IFC Africa reposted this
Director, Central Africa, Liberia, Nigeria and Sierra Leone at IFC - International Finance Corporation
Increasing sustainable finance in central #Africa was top of my agenda this week when I was in Douala, #Cameroon, for the Sustainable Banking and Finance Network (SBFN) forum hosted by BEAC and IFC - International Finance Corporation. Against a challenging backdrop of increased food insecurity, high unemployment, and the gathering effects of climate change in the region, representatives from about 200 financial institutions, regulators, and industry associations convened to discuss trends and pathways to scale up investments that benefit society—and the environment. A key takeaway from the discussions was that fostering a strong enabling environment through policy, regulations, awareness raising, and capacity building is critical to increasing the availability of sustainable finance – that is, finance and investments that consider environmental, social, and governance factors. It is estimated that Central Africa requires $300 billion towards climate-related investment by 2030 - that’s just around the corner! Part of this work must include providing guidelines for implementation, capacity building, disclosure requirements, definitions of green and socially inclusive assets, and active regulatory supervision to help financial institutions embed behavioral change. Sustainable finance roadmaps have become a powerful tool in emerging markets, helping bring stakeholders together, and boosting coordination between the public and private sectors to create an ecosystem of sustainable finance policies, regulations, and practices. To date, more than 24 countries under the SBFN have launched roadmaps that support green, social, or sustainability-focused financial instruments. My visit to Cameroon was also an opportunity to strengthen IFC’s partnership with BEAC, the Bank of Central African States, a central bank that serves six central African countries and is fostering more sustainable finance in Central Africa. BEAC recently joined the Sustainable Banking and Finance Network; we are proud to have them as a partner. This partnership was strengthened further when I had the pleasure to sign a cooperation agreement with Mr. Abbas Mahamat Toli, Governor of BEAC. The partnership aims to put in place the regulatory infrastructure for a credit bureau to serve CEMAC countries, thus giving individuals and business greater #accesstofinance. It is estimated that only 10% of businesses in Central Africa have accessed bank credit. I am confident that this week’s events in Cameroon will lead to the development of a bold regional roadmap for more sustainable and greater access to finance in Central Africa. Mary Porter Peschka, Sylvain Kakou Vsevolod Payevskiy, IFC Africa, Riadh Naouar
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