John Gandolfo

Understanding Sovereign Debt: Options and Opportunities for Africa, with Ceyla Pazarbasioglu , Director of the Strategy, Policy, and Review Department (SPR) of the International Monetary Fund . Spring #IMFMeetings and #WBGMeetings United Nations Joint SDG Fund United Nations #InvestingInTheSDGs #BlendedFinance #DecadeOfAction #SDGfinancing #Fin4Dev #SDGs #SDGInvest #2030agenda #timetoact 💸No poverty 🍲No hunger 🏥Health 📚Education ⚧️Gender equality 🚰Water 💡Energy 👩🏾‍⚕️Work 🏭Industry ✖️No inequalities 🏙️Sustainable cities 🪙Responsible consumption 🌍Climate action 🌊Life below water 🌳Life on land 🕊️Peace 🤝Partnerships

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DFIs are increasingly collaborating with Humanitarian and Peace actors to deliver sustainable and resilient solutions.

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Catch the full interview, “Capital Markets: Driving Economic Growth and Investments through Innovative Financing Solutions,” featuring our Director General, Hana Tehelku, on Ethiopia in Focus! Don't miss this opportunity to learn more about how capital markets are shaping Ethiopia's financial future. Watch the full interview here: https://lnkd.in/e6wPN4A4

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LAUNCH OF ETHIOPIA 2024 Country Focus Report (31 JULY 2024) The Bank discussed Ethiopia's ongoing efforts to accelerate its structural transformation and achieve parity with developed countries, focusing on reforms in the global financial architecture, sustainable debt management, and collaboration among stakeholders. The Bank also presented a report on Ethiopia's economic transformation, highlighting the need for increased productivity, addressing inflation, and the importance of expanding the private sector, better revenue management, and sustained international support. Lastly, the Bank discussed the challenges facing Ethiopia's environmental, social, and governance issues, and the need for a holistic approach to reforms and Africa's engagement at the continental and global stages. The Bank explains that Ethiopia requires around $26 billion annually to realize the Sustainable Development Goals and structural transformation by 2030, emphasizing the need for combined efforts from the government, private sector, and development partners. The report highlights key bottlenecks such as skills mismatch, climate change, financing constraints, and foreign exchange scarcity. The Bank stresses the importance of expanding the private sector, better revenue management, prudent macroeconomic policies, and sustained international support. The report advocates for increasing developing countries' representation in the global financial system, proposing an African Credit Rating Agency. The report also noted the significant contributions of overseas development assistance and remittances to Ethiopia's economy. Next steps · AfDB to conduct more detailed sector-focused diagnostics on structural transformation in Ethiopia · Ethiopian Economics Association to organize further debates linking macro and micro economic policies · Ministry of Finance to build capacity for designing bankable climate finance projects · AfDB to support Ethiopia in engaging with credit rating agencies to provide more accurate country assessments. · Government of Ethiopia to strengthen anti-corruption efforts and improve transparency · Development partners to improve coordination of aid efforts in Ethiopia · AfDB to support Ethiopia's efforts to reform the national financial architecture · Government of Ethiopia to develop strategies to accelerate structural transformation, especially in manufacturing · AfDB to conduct a cost-benefit analysis of policy recommendations, including exchange rate reforms · Government of Ethiopia to implement a holistic package of economic reforms beyond just exchange rate liberalization · GoE to improve inclusion of natural capital in national accounts · AfDB to conduct a deeper analysis of the roles of state, private sector, and development partners in structural transformation · Ethiopian researchers to develop improved methodologies for measuring structural transformation.

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Ethiopia stands at the cusp of a transformative financial evolution. The establishment of Ethiopia’s capital market framework in 2021 marked a pivotal moment. It was a step toward creating a dynamic financial environment capable of addressing these challenges. But how large could Ethiopia’s capital market become? More importantly, what would its growth mean for the nation’s economic trajectory? Read more: https://lnkd.in/dR4KAdS7 #capitalmarket #Ethiopiancapitalmarket

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💡 The National Bank of Ethiopia’s (NBE) Financial Stability Report underscores the country’s resilience and reform-driven progress, signaling Ethiopia’s readiness to become a financial powerhouse in Africa. Are you ready to tap into this transformative growth? #EthiopiaFinance #BankingGrowth #EconomicTransformation #InvestmentOpportunities #NBEReport #TebaConnects

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Kuramo Capital Appointed Fund Manager for Ethiopia’s $100M Enterprise Financing Facility Kuramo Capital Management, an independent investment management firm championing private commercial capital in Africa has been selected as the fund manager for the Enterprise Financing Facility (EFF) in Ethiopia, following a competitive bidding process led by the United Nations Development Programme (UNDP). The company, based in Kenya with offices in Lagos and New York, will oversee the establishment and management of the $100 million blended finance facility, targeted at reshaping financial support for Ethiopia’s small and medium-sized enterprises (SMEs) as well as innovative startups. (https://lnkd.in/eDPeh-EE)

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#Editorial Risky reforms As the International Monetary Fund (IMF) recently approved billions in extended credit facility for Ethiopia, the country faces a delicate balancing act in pursuing necessary macroeconomic reforms. While addressing Ethiopia’s pressing economic challenges of high inflation, foreign exchange shortages, and unsustainable debt is critical, policymakers must navigate these changes cautiously given the country’s ongoing struggles with the rule of law and security. Read More 👉 https://lnkd.in/deqVPtGC

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Below is my interview with the BBC’s “News Day” program this morning. Discussed #Ethiopia’s decision to allow foreign banks to operate in the country for the first time in 50+ years and why the 31 local banks should merge to create 5 large ones. Ethiopia is SSA’s 3rd largest economy (5th overall in Africa) with a GDP of $200+ billion but its banks are ranked as small (except the state owned CBE) compared to other banks in Africa. See annual ranking of Africa’s 100 largest banks by African Business Magazine. #Nigeria #Kenya #Southafrica

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Accelerating Financial Inclusion in Ethiopia Through Innovative Channels This story began in 2010 when Mercy Corps Ethiopia supported the introduction and expansion of basic financial services in the Somali and Afar regions. We intentionally directed Financial Service Providers (FSPs) to focus on the imperative of becoming more client-centric, with a particular emphasis on digital solutions and sharia compliant financial products. Most FSPs were uncertain about the behavioral economics  of households in the shock-prone landscape of arid and semi-arid lowlands, particularly for women. https://lnkd.in/eYUn77T6 Idrissa DIA;Claudia Huber

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The Green #Finance Dialogue Forum 2024 features a panel discussion "Charting the Future of Green Finance in Uganda: Reflections and Emerging Opportunities" 🌱 The panellists represented the most prominent financial institutions and organisations in Uganda, inclueding Equity Bank Uganda, dfcu Bank, aBi Finance Finance, Danish Embassy in Uganda, and Bank of Uganda. 🗣️Bwire Moses spoke about key improvements in #GreenFinance: "Key success stories are the green trainings which increase awareness and improve the pipeline. Now we can report on green finance!" Stay tuned for more from #GFDF24 #GFDF24 #together4tomorrow

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#CapitalNews Amhara Bank announces plans for investment banking project Amhara Bank, a key player in the Ethiopian banking sector with nearly three years of operation, has revealed plans to develop capital markets and investment banking projects. The bank aims to create innovative financial solutions tailored to meet the evolving needs of its customers in light of current trends in the financial industry. Yohannes Ayalew, PhD, the CEO of Amhara Bank, shared insights into the bank’s strategic direction during a recent announcement. Read More (https://lnkd.in/dteDEC6f) Website (https://lnkd.in/eMXvqV9H) | Facebook (https://bit.ly/capital_fb) | X (https://bit.ly/capital_X) | TikTok (https://lnkd.in/edEpbkiY) | Instagram (https://lnkd.in/ePSBWHnc) | Linkedin (https://bit.ly/Capital_In) | Youtube (https://bit.ly/capital_yt)

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The IMF’s latest Regional Economic Outlook report for Sub-Saharan Africa is out, including a very timely analytical note on “Cutting Budget Deficits in Sub-Saharan Africa without Undermining Development”. About two-thirds of sub-Saharan African countries have embarked on sizable fiscal tightening plans. To implement the necessary adjustment while limiting the negative effects on economic development and social conditions, it is crucial that policymakers rely more on revenue-enhancing measures than cuts to investment and other priority spending. Effective strategies to build public trust around fiscal consolidation plans, such as using compensatory measures (including targeted transfers) or adequate sequencing, are essential to ensure a successful and durable implementation of these adjustments. https://lnkd.in/eSjfY8Ra

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I participated today in the 2024 Addis Tax Initiative (ATI) General Assembly in a session focusing on “The Fourth International Conference on Financing for Development and ATI post-2025.” The discussion centered on ensuring fiscal sustainability, prioritizing domestic resource mobilization, improving spending efficiency, and identifying the capacity building needed to strengthen revenue mobilization. The objective of the session was to shape the agenda for the upcoming Fourth Financing for Development conference, which will be held in Spain next year and the ATI post-2025.

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#IMF Board approves an $3.4 billion ECF arrangement for #Ethiopia. This decision will enable an immediate disbursement of about $1 billion. The four-year financing package will support the authorities’ Homegrown Economic Reform (HGER) Agenda to address macroeconomic imbalances, restore external debt sustainability, and lay the foundations for higher, inclusive, and private sector-led growth. https://lnkd.in/dE6buhgF

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In Day 2 of 2024 African Economic Conference #AEC2024 Joined KEVIN CHIKA URAMA, Chief Economist and Vice-President, African Development Bank Group, Raymond Gilpin, Chief Economist at UNDP Africa, Victor Murinde, Executive Director, African Economic Research Consortium (AERC), and Mavis Owusu-Gyamfi, President and CEO of African Center for Economic Transformation (ACET) to discuss the urgent reforms needed for a just and inclusive global financial system. To support African countries better respond to global shocks: ✅#MDBs must incorporate vulnerability beyond income levels in providing concessional finance, streamline loan application and disbursement, and deploy innovative & derisking instruments to crowd in private sector ✅#IMF’s #SDR and #quota formulas must be reformed so that resources can be directed to countries that really need them ✅ Implement #SDR rechannelling to MDBs and replenish their concessional windows On international tax cooperation: ✅African countries must establish negotiations strategies, build common positions, forge alliances, and strengthen capacities to achieve a successful UN Framework Convention on International #Tax Cooperation On global debt architecture: ✅Overhaul #G20 Common Framework to make it effective, transparent, and time-bound ✅Revamp IMF-World Bank #DSA framework, so it is more solvency focused ✅Diversify sources of funding to reduce cost of borrowing We are at the time with retrenchment of multilateralism, yet the shocks today are far beyond the border of one country. We must work together and advance engagement efforts, for tangible achievements on reform of the global financial architecture. United Nations Economic Commission for Africa United Nations African Union African Union - Economic Development, Trade, Tourism, Industry, Minerals (ETTIM)

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Kuramo Capital Management beats out the competition to win management mandate for new $100mln Ethiopian SME Fund - https://lnkd.in/eb8NzFPc - will start marketing the fund to development finance institutions, commercial banks, and private investors who want to participate in fund's dual strategies; direct investments in SMEs as well as fund-of-funds type investments in other SME-focused funds. Wale Adeosun, CFA Kamal Pallan Addis Alemayehou Hilina Z. Resom Kazana Fund #africa #ethiopia #privateequity #privatecapital #fundoffunds #news #fundlaunch #fundraise

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Please apply for an opportunity to carry out a study that will compliment in assisting market actors in Nepal's economy in their digital transformation to become more competitive in the global digital economy. This study report is to support Everest Tech Investment Fund (ETIF) with market intelligence data and information to make investments by identifying potential sector and firms across various industries for tech enablement in Nepal. ETIF is a permanent investment vehicle through a joint venture between Global Equity Fund and IJ Group. ETIF will mobilize alternative investment to assist the expansion of tech-based businesses and encourage tech enablement among Nepali businesses. It is expected that this report will serve as the pivotal guiding document to support ETIF with the essential industry information, support to conduct market mapping and gain micro insights for pipeline building which will support the fund with quality information in raising capital from potential investors in its permanent investment vehicle. Here is the link for you to apply and have more information: https://lnkd.in/dJxnWDiJ

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