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Home Development

AfDB launches new initiative to build financial acumen of African cities

Elizabeth Khumalo by Elizabeth Khumalo
June 8, 2022
in AfDB, Africa, Development
Reading Time: 2 mins read
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The African Development Bank and United Cities and Local Governments, a global umbrella group for local and metropolitan governments, have announced the launch of a new program to build the capacity of municipal chief financial officers across the continent.

The Municipal CFO Initiative was announced during the 9th Africities Summit held recently in Kisumu, Kenya.

The new initiative will enable cities to tap financial markets more effectively in order to fund their local infrastructure and development projects. There is a pressing need for city infrastructure to grow and expand to meet the demands of Africa’s rapidly urbanizing cities.

Also read: Africa boosts upstream to amplify Oil & Gas production

“Such capacity-building programs play a catalytic role in the long term development of cities and turning municipalities into robust discussion partners for a broad range of funders,” said Alice Nabalamba, Chief Urban Development Officer in the African Development Bank’s Infrastructure, Cities and Urban Development Department.

The program will get underway in September 2022; 10 municipalities will participate. Financial officers that take part will learn finance, accounting, and debt and risk management skills to improve the creditworthiness of their cities. Participants will also have the opportunity to undertake site visits to African bourses, including the Johannesburg Stock Exchange and Abidjan Stock Exchange.

“A number of municipalities are almost ready to access financial markets, which will dramatically improve their capacity in financing projects. Unfortunately, they don’t have a deep comprehensive understanding of how to start,” said Dr. François Paul Yatta, Director of Programs at United Cities and Local Governments Africa. Yatta was speaking during a panel titled, Understanding the ecosystem of investors interested in African cities.

Also read: EU forges ahead with Africa gas deals

The low level of financial capacity in African municipalities was the subject of much discussion during the summit. “Municipalities have to inspire confidence, build a positive and engaging narrative to capture the attention of both public and private finance,” said Hastings Chikoko, Managing Director for Africa at C40, a global network of mayors that partners with the African Development Bank.

The Bank made a number of presentations during the conference. These included the unveiling of the first component of its Sustainable Urban Development action plan, a blueprint for its interventions to reinforce subnational credit and municipal finance (PDF).

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Source: AfDB Press Release
Tags: Abidjan Stock ExchangeafdbAfDB launches new initiative to build financial acumen of African citiesafricaafrican development bankAfricities SummitAlice Nabalambadevelopmentdevelopment projectsfinancing projectsFrançois Paul YattaHastings ChikokoJohannesburg Stock Exchangelocal infrastructureUnited Cities and Local Governments Africaurbanizing citiesафрикаأفريقياアフリカ非洲
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Elizabeth Khumalo

Elizabeth Khumalo

Made in Britain with prime Zimbabwean parts! Looking through the glass half full for a positive Africa narrative! #Africaraising

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