Blended Finance in Africa and Asia took a step forward today when the Republic of Côte d’Ivoire and the Kingdom of Cambodia became the first two countries to formally announce their participation in the Sustainable Development Investment Partnership (SDIP). Blended Finance enables countries to advance national infrastructure priorities while alleviating pressure on sovereign balance sheets and refocusing national and donor funding into key social sectors.
SDIP members are working collaboratively with national governments, regional institutions, and local and international commercial financiers across all stages of project development to accelerate emerging market infrastructure.
In its membership letter, Cote d’Ivoire pointed to SDIP as an opportunity to “work for sustainable and inclusive economic growth, to improve the living conditions of the people, to reduce dramatically the poverty rate in the country, and to contribute to the preservation of the environment.”
Cambodia’s membership letter noted that, “sustainable development is achieved by involving the various stakeholders – from the North and South, national and local, public and private and associations – in processes.”
The announcement of these two new members follows the announcement of the SDIP Africa Hub in May 2016 at the World Economic Forum on Africa 2016 and the launch of the Hub that July; plans are underway for a similar hub in the ASEAN region. These hubs are designed to address financing challenges from a regional perspective to strengthen project pipelines, mobilize capital for infrastructure projects, and contribute to local capacity building.
SDIP’s membership has grown from 20 institutions when it began in September 2015 to 34 today. Worldwide, SDIP has reviewed projects representing more than $30 billion in value and supports the sharing of best practices across its network.