geo/benin
Washington, D.C., October 1, 2024 - The World Bank Group and partners have launched the “Sustainable Finance Knowledge Center for Francophone Africa” today. A first preview of the center was presented two weeks ago at the annual Global Meeting of the SME Finance Forum in Brazil.
This virtual platform, available in both English and French, is designed to equip companies and financial institutions across Francophone Africa with the knowledge and skills necessary to accelerate the transition toward sustainable finance and business models. The Center aims to transform sustainability aspirations into effective climate action.
The Center will provide regional market players across sectors and industries with the fundamentals to understand and manage sustainability risks and opportunities as part of the operational decisions. Responding to the strong need for upskilling among French-speaking business leaders in Francophone Africa, the Center’s curricula will be delivered primarily in French. The platform hopes to fill the sustainable finance knowledge gap that hinders the region’s sustainable development and growth, impacting its fight against climate change and the adaptation to its consequences.
“This initiative is both very timely and welcome. In a country like Benin, this will be instrumental to bolster the capacity of business leaders to unleash the full potential of green finance for the country’s development,” said Vincent Arthur Floreani, IFC Country Head for Benin.
The countries in Francophone Africa are amongst the most vulnerable countries to climate change, which is putting economic growth and human capital development at risk. Extreme weather events like droughts and floods threaten agricultural productivity, food security and water access, while coastal erosion and deforestation add to the pressure to adapt to the changing environment.
“The World Bank Compact with Africa Green Business Fund is proud to collaborate with the IFC and other strategic partners to establish the Sustainable Finance Knowledge Center for Francophone Africa. With this center, we are working with financial institutions in the partner countries of the Compact with Africa in an on-going effort to build sustained capacity and networks for climate action,” said Hania Dawood, Practice Manager, Climate Finance and Economics, World Bank.
The Center was conceived and will be managed by the alliance of six partners including IFC Green Bond Technical Assistance Program (GB-TAP), the World Bank Compact with Africa Green Business Fund (CwA-GBF), West African Development Bank (BOAD), Luxembourg Stock Exchange, the Financial Markets Authority of the West African Monetary Union (AMF-UMOA) and SME Finance Forum.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
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IFC is a Strategic Partner of the SME Finance Forum
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