The African Development Bank (AfDB) and United Cities and Local Governments, a global umbrella organisation for local and metropolitan governments, have announced plans to commence the municipal initiative training of finance leaders in 10 African cities this September.
Investors King gathered that the Municipal Chief Financial Officer (CFO) Initiative was initially announced at the 9th Africities Summit in Kisumu, Kenya, earlier in May.
The initiative will begin in September 2022, with ten localities taking part. Financial officials who participate will study finance, accounting, debt, and risk management skills in order to improve their cities’ creditworthiness. Participants will also have the chance to visit African stock exchanges such as the Johannesburg Stock Exchange and the Abidjan Stock Exchange.
“A number of towns are on the verge of gaining access to financial markets, which will vastly increase their ability to fund projects. Dr. François Paul Yatta, Director of Programs of United Cities and Local Governments Africa, remarked, “Unfortunately, they don’t have a deep comprehensive understanding of how to start.” Yatta was presenting as part of a session titled “Understanding the Ecosystem of African City Investors.”
Managing Director for Africa at C40, Hastings Chikoko stated “Municipalities have to inspire confidence, build a positive and engaging narrative to capture the attention of both public and private finance.
The new program will allow towns to more effectively leverage financial markets to fund local infrastructure and development initiatives. To fulfill the demands of Africa’s rapidly urbanizing cities, city infrastructure must grow and expand urgently.
In other news, Investors King gathered that AfDB alongside the World Bank had supported Nigeria with a sum of $550m to help the government’s plan achieve its Electrification Project which aims at providing affordable power supply for Nigerians.
Findings revealed the Rural Electrification Agency received $350m from the World Bank and $200m from African Development Bank which amounted to $550 million. The agency also announced that it received donations for the project’s implementation of solar mini-grids.
