African countries require an annual infusion of USD 1.25 trillion dollars to achieve the sustainable development goals (SDGs). As the continent’s most vital multilateral development bank, the African Development Bank (AfDB) is a critical catalyst in ensuring that these goals are met. Therefore, in early October Convergence organized a capacity building session with AfDB on alternative and blended finance in Abidjan, Ivory Coast. The objective was to discuss approaches to attract more private-sector investment to African countries, leveraging the balance sheet and capacity of the AfDB.
The two-day session brought together approximately 50 AfDB staff and over 20 experts from a myriad of development and private sector finance organizations including – the Overseas Private Investment Corporation (OPIC), Fitch Ratings, the Organization for Economic Co-operation & Development (OECD), Swedish International Development Agency (Sida), and Citigroup, amongst others.
This capacity building session with AfDB was the first of a series of highly-tailored sessions that Convergence will be offering to influential organizations, who want to play a larger role in the ever-changing alternative and blended finance landscape. Through these sessions, Convergence aims to bring in sector experts from its own team and from its vast network to support participants in their efforts to arrange and execute higher levels of blended finance transactions. These sessions are part of Convergence’s mission to advance the field of blended finance by educating, connecting and supporting public, private and philanthropic investors.