The theme Mobilizing Private Sector Financing for Climate and Green Growth in Africa provides a framework for Bank Group Governors to share their experiences with galvanizing private financing domestically and internationally and harnessing natural capital to bridge the climate financing gap and promote the transition to green growth in Africa.
Particularly, the theme offers an opportunity for the Governors to discuss Africa's challenges in attracting private sector financing in low-carbon investments and practical policies that governments can deploy to address these bottlenecks.
The meetings discussed successful strategies to galvanize more resources, including within Africa, and investment opportunities in renewable energy and sustainable agriculture.
This Concept Note (# 19 p.) presents the knowledge events organized by the Bank, including a High-Level Presidential Dialogue; the launch of the Bank’s flagship publication – the 2023 African Economic Outlook (AEO), and three thematic knowledge events.
This Concept Note (# 19 p.) presents the knowledge events organized by the Bank, including a High-Level Presidential Dialogue; the launch of the Bank’s flagship publication – the 2023 African Economic Outlook (AEO), and three thematic knowledge events.
Extracts of the programme
22/05 Media Lunch
22/05 Dakar 2 Follow-up Event: Feed Africa: Food Sovereignty and Resilience
Panel 1
- Dr. Babel Kofler, Parliamentary State Secretary and Governor for Germany
- Ms Cheryl Urban Director General, Economic Development, Global Affairs Canada
- Dr. Natu Mwamba, Alternative Governor, Republic of Tanzania
- Sijh Diagne Temporary Alternate Governor of the Republic of Senegal for the African Development Bank
23/05 Opening Ceremony and High-Level Presidential Dialogue: The Changing Global Financial Architecture and the Role of Multilateral Development Banks
To kick-start the knowledge events during the 2023 Annual Meetings on Mobilizing Private Sector
Financing for Climate and Green Growth in Africa, the Bank aims to bring together Heads of
States and Governments and global experts to a dialogue on the changing global financial
architecture and the role of multi-lateral Development Banks (MDBs).
The proposed event will provide a platform to highlight challenges facing multilateralism in
its current form and scope and explore opportunities reshaping it to make it more responsive
to traditional and new threats - climate change, conflicts and other forms of fragility, and health
pandemics.
Introductory Remarks: Dr. Akinwumi A. Adesina, President, African Development Bank Group
Over the past decade, the Bank has developed expertise and knowledge of financing climate-related projects. For example, the Bank launched its Africa Disaster Risks Financing Programme in 2018 in collaboration with the African Risk Capacity Group (ARC) to promote the deployment of disaster response mechanisms. Its total climate commitments increased to 45% in 2022, up from only 9% in 2016. By this, the Bank has exceeded its target of having 40% of its funding reserved for climate-related projects.
Scaling-up private investment and ensuring it reaches other critical, climate-vulnerable economic
sectors and countries on the continent will require to first understand and address risks and barriers
that prevent the private sector from investing in climate projects and green growth sectors in
Africa. Barriers such as high-risk perception of the African continent, low level of returns on
investments relative to other regions, lack of project pipelines and bankable/sizeable investment
opportunities in rather thin markets, and lack of financial innovation in institutions’ portfolios have
regularly been cited as one of the key impediments to private sector investment in climate and
green growth projects on the continent.
The African Financial Alliance on Climate Change (AFAC) aims to put the financial sector at the centre of climate action in Africa. The pan-African alliance brings together Africa’s key financial institutions, including central banks, insurance companies, sovereign wealth and pension funds, stock exchanges, as well as commercial and development banks, to mobilise private capital flows towards continent-wide low-carbon and climate resilient development.
- H.E. Abdel Fattah El-Sisi, President of the Arab Republic of Egypt
- H.E. Mr. Azali Assoumani, President of the Republic of Comoros and Chairperson of the African Union
- H.E. Mr. Emmerson Dambudzo Mnangagwa, President of the Republic of Zimbabwe
- Hon. Dr. Philip Isdor Mpango, Vice President of the Republic of Tanzania representing H.E. Ms. Samia Suluhu Hassan, President of the United Republic of Tanzania
- Rt. Hon. Dr. Edouard Ngirente, Prime Minister of Rwanda, representing H.E. Mr. Paul Kagame, President of the Republic of Rwanda
- H.E. Gervais Ndirakobuca, Prime Minister of Burundi – representing H.E. Mr. Evariste Ndayishimiye, President of the Republic of Burundi
- H.E. Moussa Faki Mahamat, Chairperson, African Union Commission.
Introductory Remarks: Dr. Akinwumi A. Adesina, President, African Development Bank Group
- Hon. Prof. Njuguna Ndung’u, Cabinet Secretary National Treasury and Economic Planning and Governor for Kenya.
- Hon. Samuel D. Tweah Jr., Minister of Finance and Development Planning and Governor for Liberia.
- Hon. Prof. Mthuli Ncube, Minister of Finance and Economic Development and Governor for Zimbabwe.
- Mr. Enoch Godongwana, Minister of Finance and Governor for South Africa
- Ms. Margaret Kuhlow, Deputy Assistant Secretary of the Treasury, USA, representing Ms. Janet Yellen, Secretary of the Treasury and Governor for the USA.
- Ms. Francesca Utili, Alternate Governor for Italy, Head of International Financial Relations, Ministry of the Economy, and Finance, Italy, representing Mr. Giancarlo Giorgetti, Governor for Italy and Minister of the Economy and Finance.
- Mr. Abdallah Al Dardari, UN Assistant Secretary General, UNDP Assistant Administrator and Director of the UNDP Regional Bureau for the Arab States – representing Mr. Achim Steiner, Administrator, United Nations Development Program.
- Mr. Hyginus Leon, President, Caribbean Development Bank (CDB).
- Mr. Rémy Rioux, CEO, French Development Agency, France.
- Dr. Benedict Oramah, President and Chairman of the Board of Directors, African Export-Import Bank.
24/05 13:00pm - 14:30pm CEST Mobilizing Private Sector Financing for Climate and Green Growth in Africa
The 2023 African Economic Outlook (AEO) report, the Bank’s annual
premier flagship publication, focuses on the options for tapping into private sector resources as
well harnessing the continent’s enormous natural capital as a promising avenue to contribute to the
fight against climate change and the transition to green growth.
In addition to analysing Africa's
growth performance and outlook amid increased uncertainties and elevated global geopolitical
tensions, heightened climate risks and lingering effects of the COVID-19 pandemic and Russia’s
invasion of Ukraine, the AEO 2023 covers topics such as:
- opportunities and barriers for leveraging private sector financing for green growth in Africa;
- strategies, policies, and actions required to mobilize both domestic and international private sector financing; and
- specific roles development financial institutions (DFIs) and multilateral development banks (MDBs) in general,
- Moderator: Mr. Solomon Mugera, Director, Communication and External Relations, African Development Bank Group
- Opening Remarks: H. E. Dr. Akinwumi Adesina, President, African Development Bank Group.
- Presentation of the 2023 AEO Key Highlights: Prof. Kevin Chika Urama, Chief Economist and Vice President for Economic Governance and Knowledge Management, African Development Bank Group.
- Rt. Hon. Andrew Mitchell MP, Minister of State (Development and Africa) and Governor for UK.
- Admassu Tadesse, President Emeritus and Group Managing Director, Eastern and Southern Trade and Development Bank.
- H.E. Mr. Hassan Abdallah, Acting Governor of the Central Bank of Egypt and Governor for Egypt
- Mr. Christophe Bories, Deputy Director of Multilateral Financial Affairs and Treasury Development, ADF Plenipotentiary and Temporary Governor – representing M. Emmanuel Moulin, Director General of the Treasury and Governor for France.
- Mr. Paddy Padmanathan, former President and CEO and member of the Board of Directors of ACWA Power.
- Dr. Heike Harmgart, Managing Director for Southern and Eastern Mediterranean (SEMED) region, European Bank for Reconstruction and Development – representing Ms. Odile Renaud-Basso, President, European Bank for Reconstruction Development (EBRD).
The delegates will consider green financing tools such as green bonds, sustainable bonds, social bonds, sustainability loans and debt-nature or debt-climate swaps. Participants will discuss national and international levers to overcome obstacles to implementing such instruments.
24/05 14:45pm - 16:15pm CEST Thematic Knowledge Event 1: Leveraging innovative financing instruments to crowd in private climate investments in Africa
For African countries to effectively harness climate
investment opportunities, they will therefore need to develop innovative approaches to crowd-in
private sector investment at higher levels and scale than currently obtaining. This will necessitate
going beyond traditional financing approaches by developing out-of-the-box solutions, tailored to
countries’ structural characteristics, leveraging their comparative advantages.
- Moderator: Mr. Solomon Quaynor, Vice President for Private Sector, Infrastructure and Industrialization, AFDB Group
- Proposed Conversation Starter: Christopher Marks, Managing Director, Head of Portfolio Solutions, Innovative Finance and Growth Markets, MUFG
- Mme Nadia Fettah, Minister of Economy and Finance, and Governor for Morocco
- Dr Bärbel Kofler, Parliamentary State Secretary and Governor for Germany
- Mr. Pasi Hellman, Under-Secretary of State and Governor for Finland
- Ms. Bjørg Sandkjær, Deputy Minister and Governor for Norway
- Mr. Konstantin Limitovskiy, Vice President, Investment Operations (Region 2), Asia Infrastructure and Investment Bank
- Ms. Rania Al-Mashat, Minister for International Cooperation, Egypt
- Dr. Sidi Ould Tah, Director General, Arab Bank for Economic Development in Africa
- Closing remarks: Ms Hassatou N’sele, Vice President for Finance and Chief Financial Officer, AFDB Group
25/05
24/05 15:30pm - 17:00pm CEST ABSA “Collaboration between Private and Public Sector is essential for financing the green transition in Africa.”
Key Themes:
- Financial Inclusion - beyond adaption financing, what is the role of the coalition of DFIs and commercial Banks in financing a just transition, that encourages financial inclusion and promotes access to finance?
- Governance – government has a huge role to play and how do they create an enabling environment through policy support and advocacy, in the context of the current tough financing conditions in Africa?
- Capital Markets Solutions - the ability to raise funding from domestic markets must deepen and broaden to support green transition. How can the work that is being done by the AfDB be expanded and scaled by incentivizing bonds and other instruments that attract financing for greener investments?
- Just Energy Transition - Example of SA power sector challenge while still focusing on driving transition to greener energy. What is the short-term solution and how can the challenges be addressed in a way that is Just?
- Moderator: Mr. Msizi Khoza – Head ESG Absa Bank CIB
- Ms. Boitumelo Mosako, Chief Executive Officer, Development Bank of Southern Africa (DBSA)
- Mr. Saviour Chibiya, CEO, Africa Regional Operations, Absa Group
- Mr. Ahmed Attout, Ag. Director, Financial Sector Development Department, AfDB
- Mr. Ramy El Dokany, Chairman, Egyptian Stock Exchange
- Dr. Christopher Marks, Managing Director - Head Emerging Markets, EMEA, The Bank of Tokyo Mitsubishi UFJ, Ltd (MUFG)
25/05 7:00am - 8:30am CEST Thematic Knowledge Event 2: "Harnessing natural capital to finance climate and green growth in Africa"
The objective of this thematic event is to discuss how Africa’s natural capital can become, in complement to private sector financing, an important getaway to finance the continent’s adaption and mitigation actions as well as its green growth ambitions.- Moderator: Dr. Kevin Kariuki, Vice President for Power, Energy, Climate Change and Green Growth, AFDB Group
- H. E. Ernesto Max Tonela, Minister of Economy and Finance and Governor for Mozambique
- Hon. Situmbeko Musokotwane, Minister of Finance and National Planning, and Governor for Zambia
- Ms Boitumelo Mosako, CEO Development Bank of Southern Africa
- Mr. Ibrahima Cheikh Diong, United Nations Assistant Secretary General and Director General, African Risk Capacity (ARC) Group
- Serge Ekué, President and Chairman of Board, West African Development Bank (BOAD)
- Ms Jane Feehan, Head of Regional Representation for West Africa, European Investment Bank (EIB) representing Mr Werner Hoyer, President, European Investment Bank (EIB)
- Ms. Mmakgoshi Lekhethe, Deputy Director General, National Treasury, South Africa (former Dean of the AfDB Board of Directors)
- Closing remarks: Dr. Beth Dunford, Vice President for Agriculture, Human and Social Development, AFDB Group
26/05 7:00am - 8:30am CEST Thematic Knowledge Event 3: "Key Actions to Achieve Inclusive Growth and Sustainable Development in Africa”
The objective of this thematic event is to elicit comments, inputs, and feedback from diverse stakeholders attending the annual meetings on the preliminary findings of the report: Multi-sector study to bring out key actions required to place each African country on a path of 7 – 10 percent annual GDP growth- Presentation of the Emerging Findings of the Study: Prof Kevin C. Urama, Chief Economist and Vice President for Economic Governance and Knowledge Management, AFDB Group
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