The meeting, organised by the private sector and treasury departments of the African Development Bank (AfDB), with the sponsorship of the Initiative for Risk Mitigation in Africa, aimed to facilitate the creation of an information exchange network for providers of export credit and investment insurance in Africa.
AfDB’s Acting First Vice-President and Chief Operating Officer Charles Boamah said that the bank seeks to achieve inclusive, green and sustainable growth on the continent by strategising on the following goals: Light up and power Africa; Feed Africa; Integrate Africa; Industrialise Africa; and Improve the quality of life for the African people.
“Financing Africa’s transformation will require a robust private sector in order to move from ‘billions’ in Official Development Assistance to ‘trillions’ in investments,” said Boamah. “The mobilisation of additional resources will be the key to achieving the Bank’s ambitious plan.”
Institutions represented at the meeting included the AfDB, Agence Française de Développement, African Export-Import Bank, African Guarantee Fund, the International Bank for Reconstruction and Development, and the International Finance Corporation. In addition to these were the Berne Union, Export Credit Insurance Corporation of South Africa, Export Guarantee Company of Egypt, Finnvera plc, and Guarantco, among others.
Participants presented the different guarantees and insurance products and services offered by their respective bodies in order to overcome the financial gap for development projects in Africa. Break-out sessions served as innovation labs where the delegates discussed and explored new mechanisms to support trade and project finance in Africa.
The second Abidjan Union meeting is planned for 2017.