Africa is getting closer to a malaria-free world than ever before, participants attending the World Economic Forum on Africa (WEF Africa) said on Friday.

"Eradicating the world's deadliest and costliest disease would completely transform Africa and its economy," said Josh Blumenfeld, managing director of Malaria No More, a civil organization.

He was speaking at an interactive panel entitled "Leveraging Multi-Sector Investments to End Malaria in Africa."

The event's conversation centered on the economic imperative for private sector investment and public-private partnerships in the fight against malaria.

"Defeating malaria means savings lives and it also leads to a more robust African economy due to a reduction in worker and student absenteeism and strengthening health systems.

"Malaria No More is thrilled that so many private sector partners appreciate the value of investing in ending this disease, because we know that public-private partnerships are going to be key to eradicating malaria for good," Blumenfeld said.

Malaria is one of the most destructive diseases in history, and despite the tremendous progress that has been made in the last 15 years, malaria still takes the life of a child nearly every minute.

"Together, we must rise to the historic opportunities this year with the Financing for Development conference next month, and the Sustainable Development Goals in September, to define a vision for the future, and demonstrate our resolve to use our resources – governments, civil society, and of course, the private sector – to tackle our common challenges," said Daniella Ballou-Aares, senior adviser for development to the US Secretary of State.

For the first time in human history, the world has the power to eradicate malaria, said Dr. Luis Gonzalez, director of medical and scientific affairs at Alere Healthcare.

"New rapid diagnostics tests will help us detect the disease in asymptomatic patients – a huge and exciting advancement in the fight to end malaria," he said.

Patrik Silborn, head of the private sector engagement department in the external relations division of the Global Fund, said tremendous gains have been made against malaria thanks to enhanced cooperation.

"In many countries we are turning the tide against the disease, helping communities thrive and saving thousands of lives," he said.

The WEF Africa, which ended on Friday, brought African and global leaders from government, business and civil society to take stock of progress over the last 25 years, share insights on the present landscape and identify innovative approaches to accelerate inclusive growth while bringing about sustainable development in the future.