UNDP Africa and Africatalyst to Co-Host High-Level Panel on Developing Credit Rating Solutions for Africa’s Financial Needs

By Reporter

UNDP Africa, in partnership with Africatalyst, will co-host a high-level panel discussion under the theme “Developing Credit Rating Solutions for Africa’s Financial Needs.” This event will be held in a hybrid format, featuring both in-person and virtual participation, on the sidelines of the 59th Annual Meeting of the African Development Bank (AfDB) at the Pan Pacific Hotel, Global Trade Centre in Nairobi, Kenya on 28th May.

Participants will include experts from government, academia, research, finance, the private sector, civil society, and development partners.

“Credit ratings have become an important part of Africa’s development financing landscape. Since 2000, an increasing number of African countries have been issuing eurobonds to finance parts of their development. This includes investments in infrastructure, technology, and energy. However, the costs of those eurobonds are usually very high and are linked to how African countries are rated,” says Raymond Gilpin, Chief Economist and Head of Strategy, Analysis, and Research at UNDP Africa.

The overall objective of the event is to deepen commitment and strengthen the capacity of African countries to improve their creditworthiness and access critical financing for their development initiatives.

“Our high-level panel on 28th May will interrogate some of the issues relating to credit ratings, their costs, and practical steps that African countries must take to lower the costs of borrowing,” added Mr. Gilpin.

The dialogue aims to foster improved networking, partnerships, and resources for financing development in Africa.

The event will assess the impact of credit ratings on Africa’s economic prospects. Esteemed panelists will explore the challenges associated with financing development in Africa, shedding light on the regulatory framework governing credit rating agencies in Africa while exploring innovative solutions to empower governments to access critical financing.

The event will evaluate the impact of credit ratings on investment decisions and access to international capital markets by African countries, examine the regulatory environment governing credit rating agencies in Africa, propose measures to mitigate negative effects, discuss recent developments like the proposed African Credit Rating Agency, and explore steps sovereign African countries can take to regulate the publication of credit ratings.

Confirmed Speakers include; Hannah Ryder, CEO of Development Reimagined, Guy Deslondes, Managing Director, EMEA Head of Financial Services, Governments, and Structured Finance Ratings, S&P Global, Daouda Sembene, CEO of Africatalyst, Prof. Njuguna Ndung’u, Cabinet Secretary, National Treasury & Economic Planning, Kenya and Raymond Gilpin, Chief Economist and Head of Strategy at the Regional Bureau for Africa, UNDP

This pivotal event aims to chart a course towards more favorable credit ratings for African nations, ultimately facilitating greater access to the financial resources necessary for their growth and development.