The NBCC will be among other partners in a multi-stakeholder engagement to discuss the role and opportunities for blended finance in the fight against Covid-19. Blended finance is the use of catalytic capital from public and/or philanthropic sources to increase private sector investment in sustainable development. It is one of the solutions that can be implemented today to effectively address these challenges and reduce the economic effects of COVID-19 and also solve the long term need to crowd-in more private capital into social investments.
Africa faces a $500b - $1.2trillion annual SDG financing gap between now and 2030. With investors withdrawing $90 billion from emerging markets in the first 3 months of 2020 (the largest outflow ever recorded), per capita development aid is likely to reduce as more African countries move into middle income status and rising public debt burdens in developing countries and depreciating local currencies. Furthermore, the traditional model of development financing in Africa that was primarily dependent on Aid and Government funding is under serious threat. This is likely to be made even worse by COVID-19 not only due to donor countries realizing that they need to spend more money domestically to seal their own loopholes, now exposed by the pandemic but also because African governments are struggling to support various domestic COVID-19 efforts. With this in mind, Africa will need to consider different financing model if it’s to meet its SDG targets and tackle unforeseen challenges like COVID-19.
It is against this background that The NBCC together with East Africa Philanthropy Network (EAPN) and Africa Venture Philanthropy Alliance (AVPA) are looking to steer further the initial discussions amongst various stakeholders on Blended Finance theory and practice in East Africa. Organized as a webinar scheduled for Wednesday 26th August 2020 from 10.00 AM – 12.00 Noon, the discussions will attract speakers from various backgrounds (Private Sector, Government, Philanthropy, Academia/Research) with the aim to addressing the covid19 emergency response through the Blended Finance Model.
Dr. Mercy Mwangangi- CAS, Ministry of Health
Dr. Myriam Sidibe- Chairperson, National Business Compact on Coronavirus (NBCC)
Mr. Arif Neky- Coordinator, UN SDG Partnerships Platform
Mr. Peter Wamicwe – Africa Region Associate, Convergence Finance
Mr. William Asiko- Managing Director, Rockefeller Foundation-Africa
Ms. Nuru Mugambi- Director of Public Affairs & Sustainable Finance Lead, Kenya Bankers Association
Moderator: Mr. Anthony Wagacha- Adjunct Faculty, Strathmore University
Please do find the registration link here following which, a link to the Zoom Session will be shared to your email to facilitate your access to the session.
We look forward to your invaluable contribution!