DBSA, AIIB to co-host 5th Finance in Common Summit in South Africa

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Sep 20, 2024, 05:07 ET

BEIJING, Sept. 20, 2024 /PRNewswire/ -- The fifth Finance in Common (FiCS) annual summit will take place on Feb. 26-28, 2025, co-hosted by the Development Bank of Southern Africa (DBSA) and the Asian Infrastructure Investment Bank (AIIB) in Cape Town, Republic of South Africa, with the support of AFD (Agence Française de Développement).

Aligning with South Africa's upcoming role as Chair of the G20 in 2025 and with the overarching theme of "Fostering Infrastructure and Finance for Just and Sustainable Growth" the Summit will focus on key development issues such as infrastructure for climate action, adaptation and resilience, inclusive finance and digital transformation. The event will be a Summit of Solutions where public development banks (PDBs) and their stakeholders deliver concrete and impactful responses on the path to making sustainability the new normal of finance.

The FiCS, a global initiative launched in 2020 by the World Federation of Development Finance Institutions (WFDFI), the International Development Finance Club (IDFC) and Multilateral Development Banks (MDBs) to mobilize all PDBs with their stakeholders, serves as a platform for political impetus, rallying all PDBs and their stakeholders together. The Summit provides a valuable opportunity for financial announcements, commitments and the delivery of key outcomes. After Paris (2020), Rome (2021), Abidjan (2022) and Cartagena (2023), the Finance in Common Coalition looks forward to holding its next Summit in 2025 in Cape Town.

"In a year in which South Africa will hold the presidency of the G20, this event underscores the DBSA's commitment to driving inclusive economic growth and sustainable development in developing nations." said Boitumelo Mosako, CEO of the DBSA.

"We are honored to co-host FiCS with DBSA." said Jin Liqun, President and Chair of the Board of Directors of AIIB. "The collaboration between AIIB and DBSA signals a strengthened partnership between Asia and Africa, aiming to bolster infrastructure investment and sustainable development across both regions and beyond."

"We thank DBSA for co-hosting the next edition of FiCS with AIIB and we look forward to welcoming our community in South Africa." added Rémy Rioux, Chairman of Finance in Common and CEO of AFD. "The year 2025 marks a significant milestone, coming a decade after the Addis Ababa conference, the SDGs 2030 Agenda and the Paris Agreement on climate. We urgently need to unlock the full collective potential of PDBs, quantity and quality wise, and set a new, efficient and at-scale global financial architecture."