IFC Panels on Sustainable Finance
During the board meeting in Kigali, several WAIFC leaders and guests met on the 24th of March for the IFC panels on sustainable finance, hosted by our member Rwanda Finance.
Hortense Mudenge, COO of Rwanda Finance, opened the event with a speech on Kigali's willingness to take this issue forward with other WAIFC members.
The first panel under the theme “The Journey to Sustainability” started with the following panelists:
- Obi Ibekwe, CEO of EnterpriseNGR
- Mourad FATHALLAH, Head of Strategy at Casablanca Finance City
- Philipp von Restorff, Deputy CEO of Luxembourg for Finance
- Hortense Mudenge, COO of Rwanda Finance
Obi Ibekwe, CEO of EnterpriseNGR highlighted sustainability as crucial in achieving balanced growth.
Right after a question from Hortense Mudenge about current efforts at the European level, Philipp von Restorff, Deputy CEO of Luxembourg for Finance stated: “ESG impact is driven by regulation and client demands. It has momentum. We are defining standards on the European level.” Indeed, the European Banking Authority has published for instance in early March a document underscoring the need for a specific regulatory framework for sustainable securitization.
In Africa, there are also ongoing efforts. Mourad Fathallah, Head of Strategy at Casablanca Finance City explained that in order to accelerate the transition towards sustainable finance, several actions are being supported by Casablanca Finance City in Morocco. Lately, the stock exchange has put in place a sustainability index and according to him: "This is a positive signal.”
Before the beginning of the second panel, Ntoudi Mouyelo, Chief Investment Officer Rwanda Finance, presented the “State of Play Report” on sustainable finance, co-established by UNDP Financial Centres for Sustainability (FC4S). During the speech, one aspect, in particular, was mentioned: “Data quality is a first key challenge.”
The second IFC Panel on sustainable finance was composed of the following speakers:
- Blaise Pascal GASABIRA, Chief Strategy Officer of the Development Bank of Rwanda (BRD)
- Teddy Mpinganzima Mugabo, CEO of Rwanda Green Fund
- Ntoudi Mouyelo, Chief Investment Officer at Rwanda Finance
- Michelle Umurungi, Rwanda Finance, as moderator
During the second panel, the speakers went through Rwanda's commitments to sustainable finance. The development of these commitments was punctuated by several elements. One of them is inevitably the active collaboration between our member Rwanda Finance and other WAIFC members on sustainable finance issues.
After the end of the second panel, Nick Barigye, CEO of Rwanda Finance, delivered his closing remarks.