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MFW4A PARTNERSHIP SECRETARIAT

YEARLY REPORT 2013

UNLEASHING THE FULL POTENTIAL OF AFRICA’S FINANCIAL SECTORS

ABOUT MFW4AThe Making Finance Work for Africa (MFW4A) Partnership is dedicated to supporting the efforts of African countries to strengthen their financial sector by coordinating and facilitating financial sector development initiatives, promoting closer collaboration among development partners, and fostering exchanges among African stakeholders.

Initially welcomed by the G8 in the 2007 Heiligendamm Declaration, the MFW4A Partnership recognizes the role of the financial sector in driving private investment, economic growth and employment creation. Twelve founding multilateral and bilateral development partners support the Partnership with a shared common vision to overcome fragmentation, and increase efficiency and effectiveness to develop Africa’s financial sectors.

MFW4A SECRETARIATThe MFW4A Partnership recognizes that strengthening financial sector development (FSD) in Africa requires efficient cooperation between African governments, development partners, the private sector and other financial sector stakeholders. To help support the activities of the Partnership, a Secretariat was established in 2008, hosted at the African Development Bank (AfDB) in Tunis, Tunisia.

The Secretariat’s goals are to: (1) be the reference knowledge hub on FSD in Africa; (2) provide a vibrant networking platform on FSD in Africa; and (3) be a key voice for FSD in Africa.

The Secretariat’s activities are built around four pillars: (1) knowledge management and dissemination; (2) donor coordination; (3) stakeholder engagement; and (4) advocacy. These pillars represent the backbone and building blocks of the Secretariat’s strategy.

This Yearly Report presents MFW4A’s work in 2013, the second year of the Partnership’s three-year strategy. Following the introduction on opportunities and challenges in Africa’s financial sectors, the report describes MFW4A’s achievements according to key priorities identified in the strategic plan 2012-2014.

MFW4A PARTNERSHIP SECRETARIAT

YEARLY REPORT 2013

FOREWORD FROM THE CHAIR OF THE SUPERVISORY COMMITTEE 5

FOREWORD FROM THE MFW4A PARTNERSHIP COORDINATOR 6

INTRODUCTION 9

ADVOCACY 10

BUILDING NETWORKS 14

AGRICULTURAL AND RURAL FINANCE 17

BANKING REGULATION AND SUPERVISION 19

GENDER FINANCE 20

HOUSING FINANCE 21

MOBILE BANKING 22

PENSION SYSTEMS 23

PRIVATE EQUITY AND VENTURE CAPITAL 24

SME FINANCE 25

A KNOWLEDGE HUB 26

GOVERNANCE STRUCTURE 29

CONTENTS

2

ACRONYMS AND ABBREVIATIONS

AACB Association of African Central Banks

AC Advisory Council

ADEPME Senegalese Agency for the Development and Support of SMEs

AFD French Agency for Development

AfDB African Development Bank

AFF Africa Finance Forum

AFRACA African Rural and Agricultural Credit Association

AFRITAC African Regional and Technical Assistance Centre

AFSWG Agricultural Finance Stakeholder Working Group

AgFin-DWG Agricultural and Rural Finance Donor Working Group

ANPME National Agency for Small and Medium-Sized Businesses of Benin

AU / AUC African Union / African Union Commission

AUHF African Union for Housing Finance

AVCA African Venture Capital Association

BaFin German Federal Financial Supervisory Authority

BCEAO Central Bank of West African States

BEAC Bank of Central African States

BMZ German Federal Ministry of Economic Cooperation and Development

BRVM Regional Securities Exchange

CAADP Comprehensive Africa Agriculture Development Programme

CABS Community of African Banking Supervisors

CCBG Committee of Central Bank Governors

CEMAC Central African Economic and Monetary Community

CGAP Consultative Group to Assist the Poor

CREPMF Regional Council for Public Savings and Financial Markets

DPD Donor Projects Database

DWG Donor Working Group

EAC East African Community

EIB European Investment Bank

EMPEA Emerging Markets Private Equity Association

FSAP Financial Sector Assessment Program

FSD Financial Sector Development

GDP Gross Domestic Product

GIZ German Agency for International Cooperation

HF-DWG Housing Finance Donor Working Group

IMF International Monetary Fund

IOPS International Organisation of Pension Supervisors

MB-DWG Mobile Banking Donor Working Group

MFW4A Making Finance Work for Africa

NEPAD New Partnership for Africa’s Development

NFNV New Faces New Voices

ODA Official Development Assistance

OHADA Organisation for Harmonization of African Business Law

PADESFI Financial Sector Development Support Programme

PER Regional Economic Program

RNCS Senegalese National Competitive Report

SADC Southern African Development Community

SARB South African Reserve Bank

SIDA Swedish International Development Cooperation Agency

SME Small and Medium Size Enterprise

SSA Sub-Saharan Africa

SWG Stakeholder Working Group

UNECA United Nations Economic Commission for Africa

USAID United States Agency for International Development

WAEMU West African Economic Monetary Union

MFW4A PARTNERSHIP SECRETARIAT YEARLY REPORT 2013 3

4

FOREWORD FROM THE CHAIR OF THE SUPERVISORY COMMITTEE

The past year has reaffirmed the relevance and importance of MFW4A as a unique platform to meet the challenges of Africa’s financial sectors. During the second year of our three-year strategy, we successfully coordinated key processes of financial

sector reforms in Africa. We also built networks with development partners and stakeholders to better align interventions with priority needs, and continued to establish ourselves as the primary knowledge hub for FSD in the continent.

Our strategic plan focuses on developing new tools and interventions, and leveraging existing ones, to help catalyse FSD in Africa. The successful organisation of the financial sector dialogues in Chad (CEMAC), Morocco (Maghreb) and Senegal (WAEMU) demonstrated how useful such interventions are in informing policy makers and African stakeholders to advance financial sector reforms. Bringing multiple stakeholders on board including central banks, governments, industry associations and development partners is also crucial to ensure support for appropriate FSD policies and strategies.

Strong leadership in our partner institutions is also central to our strategy. This is recognised by the continuous participation of our development partners and stakeholders in our working groups and networks, which has resulted in several successful initiatives in key thematic areas such as banking regulation and supervision, agricultural finance, and SME finance. The results of a recent survey of African stakeholders and development partners are a testimony of the Secretariat’s achievements such as the establishment of

the Community of African Banking Supervisors (CABS) and the setting up of the SMEs Support Institutions Network in the WAEMU.

At the governance level, the second meeting of the Advisory Council (AC) that took place in May 2013, in Marrakesh, on the margins of the AfDB Annual Meetings, was a testament on the value placed on the AC as a platform to interact with development partners on strategic issues. There is a clear need to review the status and role of the AC. The Partnership will gain from having a more structured AC composed of MFW4A stakeholders empowered to play an active role in FSD in Africa.

A Strategic Planning Workshop in 2013, which was attended by the Secretariat’s staff, the Executive Committee members and selected African stakeholders took stock of the Partnership’s progress and identified ways towards maintaining its relevance in the evolving African financial sector landscape. The outcomes of the workshop will inform the Partnership’s mid-term progress review, and will contribute to the preparation of the new three-year strategic plan 2015-2017.

On behalf of the Supervisory Committee, I would like to extend my gratitude to our development partners for their continuous commitment and support. I would further like to thank and acknowledge our stakeholders for their commitment and being part of the MFW4A’s vision, the Secretariat’s staff for their tireless efforts, and the AfDB, which has hosted the MFW4A Secretariat and continues to provide immense support to the Partnership. I am very proud of our accomplishments in 2013, and I look forward to building on this work to advance the FSD agenda in Africa.

Gabriela Braun Chair, Supervisory Committee


FOREWORD FROM THE MFW4A PARTNERSHIP COORDINATOR

The African financial sector landscape has changed significantly in recent years. We are witnessing unprecedented developments in the continent, from the revolution of mobile banking to the cross-border expansion of regional pan-

African banks. This is truly an exciting time for FSD in Africa, and MFW4A is proud to be a part of these developments.

The Partnership Secretariat has had an important and successful year. During the second year of our three-year strategy, we intensified our efforts in pursuit of our strategic goals: to be a key voice on FSD in Africa, to be the reference knowledge hub on FSD in Africa, and to be a vibrant platform in promoting FSD through dialogue between stakeholders and development partners.

Our engagement with African stakeholders has gone from strength to strength. We have continued to work with national, regional, and continental authorities, as well as pan-African networks. Among our most notable milestones in 2013 was the successful organisation of the financial sector dialogues in North, West and Central Africa. These dialogues have been instrumental in supporting financial sector reforms in the regions, and will continue to be crucial as we position FSD at the forefront of the development agenda.

Another cornerstone of our success in 2013 was our commitment to facilitate the exchange of knowledge and experiences with African stakeholders in critical thematic areas of FSD in Africa. We held the inaugural meeting of the CABS in Algiers, where African central bankers and development partners called for actions to advance the regulatory and supervisory capacity across African borders. We have also supported the Comprehensive Africa Agriculture Development

Program (CAADP) to drive forward the agricultural finance policy agenda through several institutional support projects, such as the GIZ funded study on agricultural finance policy coordination in five African countries.

In the area of SME finance, we reinforced the platforms of exchange and sharing of experiences by establishing a bi-annual work plan for the WAEMU Formal Network of SME Support Agencies. Finally, we have laid the foundations in supporting the development of capital markets and long-term financing needs in Africa through the International Organisation of Pension Supervisors (IOPS) seminar, and discussions with various stakeholder groups.

MFW4A also plays an increasingly important role in coordinating donors’ and development partners’ FSD efforts. The thematic donor working group meetings, face-to-face consultations and workshops allowed for a fruitful exchange of knowledge and experiences resulting in numerous joint interventions, publications and consultations on key issues in housing finance, mobile banking, and agricultural finance. Additionally, MFW4A has been maintaining a comprehensive Donor Projects Database that is proving useful for development partners, stakeholders and practitioners seeking information on financial sector related projects in Africa.

We also made a major push in 2013 on our knowledge management and dissemination efforts. We revamped our website that is now becoming a vibrant knowledge hub for resources on African financial sector issues. As a result, the website has seen a greater level of interest and traffic, while our bi-weekly, bi-lingual newsletter has seen subscriptions exceed expectations.

At the governance level, the Advisory Council (AC) continued to play a high-level role in promoting FSD in Africa. The Secretariat held the second AC meeting on the margins of the AfDB Annual Meetings in May 2013, in Marrakesh, identifying priority

FOREWORD FROM THE MFW4A PARTNERSHIP COORDINATOR6

actions for MFW4A to unlock the potential of the financial markets. We will continue to strengthen our governance structure and the role of the AC as we develop the new phase of the three-year strategy 2015–2017. Finally, we held a Strategic Planning Workshop to review and assess the Partnership’s progress, achievements, challenges and future plans. The workshop was successful in identifying key recommendations, which will be used to inform the Partnership’s mid-term progress review, and contribute to the preparation of the new strategy.

It is therefore with great pleasure that I present to you this Yearly Report, a reflection of the Secretariat’s

activities in 2013. I would like to extend my heartfelt appreciation to all our partners for their continued support, commitment and engagement with our vision. I would also like to thank the Secretariat staff for their sterling efforts in 2013, which continue to result in more solid outcomes. We, at the MFW4A Partnership Secretariat, stand ready to meet the challenges of developing and deepening Africa’s financial sectors. I look forward to the continuous enthusiastic support and increasing our impact further in 2014 and beyond.

Stefan Nalletamby MFW4A Partnership Coordinator


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INTRODUCTION: Opportunities and challenges in Africa’s financial sectors

The African financial landscape has been strengthened by a wave of reforms over the last decade. Many African countries have undertaken structural and legal reforms, and regional organisations have harmonised legal and regulatory frameworks across countries. Recovery from the global crisis has been strong, and advances in technology-based financial solutions such as mobile banking have emerged with the potential to have a truly transformative impact on expanding access to finance in Africa.

Despite the progress made so far, the African financial sector continues to face a number of significant challenges. Financial systems in many African countries remain small, fragile, highly bank-centric and narrowly focused on large ‘bankable’ enterprises within the formal sector. Huge gaps continue to exist in the provision of finance throughout Africa - SMEs, agriculture and infrastructure are just some key sectors where this is evident. The lack of access to finance for firms and households undermines the effectiveness of the financial sector as an engine of growth in Africa.

The growth of the financial sector also brings challenges. Cross-border expansion of regional banks, despite its benefits, poses some risks to regional financial stability. Their sustained growth requires strong regulatory and supervisory oversight in both the home and host countries. The African financial system is dominated by banks that are heavily geared towards the short end of the market. African economies need to urgently develop new forms of market based and institutional provision of long-term finance to consolidate the continent’s recent gains and build a sustainable future.

Notwithstanding these challenges, Africa has an unprecedented opportunity for sustained economic development. The African financial sector has a key role to play in seizing this opportunity. Networks of development partners and African stakeholders are developing innovative tools that address Africa’s transformative financing needs in areas such as SME finance and financial inclusion. The exchange of FSD experiences and practices is becoming broader and better adapted to the needs of African financial systems. An increasing number of African countries are providing the necessary support through policy and regulatory reforms. This momentum is paving the way for real progress to be made in FSD in Africa in the coming years.


ADVOCACY: Advancing policy dialogue on financial sector reforms

MFW4A led several initiatives in 2013 to position FSD at the heart of the development agenda in Africa. In francophone Africa, MFW4A leveraged presentations of the French version of the study Financing Africa: Through the Crisis and Beyond to hold financial sector dialogues in Chad for the Economic and Monetary Community of Central Africa (CEMAC), in Senegal for the West African Economic and Monetary Union (WAEMU), and in Morocco for the Maghreb. Furthermore, MFW4A, the Association of African Central Banks (AACB), and the World Bank jointly organised a high-level roundtable to discuss the policy implications of the fast-evolving topic of cross-border banking in Africa. Finally, MFW4A’s Advisory Council (AC) continued to play a high-level role in promoting the FSD agenda during the Annual Meetings of the AfDB.

Building momentum for FSD in CEMAC and in Chad

Despite sustained growth over the past ten years, the financial sector in the CEMAC region is constrained by a low level of financial intermediation and a structural inability to recycle liquidity surpluses in the real sector. Access to banking services is around 10% of the population, with wide disparities between countries, while long-term finance to address significant needs such as the housing sector and SMEs, is lacking. Moreover, there is a need to develop and supply alternatives to bank finance, particularly since the cost of banking services remains high.

The Chadian financial system has little depth, is segmented and exposed to significant risks. The International Monetary Fund (IMF) Chad’s Financial Sector Assessment Program (FSAP) in October 2011, highlighted multiple deficiencies that include (amongst others): (1) a financial system that lacks depth; (2) a weak legal and judicial environment; and (3) limitations in government cash management that threaten the stability of the banking sector.

In this context, MFW4A facilitated a public-private financial sector dialogue in October 2013, in N’Djamena, to reflect on the current financial sector issues in both CEMAC and Chad. Participants in the meeting indicated a strong willingness to accelerate financial sector reforms in the region. They noted that FSD has a critical and supportive role in achieving CEMAC’s 2025 Vision and CEMAC’s Regional Economic Programme (PER 2009–2015), which aims to build a competitive regional environment to attract substantial private investment in growth sectors. Strategic directions pursued by the Bank of Central African States (BEAC) were welcomed as having significant implications for the development of the financial sector in CEMAC. Various measures have been recommended and include: (1) the adoption of a proactive public policy that will promote financial inclusion; (2) strengthening the banking and microfinance sectors; and (3) invigorating financial markets.

On Chad specifically, appropriate measures are required (amongst others): (1) to recapitalise weak public banks; and (2) to improve the government management of its cash position.

Sharing Morocco’s longstanding financial sector reform experience

Morocco has experienced transformative changes in the financial sector, particularly under the AfDB funded Financial Sector Development Support Programme (PADESFI). The programme yielded considerable impacts in terms of: (1) increasing financial inclusion of households and enterprises, including SMEs; (2) improving financial sector governance; (3) aligning with international standards; and (4) deepening the capital market by introducing new financial instruments.

In May 2013, MFW4A organised a side meeting during the AfDB Annual Meetings in Marrakesh, where

ADVOCACY: ADVANCINg POlICY DIAlOguE ON FINANCIAl SECTOR REFORMS10

participants representing financial sector authorities and the private sector, as well as development partners had the opportunity to share lessons from the Moroccan experience.

Supporting reforms in the WAEMU and Senegal

Although the number of adults with an account at a formal financial institution in the WAEMU has grown to around 19%, it is still well below levels in countries such as Ghana, for example, where it is at 29%, and Kenya where it is at 42%. Furthermore, the ratio of credit to private sector is only 13% of GDP in the WAEMU, which is lower than the average of Sub-Saharan Countries (SSA) countries (17%) and developing countries (between 30% and 50%). Access to finance for SMEs remains severely constrained preventing enterprise development in the region.

Senegal’s financial sector on the other hand, has grown in size and depth over the last decade, and credit to the private sector has increased to a level that is significantly higher than most countries in the WAEMU. However, this positive trend remains short-term, while private sector’s access to credit appears to be growing at a slower rate than in other, more dynamic countries in SSA. In addition, access to finance remains a major constraint for households and especially for SMEs.

In an effort to address FSD issues in the WAEMU and Senegal, the MFW4A Secretariat and the Central Bank of West African States (BCEAO) jointly organised a financial sector dialogue in April 2013, in Dakar. The meeting was hosted by the BCEAO, which works closely with national governments and key regional institutions such as the WAEMU Commission, the Regional Stock Exchange (BRVM), and the Regional Council for Public Savings and Financial Markets (CREPMF) to drive forward the FSD reform process. The government of Senegal has also been championing national reforms to address current FSD constraints.

It is worth noting that under the WAEMU Regional Program to increase access to finance, several regional projects are in the pipeline, including: (1) modernising financial infrastructure with the creation of a registry of balance sheets, a collateral registry, and land registries; (2) expanding the range of financing options available to enterprises by adopting legislation underpinning new services such as leasing, factoring and private equity; and (3) creating an observatory of financial services that will monitor their availability and quality.

Forging a high-level policy dialogue platform with African central banks

Africa has witnessed an unprecedented growth of pan-African banks in recent years. While this development brings significant opportunities for the African financial sector, there are also potential risks inherent in this expansionary trend, including cross-border contagion.

It is against this backdrop that MFW4A, in partnership with the AACB and the World Bank organised a high-level roundtable discussion on Cross Border Banking in Africa: Maximising Dividends from Integration while Managing Risks, during the IMF / World Bank Spring Meetings, in April 2013. Participants at the roundtable agreed that increased efforts should be taken to deepen regional financial integration. They further recognised the need to strengthen cross-border supervisory practices on a national and regional basis. Pan-African organisations such as the AACB and the Community of African Banking Supervisors (CABS) were encouraged to play a role in guiding and coordinating this process.

The outcomes of this meeting will feed into policy discussions in various regional institutions and policy bodies. Moreover, MFW4A, the AACB, and the World Bank agreed to make the Governors Dialogue, a regular feature of future IMF / World Bank Spring Meetings.


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SECOND ADVISORY COUNCIL MEETING: Unlocking the financial markets’ potential for Africa’s structural transformationAt a time of severely constrained official development assistance (ODA) and leveraging austerity measures in traditional donor countries, Africa must increasingly rely on the mobilisation and leveraging of domestic resources to maintain and build momentum of economic growth. Given the continent’s urgent long-term financing needs, the financial sector (especially the capital markets) is being increasingly recognized as key to Africa’s development.

It is in this context that the second Advisory Council (AC) meeting was held on the margins of AfDB’s Annual Meetings, in May 2013, in Marrakesh. In line with the theme of the Annual Meetings – Africa’s Structural Transformation, the AC discussed The Role of the Financial Markets in Africa’s Structural Transformation, with a particular focus on long-term finance. Representatives of African finance ministries, central banks, the private sector, and pan-African institutions leveraged the occasion to engage each other and with observers from the donor community in discussions on the role of capital markets as a driver of economic and structural transformation in Africa.

Delegates at the meeting agreed on the need to foster: (1) greater regional financial integration; (2) greater harmonisation of commercial laws and accounting standards; (3) the establishment of an appropriate balance between reliable regulatory systems and innovative financial products; (4) credible assessments of risks; (5) greater trading volume; and (6) dialogue for the promotion of efficiency and an enabling environment for financial markets on the continent. To achieve these goals, it was recommended that governments, policymakers and industry associations work together to develop appropriate policies and strategies to unlock Africa’s potential to fund long-term investment and development needs. The MFW4A country financial sector dialogues, working groups and knowledge dissemination products were also seen as tools for strengthening the advocacy around this policy agenda.


BUILDING NETWORKS: Aligning FSD Interventions with priority needs

MFW4A catalysed important advances through its thematic working groups, which provide vibrant networking platforms for practitioners in selected FSD areas where needs have been identified.

Donor Working Groups

MFW4A continued to facilitate and support donor working groups in 2013 on key thematic focus areas in agricultural and rural finance, capital market development, mobile

banking, regional financial integration, remittances and housing finance. These working groups allowed MFW4A to play an important role in deepening dialogue and collaboration amongst development partners to encourage joint interventions and avoid duplication.

AGRICULTURAL AND RURAL FINANCE

(AGFIN-DWG)

Established: May 2012Membership: 20 donors and

development partners Chair: USAID

CAPITAL MARKET DEVELOPMENT

(CMD-DWG)

Established: June 2010Membership: 16 donors and

development partnersChair: AfDB

HOUSING FINANCE (HF-DWG) NEW

Established: May 2013Membership: 13 donors and

development partnersChair: AFDMOBILE BANKING

(MB-DWG)

Established: July 2011Membership: 27 donors and

development partnersChair: CGAP

REGIONAL FINANCIAL

INTEGRATION (RFI-DWG)

Established: April 2010Membership: 19 donors and

development partnersChair: AfDB

REMITTANCES (R-DWG)

Established: October 2009Membership: 22 donors and

development partnersChair: EIB DONOR

WORKING GROUPS

BuIlDINg NETWORKS: AlIgNINg FSD INTERVENTIONS WITH PRIORITY NEEDS14

Stakeholder Working Groups

MFW4A also worked with public and private financial sector stakeholders including representatives of finance ministries, central banks and other relevant regulatory agencies, pan-African and regional bodies, associations and banks across Africa to identify FSD needs, inform

development partners’ strategies, and improve alignment of expertise and funds with FSD priorities on the ground.

MFW4A currently manages three stakeholder working groups on agricultural finance, banking regulation and supervision and SME finance.

AGRICULTURAL FINANCE STAKEHOLDER

WORKING GROUP (AFSWG)

Established: November 2011Membership: 20 institutions

Coordination team: MFW4A/AFRACA

COMMUNITY OF AFRICAN BANKING SUPERVISORS (CABS)

Established: August 2012Membership: African central banks

(43 institutions)Chair: Bank of Mauritius

Vice-Chair: Bank of Central African States (BEAC)Coordination team: Permanent Secretariat of

AACB (with MFW4A Support)

SME SUPPORT AGENCIES NETWORK

Established: March 2012Membership: 9 institutions

Coordination team: MFW4A/ANPME/ADEPME

Key thematic areas of focus

By supporting key thematic areas in FSD, MFW4A continues to play a proactive role in shaping and adapting to the evolving financial sector landscape in

Africa in 2013. MFW4A’s thematic-centric outcomes reflect the pressing priorities expressed by African stakeholders, as well as MFW4A partners’ strategic focus, and is driven by strong leadership in MFW4A’s network of institutions.


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AGRICULTURAL AND RURAL FINANCE: Supporting sustainable agricultural investments in Africa through the financial sector

With more than 60% of the African population employed in agriculture, the sector could be an important catalyst for broad-based economic growth, with a huge potential to create employment and reduce poverty. However, the challenges of agricultural development are multiple and complex. Issues of food security, market price volatility, environmental risks and poor infrastructure in rural areas are just some of the key challenges that Africa faces. Furthermore, agricultural clients, notably smallholder farmers, are hindered by the lack of access to adequate financial services.

Access to financial services for all types of agricultural producers and agribusiness is key to unleashing Africa’s agricultural potential and funding the growth of this sector. To advance the agricultural finance policy agenda in Africa, MFW4A aligned its efforts to support the strategic goals of the CAADP, a programme of the African Union (AU) and the New Partnership for Africa Development (NEPAD) that aims to support African countries in reaching a higher path of development through agriculture-led development.

Following the adoption of the Kampala Principles in 2011, a set of policy guidelines suggesting the actions most urgently required to unlock agricultural finance in Africa, MFW4A convened a session during the 9th CAADP Partnership Platform in March 2013, in Addis Ababa, to mainstream the Kampala Principles into the CAADP framework. Participants came from a range of regional and international organisations including ministries of agriculture and finance, central banks, the African Union Commission (AUC), private sector bankers, and farmer organisations. MFW4A further invited development partner members of the Agricultural & Rural Finance

Donor Working Group (AgFin-DWG) to the session to mobilise required financial and technical resources in order to support the implementation of the CAADP.

During the session, the recommendations of the MFW4A/GIZ commissioned study Mainstreaming the Kampala Principles and the Policy Brief on Agricultural Finance in the CAADP Framework were endorsed. Participants noted the lack of expertise, resources and networks at the CAADP Partnership to adequately support countries in strengthening their agricultural finance sector. The meeting concluded with calls to fund two agricultural finance expert positions within the NEPAD Secretariat, with the aim to drive multi-stakeholder inclusive dialogue platforms at the country/regional levels.

These recommendations were then shared with the AgFin-DWG members, who committed to support joint activities in agricultural finance as part of their endorsed work plan, and which focuses around three main areas: (1) supporting the implementation of the Kampala Principles; (2) supporting the needs identified by the Agricultural Finance Stakeholder Working Group (AFSWG); and (3) supporting knowledge dissemination and information sharing. The AgFin-DWG work plan is currently being implemented under the supervision of the Secretariat, and has already initiated joint projects. In one example, GIZ/MFW4A commissioned an Evaluative Study of Agricultural Finance Policy Coordination in Africa with a focus on five countries namely Burkina Faso, Ethiopia, Ghana, Morocco and Zambia. The final report, due in 2014, will inform advocacy initiatives, agricultural development policies and projects in these countries.


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BANKING REGULATION AND SUPERVISION: Establishing the Community of African Banking Supervisors

The emergence of regional banking groups with operations across several African countries has become a driving force of financial integration on the continent. Today, many African banks have significant franchises across multiple countries and markets. Whilst the resulting financial integration helps to deepen financial systems in the face of the continent’s constraints of small and fragmented markets, it encompasses risks that require a proactive regulatory and supervisory approach and greater cooperation across borders.

Yet Africa’s home/host supervisory cooperation has not kept pace with the new demands imposed by the rapid expansion of regional banks. There is a lack of consolidated supervision, and legal regimes related to secrecy and confidentiality curtail the sharing of timely and relevant information. There is a need to build both supervisory capacity and mutual trust between supervisors across borders.

The Community of African Banking Supervisors (CABS) was established in 2012 to serve as a pan-African platform for the exchange of experiences and good practices at the level of bank supervisors. A joint initiative of MFW4A and the Association of African Central Banks (AACB), the CABS enables supervisors to interact with and learn from their peers, while engaging in capacity building activities. At the same time, the CABS provides an opportunity to reflect on global topics and trends in the area of banking regulation and supervision and discuss the relevance and applicability of international regulatory standards and policies in the African context.

Following the endorsement by the AACB Assembly of Governors to create the CABS, the MFW4A and AACB Secretariats have been working closely to devise its governance and functional structures. The Bank of Algiers hosted the inaugural meeting of the CABS in January 2013. The meeting, which was held

under the theme Strengthening Cross-Border Banking Supervision and Cooperation in Africa, brought together representatives of 26 central banks, the Secretariat of the AACB, the Secretariat of the Southern African Development Community (SADC) Committee of Central Bank Governors (CCBG), the German Federal Ministry of Economic Cooperation and Development (BMZ), GIZ, the German Federal Financial Supervisory Authority (BaFin), the East African Regional and Technical Assistance Centre (AFRITAC), the Secretariat of the Financial Stability Board (FSB), the World Bank, and the IMF.

Participants underlined the need to improve cooperation between national supervisory authorities on cross-border banking supervision, close regulatory gaps (i.e. the lack of regulation of holding companies), establish supervisory colleges for the largest regional banks, and move towards more binding agreements governing day-to-day information exchange and crisis management.

The meeting also provided an opportunity for participants to look into Africa’s priorities in adopting international standards and policies (Basel I-III, Basel Core Principles, International Financial Reporting Standards), while enhancing financial inclusion in the continent by looking beyond banking to alternatives such as microfinance, mobile banking, and agency banking.

The CABS, with the support of the MFW4A and AACB, thus plans on playing a consultative role in framing the concerns and priorities of the continent in 2014–2016. It also plans on pursuing its priority of improving cooperation and exchange of best practices among regulators and supervisors in Africa, and catalysing financial and technical assistance to support reform processes. Subsequently, a 2014–2016 CABS work plan was presented in August 2013 during the AACB Annual Meetings in Mauritius.


GENDER FINANCE: Catalysing change to advance women’s financial inclusion in the SADC

Women’s access to financial services yields significant development impact in terms of expansion of economic assets at both the household and enterprise levels. At the household level, women represent, in most cases, the primary financial managers in families, ensuring intra-household resource allocation to meet on-going basic needs and additional savings to invest and protect their families’ future.

Yet gender differences in access to financial services remain common throughout Africa with women having significantly lower levels of access than men. On the demand side, many women are limited by time constraints and by customs, which limit their mobility to interact with financial service providers. On the supply side, service delivery is not adapted to women’s needs. Limited physical outreach of financial institutions and their restricted opening hours are particularly constraining for women, as they are less mobile. Moreover, with many financial institutions not perceiving the demand for gender-tailored products and African women’s credit worthiness, women are not prioritised as a business segment.

MFW4A continued to focus on its advocacy role in promoting women’s access to finance in the continent in 2013. The policy brief Advancing African Women’s Financial Inclusion, a publication jointly produced by MFW4A, New Faces New Voices (NFNV), the East African Community (EAC) and GIZ on behalf of BMZ, offers African policy makers and other stakeholders a set of high priority policy recommendations designed to advance African women’s access to finance.

Drawing on the recommendations of the policy brief, MFW4A joined with NFNV, GIZ on behalf of BMZ and the South African Reserve Bank (SARB) in April 2013 in Pretoria to host a panel discussion on advancing African women’s financial inclusion in the Southern

African region. Held on the margins of a Southern African Development Community (SADC) Committee of Central Bank Governors (CCBG) meeting, policy makers and practitioners discussed the challenges of driving the development and implementation of the required policies for improving women’s financial inclusion. In particular, they raised two common challenges: (1) the need for women to be more represented in senior leadership continentally; and (2) information gaps that need to be addressed through more gender disaggregated data. This meeting was an important step towards building regional consensus and sharing policy approaches from one market to another to ensure increased women’s access to financial services.

Building on this important meeting, the CCBG meeting in September 2013 in Swaziland called for Governors to: (1) support policy, legal, regulatory and supervisory changes as well as national level institutional mechanisms to promote women’s access to financial services; and (2) support and facilitate the implementation of relevant initiatives that promote women’s access to finance.

MFW4A also coordinated the translation and publication of the policy brief Advancing African Women’s Financial Inclusion in Portuguese, which was disseminated at the Women’s Financial Inclusion in Mozambique Conference in December 2013 in Maputo. Hosted by the Bank of Mozambique and NFNV, and sponsored by MFW4A, GIZ on behalf of BMZ, and the United States Agency for International Development (USAID) Support Program for Economic and Enterprise Development (SPEED), discussions focused on three main topics: (1) the role of gender disaggregated data; (2) financial education and consumer protection; and (3) the role of mobile banking. These discussions have culminated in the development of action plans that NFNV Mozambique will implement in the future.

gENDER FINANCE: CATAlYSINg CHANgE TO ADVANCE WOMEN’S FINANCIAl INCluSION IN THE SADC20

HOUSING FINANCE: Filling the housing finance gap in Africa

Africa is currently experiencing the highest rate of urbanisation in the world. UN Habitat reports that 46 African cities are now larger than one million people and everyday for the coming fifteen years, Africa’s cities will have to accommodate an extra 40,000 people, indicating rising urban pressure and serious capacity constraints. Housing can contribute to improved livelihoods by creating wealth and security that can help break the poverty trap for low-income households. Moreover, it is an important part of GDP and contributes to job creation and economic growth.

The shortage of finance has long been recognised as one of the main obstacles to the provision of housing for low-income households. Housing Finance is a new priority focus for MFW4A, but it is a natural outgrowth of MFW4A’s work in coordinating donors and promoting interaction between all partners. While numerous donor and development partners are currently working on promoting housing finance development in Africa, there is a clear need for coordination of their interventions, projects and activities, in order to avoid duplication and fill the funding gap, while informing the debate on the specificities and risks of long-term housing finance systems. To meet this need, MFW4A in collaboration with the French Agency for Development (AFD)

formed the Housing Finance Donor Working Group (HF-DWG) in 2013.

Raising capital to meet the growing demand for housing finance is a key challenge for housing lenders across the continent. In this context, the HF-DWG members participated in a consultative workshop on Donor Perspectives on Housing Finance Investments in Africa, during the 29th Annual Conference of African Union for Housing Finance (AUHF), in September 2013 in Mauritius. The event focused around Mobilising Capital for Housing Finance, and was an opportunity for the members to showcase their organisations’ interventions on housing finance in the continent, and to reach out to African stakeholders and housing finance experts. The meeting called for actions around two areas: (1) exploring innovative products and business models for unlocking the housing chain in Africa; and (2) promoting the broad use of long-term financial services to fill the housing gap in Africa.

The event also provided an opportunity to endorse the work plan of the working group. Central to the vision is the HF-DWG’s support in 3 key areas: (1) knowledge sharing and dissemination on Housing Finance issues; (2) project support; and (3) creating an enabling environment for the housing finance sector in Africa.


MOBILE BANKING: Focusing mobile banking donor interventions on key priority issues

The expansion of mobile banking in Africa is unprecedented, and continues to dominate mobile banking uptake globally. Delivering financial services via mobile phones offers African financial systems the chance to leapfrog a certain number of infrastructure constraints, and reach more people than ever at lower cost.

In Nigeria, there are 7.7 million mobile money registered customers and this represents a huge mobile banking potential. However, despite the high figures of registered mobile banking customers, the usage of mobile money is still very low with an active rate of only 9.2%. In order to raise awareness about the broad use of mobile financial services as a key solution for greater financial inclusion in Nigeria and the West African region, MFW4A mobilised development partners and members of the Mobile Banking Donor Working Group (MB-DWG) around a donor consultative workshop

during the 2013 AITEC Banking and Mobile Money West Africa Conference, held in March 2013 in Lagos. The workshop provided an opportunity to stimulate dialogue between MB-DWG members and stakeholders on innovative approaches to mobile financial products and business models, and the pressing need to advance mobile banking in Nigeria and the West African region.

The workshop helped to inform future mobile banking interventions. It was also an opportunity to identify the priority areas of focus for the MB-DWG in 2014. The work of the MB-DWG will be informed by the following recommendations that were raised during the AITEC consultative workshop: (1) improving infrastructure and extending agent networks, especially in rural areas; (2) providing financial education; (3) developing a new business model focused on the poor and the “unbanked”; and (4) involving key stakeholders at early stages of mobile banking interventions.

MOBIlE BANKINg: FOCuSINg MOBIlE BANKINg DONOR INTERVENTIONS ON KEY PRIORITY ISSuES22

PENSION SYSTEMS: Supporting the development of capital markets

Many African countries have made good progress in establishing the macroeconomic conditions essential for long-term investment. However, the development of capital markets, institutions and the regulatory and supervisory framework is still in its early stages. Pension funds in particular, play a critical role in supporting the development of capital markets and long-term financing needs, through the mobilisation and allocation of stable, long-term savings to support investment.

Recent pension reform in many African countries has created private pension systems, which are rapidly accumulating assets under management. Assets under management by the Nigerian pension industry, for example, grew from US$ 7 billion in December 2008 to US$23.4 billion in September 2013. Similarly, Ghana’s pension industry is expected to expand by up to 400% in the next four years.

The recent growth in the African pension industry brings opportunities to fund the long-term investment in infrastructure and other sectors that the continent so desperately needs. This is especially true in the current context of constrained public finances and falling overseas development assistance budgets. The growth also brings supervisory and regulatory challenges, as it must be carefully managed.

It is in this context that MFW4A and the International Organisation of Pension Supervisors (IOPS) jointly organised a workshop on Strengthening Pension

Systems in Africa through Effective Supervision in Nairobi in September 2013. The workshop was hosted by the Retirement Benefits Authority of Kenya (RBA), and brought together a cross-section of industry practitioners, regulators and leading pension policy experts from 13 African countries.

Discussions focused on the opportunities and challenges of pension reform in Africa from a supervisory perspective. Participants noted that the development of pension systems must go hand-in-hand with the development of domestic financial systems in general and capital markets in particular. They noted the lack of adequate products to address the specific needs of African institutional investors.

In this regard, the Organisation for Economic Co-operation and Development (OECD) high-level principles of long-term investment by institutional investors were welcomed as offering important guidance for governments and regulators on facilitating the flow of savings into important assets such as infrastructure. In line with the OECD principles, participants called for: (1) public intervention in long-term investment projects; (2) regulatory frameworks for pooled investment vehicles and securities channelling financing; and (3) collaboration and resource sharing amongst institutional investors, whilst noting the need for capacity building at both the institutional investor and regulator levels, to support effective risk management.


PRIVATE EQUITY AND VENTURE CAPITAL: Helping to bridge financing gaps

Private equity can play a critical role in private sector development in Africa because it offers a unique combination of long-term finance, managerial assistance and governance support. In doing so, private equity addresses two major problems that have been undermining private sector development in Africa, namely limited access to finance and poor capacity. In the context of under–developed capital markets and a lack of long-term finance, private equity is an attractive option for African companies in search of growth capital.

According to the African Venture Capital Association (AVCA), private equity practitioners invested US$3.2 billion in Africa in 2013. Figures from the Emerging Markets Private Equity Association (EMPEA) show an increase of 43% in private equity investment in SSA in 2013 relative to 2012. Global investors in private equity funds also rated SSA as the most attractive region for investment in EMPEA’s annual survey in 2013.

Despite these positive highlights, private equity in Africa still faces many challenges. Regulation is often an issue, both in terms of fundraising and deploying capital. Fundraising for Africa is yet to recover from the global financial crisis, despite sentiments expressed in investor

surveys. Perhaps more importantly, approximately 75% of private equity funding for Africa is provided by development finance institutions, and there is little local capital in the industry, outside of South Africa. In the context of the growth in Africa’s pensions industry, private equity could provide much needed avenues for diversification in terms of geography, asset class, and industry. At the same time, the pension funds would benefit from what seems to be attractive risk adjusted returns.

MFW4A’s work aims to promote a better understanding of private equity as an asset class amongst policy makers, regulators and local investors. In 2013, MFW4A participated in an Expert Working Group on Private Equity convened by the United Nations Economic Commission for Africa (UNECA). The Working Group reviewed a study on The State of Private Equity in Africa, with a particular focus on its potential contribution to growth and development, commissioned by UNECA. The Working Group also developed policy recommendations that will form the basis of an African Union (AU) initiative to promote private equity in Africa, and which will be launched at the AU Heads of Government meeting in June 2014.

PRIVATE EQuITY AND VENTuRE CAPITAl: HElPINg TO BRIDgE FINANCINg gAPS24

SME FINANCE: Consolidating the regional network of SME support agencies

The private sector in Africa is dominated by SMEs. Along with micro-enterprises, SMEs form more than 90% of the economic fabric, excluding agriculture, and in many countries contribute to more than 30% of the gross domestic product (GDP). Mostly individual or family-run businesses remain the leading providers of employment and services, operating in retail, small-scale processing and household services. However, despite the socio-economic benefits that SMEs provide along with their important strategic role in economic development, job creation and inclusive growth, SMEs have not been provided with the technical and financial support that they need to flourish.

MFW4A’s efforts to support SMEs have focused on reinforcing platforms for exchange and sharing of experiences. In 2012, MFW4A partnered with the Senegalese Agency for the Development and Support of Small and Medium-Sized Enterprises (ADEPME) to establish a network of SME support agencies across the West African Economic and Monetary Union (WAEMU). The network aims to stimulate the exchange of information on innovative approaches and successful practices, and to promote dialogue between national and regional authorities, financial institutions and development partners on non-financial services, as a catalyst for SMEs’ access to finance in the WAEMU.

Following the launch of the WAEMU Formal Network of SME Support Agencies, MFW4A has partnered with

the National Agency for Small and Medium-Sized Businesses of Benin (ANPME) to organise the inaugural meeting of the Network in October 2013 in Cotonou. Members adopted the Charter, reviewed the work plan for 2014-2015 and agreed on the governance structure of the network.

Future activities of the WAEMU Formal Network of SME Support Agencies will focus on: (1) the development of communication channels between members including a virtual platform for dialogue and sharing information on the most effective tools; (2) capacity building among the members in order to pool together knowledge and innovative practices; (3) the promotion of members’ programmes and projects, in particular assistance in mobilising technical and financial resources from development partners; and (4) support for institutional dialogue with the regional authorities including the WAEMU Commission, BCEAO, the Organisation for the Harmonisation of African Business Law (OHADA), and development partners, to improve the efficiency of the tools developed, and to increase visibility and recognition of SME support entities in the WAEMU.

The establishment of this network reaffirms MFW4A’s commitment towards African stakeholders and constitutes the first step in an approach aimed at increasing the supply of non-financial services in order to facilitate SMEs’ access to finance.


A KNOWLEDGE HUB: Unlocking financial sector development knowledge in Africa

Knowledge management is an essential pillar of MFW4A’s mandate. Previous African FSD initiatives were impeded by knowledge gaps, duplication of efforts, and inappropriate application of global best practices to the African context. In recognizing the growing role that knowledge plays in the advancement of Africa’s financial sectors, MFW4A is committed to becoming the primary source of FSD-related resources in Africa.

Part of MFW4A’s knowledge management work is focused on contributing to greater awareness and discussions on FSD issues in Africa. Knowledge management products such as the bi-lingual bi-weekly newsletters, bi-lingual weekly press digests, the Africa Finance Forum (AFF) blog series and Meet the Stakeholder (MTS) have proved to be effective in stimulating discussions on pertinent issues in the African financial sector landscape.

Through the AFF for example, MFW4A continues to source and publish rich and insightful pieces from leading financial sector experts, practitioners and academics. New ideas were introduced in key thematic areas such as Private Equity, Financial Infrastructure, Insurance, and AgriFinance. MFW4A also expanded its outreach efforts to introduce to its readers key stakeholders active in Africa’s financial sector through the MTS series. The country financial sector profiles

are another important contribution to MFW4A’s knowledge products. MFW4A updated its country profiles with key financial sector indicators made available on the MFW4A website.

Furthermore, the Secretariat responded to several requests from development partners and African stakeholders in 2013 to assist in identifying relevant research to feed into future studies, potential projects and events in areas such as the Development of Capital Markets, Gender and Financial Literacy, Remittances, Supply-Side Agriculture Lending, Financial Markets Reform, Leasing, and Factoring in Africa.

MFW4A’s Knowledge Centre has been developed as a repository of knowledge on FSD in Africa, housing publications, policy papers and diagnostic studies in key thematic areas such as Microfinance, Access to Finance, Banking, and Agriculture and Rural Finance to name a few. In 2013, MFW4A intensified its efforts to continuously update the library to include a total of 1,746 publications, an increase of 47% from 2012.

In addition, the Secretariat collaborated with development partners and stakeholders to produce publications covering critical areas of FSD issues in Africa such as Gender Finance and SME Finance. The publications have been made available via the MFW4A website.

A KNOWlEDgE HuB: uNlOCKINg FINANCIAl SECTOR DEVElOPMENT KNOWlEDgE IN AFRICA26

COUNTRY FINANCIAL SECTOR PROFILESAll 54 Country Profiles updated with key FSD

indicators

BI-WEEKLY NEWSLETTER

+ 8000 subscribers

INFORMATION BRIEFS

8 Information briefs produced

MFW4A WEBSITEMFW4A.org was created as a knowledge hub for African FSD resources. Users can access up-to-date news, events, publications, blog posts, maps as well as links to relevant websites, in English and in French. The 37 thematic snapshots and 54 country financial sector profiles provide an opportunity to follow the development of pertinent FSD issues in Africa, and evaluate their contribution to economic growth of the continent.

MFW4A.org has undergone major restructuring and continuous updates since its launch in 2011 to make it more user-friendly and responsive. MFW4A’s effort to make the website a referential knowledge hub on FSD in Africa was validated by positive responses in an online survey aimed at obtaining feedback on usability, accessibility and levels of satisfaction with the website.

In 2013, the website attracted visitors from 182 countries with the largest share of visitors coming from Africa (44%). It also attracted a diverse audience that include policy makers and thought leaders from donor organisations, financial institutions, civil society organisations, universities, African government representatives, and pan-African bodies or networks.

In addition to MFW4A.org, the Secretariat has strengthened the MFW4A brand and conducted outreach by putting in place a more planned approach to communication tools and processes. MFW4A broadened its engagement effort in 2013 through press releases, presence on social media networks, continuous email outreach, print publications, promotional factsheets, and participation at numerous pan-African and international events.

INTRODUCED 6 AFRICAN STAKEHOLDERS / 15 OPINION

PIECES FROM LEADING FINANCIAL SECTOR EXPERTS

PUBLICATIONS1,746 publications


DONOR PROJECTS DATABASE AS A REFERENCE TOOLThe MFW4A Donor Projects Database (DPD) was developed to provide a single source of information on active and planned FSD projects across Africa, thereby helping to simplify the planning of future interventions and avoiding the duplication of efforts.

MFW4A updates and maintains the DPD on a regular basis with the help of donors and development partners, who contribute to the value of the database by regularly sharing and updating information related to their respective projects.

0 50 100 150 200 250 300 350 400

Mobile Banking

Regional Financial Integration

Housing Finance

Financial Infrastructures

Remittances

Legal & Regulatory Environment

Capital Markets

Agricultural and Rural Finance

Banking

SME Finance 327

264

215

122

117

75

59

57

47

42

Dissemination of development partners’ FSD projects

Top 10 thematic areas covered (active projects)

A KNOWlEDgE HuB: uNlOCKINg FINANCIAl SECTOR DEVElOPMENT KNOWlEDgE IN AFRICA28

GOVERNANCE STRUCTURE

The MFW4A Partnership’s Governance Structure consists of the Advisory Council, the Supervisory Committee, the Executive Committee, and the Secretariat.

The Advisory Council was established in 2012 as an additional structure within the Partnership. It brings together “shapers” of financial sector development policy in Africa, including representatives of finance ministries, central banks, the private sector, pan-African bodies and development partners (as observers). The Advisory Council is a source of knowledge and inspiration to the Partnership, and is responsible for recommending strategic directions, identifying priorities in FSD, and providing guidance to the Partnership in sharpening its focus on the broad financial sector policy agenda.

The Supervisory Committee functions as the Partnership’s governing body. It is responsible for

approving broad policies and strategies, setting overall priorities, providing inputs and approving the annual work plan and budget. The Supervisory Committee consists of representatives from MFW4A’s partners.

The Executive Committee has oversight of the Secretariat’s activities and is responsible for providing guidance on technical matters, as well as setting the vision and policy for the Secretariat. It also shares the responsibility with the Secretariat on business decisions including the annual work plan, budget, and staffing.

The Secretariat’s main role is to coordinate and facilitate the activities of the Partnership, promote closer collaboration among development partners and foster exchanges among stakeholders.

The illustration below shows the governance structure of the Partnership.

1 The partnership forum is a network event that brings together financial sector experts to discus experiences, exchange best practices and present innovative approaches to African finance. It acts as an impulse to the partnership’s governance structures, in particular to its Advisory Council.

Denotes advisory role Denotes reporting path of the secretariat

SUPERVISORY COMMITTEE

MFW4A SECRETARIAT

ADVISORY COUNCIL

EXECUTIVE COMMITEE

PARTNERSHIP FORUM1


SUPERVISORY COMMITTEE DEVELOPMENT PARTNER MEMBERS

African Development Bank (AfDB) www.afdb.org

Consultative Group to Assist the Poor (CGAP) www.cgap.org

European Investment Bank (EIB) www.eib.org

First Initiative www.firstinitiative.org

French Agency for Development (AFD) www.afd.fr

German Agency for International Cooperation (GIZ) www.giz.de

The Netherlands Ministry of Foreign Affairs www.government.nl/ministries/bz

United States Agency for International Development (USAID) www.usaid.gov

The World Bank www.worldbank.org

EXECUTIVE COMMITTEE MEMBERS

Gabriela BRAUN, Chair Director, Promoting Financial Sector Dialogue in Africa, Making Finance Work for Africa, GIZ

Marie Laure GARNIER Head of Division, Financial Institutions and Private Sector, AFD

Jeffrey JACKSON Senior Private Sector Advisor, USAID

Isaac LOBE Director, Governance, Economic and Financial Management Department, AfDB

Cedric MOUSSET Lead Financial Sector Specialist, The World Bank

Stefan NALLETAMBY Partnership Coordinator, MFW4A

gOVERNANCE STRuCTuRE30

http://www.afdb.org

http://www.cgap.org

http://www.eib.org

http://www.firstinitiative.org

http://www.afd.fr

http://www.giz.de

http://www.government.nl/ministries/bz

http://www.usaid.gov

http://www.worldbank.org

MFW4A SECRETARIAT STAFF

Mohamed Agrebi, Donor Projects Database Administrator

Nawel Annabi, Administrative Assistant

David Ashiagbor, Stakeholder Relationship Officer

Habib Attia, Donor Relationship Officer

Abdelkader Benbrahim, Communications Officer

Maria Isabel Berbegal Ibañez, Associate Donor Relationship Officer

Emna Farhani, Administrative Assistant

Arnaud Floris, Associate Stakeholder Relationship Officer

Alessandro Girola, Knowledge Manager

Hugues Kamewe, Stakeholder Relationship Officer

Delphin Katendi, Associate Stakeholder Relationship Officer

Stefan Nalletamby, Partnership Coordinator

Boipelo Sekgororoane, Research Officer

Olivier Vidal, Associate Research Officer


NOTES

NOTES

Making Finance Work for Africa

African Development Bank

15, Avenue du Ghana - B.P. 323 - 1002 Tunis - Tunisia Phone: +216 71.10.39.53 - Fax: +216 71.33.44.84 E-mail : [email protected]

www.mfw4a.org

Design & layout: Créon | www.creondesign.net

MFW4A PARTNERSHIP SECRETARIAT YEARLY REPORT 2013

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Making Finance Work for Africa

African Development Bank

15, Avenue du Ghana - B.P. 323 - 1002 Tunis - Tunisia Phone: +216 71.10.39.53 - Fax: +216 71.33.44.84 E-mail : [email protected]

www.mfw4a.org

Newsletter : www.mfw4a.org/newsletter.html

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