opportunity for Africa. “Blend Finance has a new and important partner in Blended Finance, a public-sector and private sector partnership with philanthropy. We are ready to provide risky investments and grants, which will help reduce project costs and interest rates.”
Former World Bank vice president Dr. Samuel Maimbo praised FSD for creating a joint platform for institutional investors in Africa. “The idea of ​​working with African sovereign wealth funds with other SWFs is the beginning of a good conversation. We must stop this aid and debt cycle. We know how the story ends.
The Djibouti Forum was organized by the Sovereign Wealth Fund of Djibouti (Fonds Souverain de djibouti), which was founded in March 2020, and is currently under the stewardship of CEO, former Minister of Tunisia with over 30 years of experience in the international capital markets.
