EU seals agreements to generate €10 billion in investment in Africa and the EU

9-12 November 2020The finance in common summit (FiCS)

During the Finance in Common Summit, the European Commission took a major step forward in boosting investment in Africa and the EU Neighbourhood by concluding ten financial guarantee agreements worth €990 million with partner financial institutions that complete the European Fund for Sustainable Development (EFSD), the financing arm of the External Investment Plan (EIP). 

Five investment windows were identified shortly after the launch of the EFSD: ­ 
  1. sustainable energy and connectivity; ­ 
  2. financing of micro-, 
  3. small and medium-sized enterprises (MSMEs); ­ 
  4. sustainable agriculture, rural entrepreneurs and agroindustry; ­ 
  5. sustainable cities; ­ digitalisation for sustainable development.
The EFSD+ constitutes the new investment framework and has a larger geographical scope and more resources than the EFSD.

EU blended finance has primarily served to leverage funding from public development banks rather than private investors. (BriefingHow the EU budget is spentApril 2019)

FiCS gathered the world’s Public Development Banks (PDBs), along with other key stakeholders such as Heads of State, governments, supervisors, and representatives from the private sector, civil society, think tanks and academia, to stress the crucial role of PDBs in reconciling short-term countercyclical responses to the crisis with sustainable recovery measures. By rallying and challenging a new and significant global community with enhanced capacity of action, and by promoting sustained collective action, the Finance in Common Summit is a key milestone on the way to the crucial events of 2021, notably the COP26, the COP15 and the Generation Equality Forum.
Africa: Towards a Sustainable Recovery for the Private Sector 
  • Challenges faced by the private sector in Africa, especially SMEs, in the current crisis context. 
  • Roadmaps and concrete actions taken by Public Development Banks, European DFIs, private banks and financial institutions in delivering efficient and accurate financing solutions. 
SPEAKERS 
  • Ifeyinwa Ugochukwu, Chief Executive Officer, Tony Elumelu Foundation 
  • Diane Karusisi, Chief Executive Officer, Bank of Kigali 
  • Kola Masha, Managing Director & Cofounder, Babban Gona 
  • MODERATOR Bruno Wenn, Chairman, European Development Finance Institutions (EDFI) 
VIDEOS 
  • Marjeta Jager, [see start of the video below] Deputy Director-General, International Cooperation & Development, European Commission 
  • Aziz Mebarek, Founding Partner, Africinvest 
  • Sérgio Pimenta, Vice President, Middle East & Africa, International Finance Corporation (IFC) 
12/11 Financing Sustainable Food Systems: PDBs as Catalysts of New Investment Models 
The agri-food sector is one of the largest economic sectors globally with huge significance for livelihoods, a large environmental footprint, and massive untapped business potential. To place the sector on a more sustainable, productive, and inclusive path, in line with the SDGs, PDBs operating in the sector must mobilize finance from different sources, including development, climate and commercial finance. 
This event brought together experts from agricultural banks, farmers representatives and the International Fund for Agricultural Development to showcase innovative approaches to strengthen and leverage this catalytic role. 
  • Maman Lawal Mossi, Chief Executive Officer, Banque Agricole du Niger (BAGRI) 
  • Zhang Wencai, Vice President, Agricultural Development Bank of China (ADBC) 
  • Estrella “Esther” Penunia, Secretary General, Asian Farmers’ Association for Sustainable Rural Development (AFA)
  • Gilbert F. Houngbo, President, International Fund for Agriculture (IFAD) 
  • MODERATORChristine Negra, President and Founder, Versant Vision.
This video recording is not available online
12/11 How to Make the Most of Public Development Banks 
Public Development Banks (PDBs), which have been addressing major challenges on a local and regional scale for years, could become key components of the new global equation for a green transition and the achievement of the SDGs. 
  • How can PDBs increase their contributions to these major global objectives? 
  • How can governments make the best use of PDBs’ potential to fully serve their policies, implement their commitments and mobilize the private sector? 
  • What measures could be implemented to increase the performance of PDBs? 
  • How can financial regulatory frameworks be adapted to promote transparency and increase climate and sustainable development investments? 
SPEAKERS 
  • Jutta Urpilainen (see video), Commissioner, International Partnerships, European Commission 
  • Rosa María Sánchez-Yebra Alonso, Vice-Governor, Council of Europe Development Bank (CEB) 
  • Luky Alfirman, Director General of Budget and Risk Management, Ministry of Finance, Indonesia 
  • Günther Bräunig, Chief Executive Officer, KfW CHAIR 
  • Luiz Awazu Pereira da Silva, Deputy General Manager, Bank for International Settlements (BIS)
12/11 European and Global Leadership in Paris Alignment: Commitment to Action! 
Entering the critical decade to 2030, PDBs demonstrated robust and ambitious Paris alignment timelines, targets and actions.
  • Extract: Koen Doens, Director-General, International Cooperation and Development, European Commission
PLENARY SESSION
The Ecosystem and its Interaction with the Public Development Banks Community 
  • INTRODUCTION & CHAIR Akinwumi A. Adesina, President, African Development Bank Group (AfDB) 

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