TOWARDS THE FINANCE IN COMMON SUMMIT: MOBILIZING THE WEST AFRICAN PUBLIC DEVELOPMENT BANKS FOR A SUSTAINABLE RECOVERY IN THE AFTERMATH OF THE HEALTH CRISIS
Lomé, 22 October 2020 – At the initiative of the West African Development Bank (BOAD), the French Development Agency (AFD) and the General Secretariat of the Finance in Common Summit, banks and development finance institutions operating in the West African region have gathered for an online workshop.
The workshop held under the theme “Development banks in the face of the crisis: countercyclical response and sustainable recovery”, took place ahead of the first world summit bringing together public development banks, due to be held from 10 to 12 November 2020 in Paris and in partnership with the Paris Peace Forum.
The pre-summit held on 22 October was an important event in the specific post-Covid-19 context. It sought to identify the main topics of interest, expectations and proposals regarding the role of development banks and to consider appropriate developments. Particularly, it made it possible to highlight the countercyclical action capacity of development banks in times of crisis (such as COVID-19) and to define the future development bank, which will be able to support ecological and social transitions of our societies. The conclusions will serve as key inputs for the Finance in Common Summit.
In addition to BOAD and AFD representatives and partners operating in West Africa, the workshop brought together key stakeholders: Ministries of Finance of several countries in the region, the Central Bank of West African States (BCEAO), the Association of African Development Finance Institutions (AADFI), the WAEMU Commission and public development banks including ECOWAS Bank for Investment and Development (EBID) and the National Bank for Economic Development (BNDE) of Senegal.
“This pre-summit is a key moment for us. It provides the West African region a forum to contribute to the debate on a “common finance” movement, with the main focus of bringing all financial players on board for investments in line with the fight against climate change, inequalities, and more generally, the sustainable development goals (SDGs). West Africa and the region’s public development banks, showing a certain vitality, are eagerly welcome at the Finance in Common Summit in November. Insofar as they have experienced successful countercyclical responses, particularly, to food and energy crises in the 2000s“, said Rémy Rioux, Chief Executive Officer of the French Development Agency (AFD) and Chairman of the International Development Finance Club (IDFC)
“I would like to avail myself of this opportunity to call for strengthened additionality and complementarity between our national and regional institutions, which seem to be competing with one another in our geographical jurisdictions“, stated Serge Ekué, President of the West African Development Bank (BOAD)
The Agence française de développement (AFD) Group is a public institution that finances, supports and accelerates transitions towards a fairer and more sustainable world. As France’s official platform for development assistance and investment in sustainable development, we work closely with our partners to build shared solutions involving and benefitting the populations in the South.
Our teams are involved in more than 4,000 projects on the ground, overseas and in 115 countries for the common good of mankind -climate, biodiversity, peace, gender equality, education and health, thereby contributing to the French government and population’s commitment to sustainable development goals. For a shared world.
The West African Development Bank (BOAD) is the common development finance institution of the member countries of the West African Economic and Monetary Union (WAEMU). Established in 1973, its shareholder structure includes, as at present, the eight WAEMU member countries, the central bank (BCEAO) and many international institutions and non-regional countries, including African Development Bank (AfDB), European Investment Bank (EIB), KfW, France, Belgium, China, India and Morocco. Its headquarters is based in Lomé, Togo. True to its purpose, BOAD plays a leading role in fostering economic and financial integration within WAEMU countries.
Established in 2011, the International Development Finance Club (IDFC) is the world’s largest group of 26 national and regional development banks, operating mainly in emerging markets. IDFC is the world’s largest provider of public finance for development and climate, with cumulative assets of US$4 trillion and annual commitments in excess of US$600 billion, including an average of US$150 billion devoted annually to climate finance. IDFC members have the unique function of supporting national policies while bringing international priorities to their own constituencies. They are united and work together to align with and achieve the sustainable development goals (SDGs) and commitments of the Paris Climate Agreement. Through IDFC, and in close partnership with other development bank networks, members come together to form a platform aimed at promoting and leveraging development solidarity investments around the world. IDFC has been chaired since October 2017 by the French Development Agency (AFD), which is home to IDFC Secretariat in Paris, France. To learn more about IDFC, please visit our website or follow us on Twitter & LinkedIn.
The first global summit of public development banks – the Finance in Common Summit – reflects how public banks can lead the world of finance to better protect the planet and societies. The Summit will be jointly organised with the Paris Peace Forum, and contributes to the “Decade for Action” initiated by the United Nations, ahead of the G20 summit in Riyadh (21-22 November) and the 5th anniversary of the Paris Agreement and the COP21.
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