Second Abidjan Union Meeting held under the theme “Guaranteeing the Future of Africa’s Energy”
The second edition of the Abidjan Union was held at the African Development Bank headquarters in Abidjan, Côte d’Ivoire, on April 27 and 28, 2017. The Abidjan Union, which is an annual convening forum for official risk mitigation solutions providers has the objective of enhancing the relevance of guarantee and insurance products in Africa and presents a forum for exchanging information on the Union members’ products and experiences of utilizing risk mitigation instruments in innovative transactions over the past year. It also aims to discuss how stakeholders can better share risks with one another, and also help raise the level of awareness of their respective products in the region.
This year’s Abidjan Union brought together over 30 participants from 19 institutions, including energy project sponsors, commercial banks, a public utility and an advisory firm who were invited to join Abidjan Union members and to share their experiences and relative credit enhancement needs in the energy sector.
In line with the AfDB’s High 5 priority area “Light up and power Africa”, the theme of this year’s meeting was “Guaranteeing the Future of Africa’s Energy”.
In his opening remarks, AfDB Senior Vice-President Charles Boamah highlighted the AfDB’s priorities in particular the focus the energy which is essential to achieving the Sustainable Development Goals.
Introducing the concept of a Co-Guarantee Platform for Renewable Projects in Africa, Amadou Hott, AfDB’s Vice-President for Power, Energy, Climate and Green Growth, underscored the significant opportunities in the energy sector which can only be realized with close partnerships and collaboration.
The Abidjan Union agreed to work towards the creation of the Co-Guarantee Platform that would in due course aggregate guarantees from like-minded DFI and IFI’s and provide renewable energy project developers and financiers with a streamlined one-stop shop for their risk mitigation requirements.
Institutions who represent the Abidjan Union include the AfDB, Agence Francaise de Développement (AFD), African Trade Insurance Agency (ATI), Berne Union, Export Credit Insurance Corporation of South Africa (ECIC), GuarantCo, The World Bank, Islamic Corporation for the Insurance of Investments and Export Credit (ICIEC), Multilateral Investment Guarantee Agency (MIGA), Overseas Private Investment Corporation (OPIC), United States Agency for International Development (USAID), European Investment Bank (EIB) and the Swedish International Development Cooperation Agency (SIDA).
In addition to the aforementioned, the meeting was also attended by the Moroccan Agency for Solar Energy (MASEN), GreenWish Partners, Southbridge Partners, Citi Bank, Standard Chartered Bank and the Frankfurt School-UNEP Collaborating Centre for Climate & Sustainable Energy Finance.
The third Abidjan Union meeting which will be hosted by the World Bank Group is scheduled for early 2018 in Dakar, Senegal.