|
Listen to this story:
|
- Bridging Knowledge Gaps: The Center addresses the sustainable finance knowledge deficit in Francophone Africa, providing French-language training to business leaders.
- Supporting Climate Action: By equipping local institutions with sustainability expertise, the Center aims to transform regional aspirations into actionable climate strategies.
- Strengthening Resilience: Focused on building capacity, the initiative targets sectors vulnerable to climate change, such as agriculture and water management.
The World Bank Group and partners launched the Sustainable Finance Knowledge Center for Francophone Africa. This virtual platform, available in English and French, is designed to empower companies and financial institutions across Francophone Africa to integrate sustainable finance into their business models.
Hania Dawood, Practice Manager, Climate Finance and Economics at the World Bank, emphasized: “The World Bank Compact with Africa Green Business Fund is proud to collaborate with the IFC and other strategic partners. With this center, we are working with financial institutions in the partner countries of the Compact with Africa in an ongoing effort to build sustained capacity and networks for climate action.”
Addressing the Need for Upskilling
The Center’s curricula, delivered primarily in French, aim to bridge the sustainable finance knowledge gap hindering the region’s economic and sustainable development. It provides regional market players with a comprehensive understanding of sustainability risks and opportunities, fostering more informed operational decisions.
A Strategic Response
Countries in Francophone Africa are among the most vulnerable to climate change, facing challenges such as extreme weather, coastal erosion, and deforestation. The Center addresses these issues by providing businesses and institutions with the knowledge necessary to implement effective climate adaptation strategies.
Vincent Arthur Floreani, IFC Country Head for Benin, remarked: “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.”
Strategic Partnerships
The Center is a collaborative effort managed by six partners:
- IFC Green Bond Technical Assistance Program (GB-TAP)
- World Bank Compact with Africa Green Business Fund (CwA-GBF)
- West African Development Bank (BOAD)
- Luxembourg Stock Exchange
- Financial Markets Authority of the West African Monetary Union (AMF-UMOA)
- SME Finance Forum
The initiative aims to create a sustained network of climate finance experts and resources, promoting resilient economic growth throughout the region.