Abidjan (Cote d’Ivoire) - 27 November 2023 – The Government of Cote d'Ivoire, through the Ministry of Finance and Budget, launched the technical workshop for institutional investors from the West African Economic and Monetary Union (WAEMU) in Abidjan on 13 November.
The workshop, held from 13 to 14 November, was organised by the United Nations Economic Commission for Africa (UNECA) in collaboration with MiDA Advisors.
Its objectives were to:
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review and discuss the draft technical study and gather feedback from workshop participants (regulators, policy makers, stakeholders and investors);
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understand the macroeconomic, fiscal and regulatory context in the region that may hamper the ability of institutional investors to invest in infrastructure and other asset classes in WAEMU countries;
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strengthen investors' technical capabilities in deal origination and execution by introducing analytical methodologies and financial structures, based on case studies;
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issue recommendations to promote an ecosystem favourable to the financing of infrastructure projects critical to sustainable and resilient development;
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discuss the merits of an initiative that could take the form of a consortium.
In his speech at the opening ceremony, Mr Bamba Vassogboa, representative of Cote d'Ivoire's Minister of Finance and Budget, said that "Africa is still constrained by huge infrastructure deficits, with an estimated annual financing requirement of between 136 and 170 billion dollars and an annual financing gap of between 68 and 108 billion dollars".
"Of the $85 billion committed to infrastructure development in Africa in 2019, $22.5 billion went to West Africa. In 2020, out of $81 billion committed, West Africa received $22.3 billion", explained the representative of the Côte d'Ivoire Minister of Finance and Budget.
For her part, Ms Sonia Essobmadje, Head of Section, Innovative Financing and Capital Markets at the ECA, pointed out that "Infrastructure in Africa in general, and in West Africa in particular, is crucial to economic and social development".
According to the Head of Section, Innovative Finance and Capital Markets at the ECA, "The issue of infrastructure and its financing is all the more important as we are not on track to achieve the sustainable development goals".
"Institutional investors have a role to play in providing capital to support the economic development of our countries", explained Ms Sonia Essobmadje.
The US Ambassador to Cote d'Ivoire, H.E. Jessica Davis Ba, said: "We must invest in the expansion of infrastructure - the physical and digital foundation of development and human security - and we must encourage institutional investment.
"The Government of the United States is committed to advancing these goals, both domestically and internationally, to foster a more prosperous future for all," said the US Ambassador to Cote d'Ivoire.
The workshop concluded with the establishment of a working group to study the conditions for implementing a consortium of institutional investors in the WAEMU.
The meeting was attended by representatives of National social security funds, deposit and consignment funds, financial institutions, insurance companies and regulators from the WAEMU zone.
For further information, please contact: Tahirou Gouro, Communications Officer, CEA- BSR/AO Email: gouro2@un.org,