Financial Sector Development Department (PIFD)
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1 AfDB Pre-TICAD7 Seminar By External Representation Office for Asia Financial Sector Development Department (PIFD) Mr. Kazuhiro Numasawa November 29, 2018
2 1. Africa Overview 2. Recent Investments 3. AfDB s Financial Sector Development 4. AfDB s Non-Sovereign Products & Projects 5. Q&A 2
3 1. Africa Overview 2. Recent Investments 3. AfDB s Financial Sector Development 4. AfDB s Non-Sovereign Products & Projects 5. Q&A 3
4 Overview of Africa s Economic Growth Trend Stable Growth around 4% 4
5 Africa s Regional Growth Trend East and North Regions Higher than Africa Average 5
6 Inflation Rate Across Regions CFA Zone (Pegged with EUR) 6
7 Impact of FX Rate Move for FDIs in Africa Short Term 1 year: 3% moving range 1 year: 5% moving range Kenya (KSH/USD) Mozambique (MZN/USD) Long Term Kenya (KSH/USD) 5 year: FX moved by 15% Mozambique (MZN/USD) 5 year: FX moved by 100% 7
8 1. Africa Overview 2. Recent Investments 3. AfDB s Financial Sector Development 4. AfDB s Non-Sovereign Products & Projects 5. Q&A 8
9 Financial Sector Department Investments in Africa (2018) The department Lending and Investment in 2018 Since 2002, the AfDB has committed approximately USD 10bn to 100+ institutions via well managed and continuously monitored interventions. Fig1: Breakdown by Instruments Equity Guarantee LoC RPA Senior Loan TF-LOC In 2018 the projected lending of the department is approximately USD 1,6 Billion and channeled support to priority sectors to support High 5 agenda. Breakdown By Window UA 787 Mil ADB-NSO UA 399 Mil ADB-SOV % Breakdown by Region (UA M) % % % % % % % % % Multinational RDGC RDGE RDGN RDGS RDGW RDNG Regional Classification (UA M) LIC MIC N/A 9
10 Examples of transactions in USD 100 and ZAR 1.3 billion to Industrial Development Corporation (financial closure during AIF on Nov 7, 2018) 6. The use of the Bank's Partial Credit Guarantee (PCG). PCG to the Senegal for cross-currency swap (USD vs EUR) for a total of EUR 470 million 2. USD 10 million to Africa Financial Sector Deepening Fund (AFSDF) committed by AfDB (open for other investors before the 1 st close) 3. USD 10 million equity investment in Off-Grid Fund along with USD 20 million debt (1 st close completed August 2018 with USD 58 million) 4. Equity participation supporting Venture Capital. UA 6 mil (appx USD 9 mln) in Partech Africa Fund under The Boost Africa Initiative (USD 50 mil) in partnership with the EIB to support a new generation of African entrepreneurs. 7. Thematic Line of Credit to Support Sterling Bank in Nigeria to boost its investments in renewable energy and agriculture in rural areas of Nigeria. 8. Trade Finance Line of Credit to Banco Angolano de Investimentos (BAI) for USD 100 Million 9. Risk Participation Agreement to ABSA Bank for USD 250 Million to support its trade finance activities across Africa 5. The Launch of the African Domestic Bond Fund: AfDB s investment (USD 25 million) The first enhanced ETF dedicated to African domestic bond markets. On-Going Initiatives at the Department The African Financial Markets Initiative (AFMI) Supported by FAPA (Government of Japan) The African Domestic Bond Fund (ADBF) African Bond Markets Development Index (ABMDI) AfDB/AFMISM Bloomberg African Bond Index (ABABI) The Africa SME Program: support local financial institutions to expand lending to SMEs The Boost Africa Initiative: promote VC/PE supporting local entrepreneurs and technology companies Making Finance Work for Africa Partnership (MFW4A): Africa s financial sector knowledge platform ( 10
11 1. Africa Overview 2. Recent Investments 3. AfDB s Financial Sector Development 4. AfDB s Non-Sovereign Products & Projects 5. Q&A 11
12 The Financial Sector Development Department Financial Intermediation & Inclusion Capital Market Development Trade Finance Non-Lending activities Investment in Financial Institutions (commerical banks, leasing companies, PEs, etc. Capital market instruments and advisory to regulators, stock exchanges, marketlinkages, etc. Risk-Participation (i.e. Risk sharing) Trade Finance Liquidity Commodity Finance Market Research, Technical Assitance, Donor Fund Management etc. Lines of credit Direct equity investments Senior & subordinated debt Partial risk & credit guarantees Direct equity investments Co-financing Debt, guarantees and Equity Investments Credit enhancements products (PCGs) Risk Management products (PRCs) Credit enhancement on structured products Bond Guarantees Advisory services Risk Participation Agreements Trade Finance Line of Credit Soft Commodity Finance Facilities Africa Financial Markets Initiative (AFMI) Making Finance Work for Africa (MFW4A) Technical Assistance Funds: Africa Digital Financial Inclusion Fund (ADFI) Migration and Development Fund (MDF) and Microfinance Capacity Building Fund (MCBF) Sector Strategies and Studies 12
13 Co-Investment Opportunities with African Development Bank Investment Opportunities Africa Financial Sector Deepening Fund (AFSDF) An innovative funding mechanism to support financial institutions across Africa to capitalize their Tier2 capital to enhance their future growth. (AfDB s commitment USD 10 million, fund s target USD 100 million) Boost Africa Fund Is part of the Boost Africa Initiative (co-designed with the EIB) to support the next generation of African entrepreneurs. The initiative has three components: i) a Fund of Funds investing in a wide range of VC/PE segments; ii) EUR 20M Technical Assistance Facility; and iii) Innovation Lab. A layered capital structure fund with EUR 50 M first loss tranche from the EU (IRR caped at 3%) Raised EUR 150 M; target to raise EUR 50. Off-Grid Energy Fund (Facility for Energy Inclusion) USD 58 million committed by several investors including AfDB (USD 10 million equity) along with Nordic Development Fund, GEF, Calvert Impact Capital to promote off-grid energy solution providers across Africa by using mobile payment technologies and home-solar systems. The African Domestic Bond Fund (ADBF) The first enhanced multinational ETF dedicated to African bond markets. Initial fund size: 200 M. The AfDB invested USD 25 M., and targets to raise a further USD 175 M. 13
14 1. Africa Overview 2. Recent Investments 3. AfDB s Financial Sector Development 4. AfDB s Non-Sovereign Products & Projects 5. Q&A 14
15 NON S0VEREIGN FINANCING PROJECT ELIGIBILITY CRITERIA Africa-based project Commercially viable Development impact: Households benefits, infrastructure, government, macroeconomic resilience, gender and social effects Strong additionality Environmentally sound, supports gradual transition to green growth Sound procurement 15
16 Standard Private Sector Loans Line of Credit Project Finance Corporate Loan Eligibility: Private Sector Companies in all Regional Member Countries (RMCs) and non-sovereign guaranteed public entities RMCs. Maturity: up to 15 years including a 5year grace period Currency: EUR, USD, ZAR, JPY and any African lending currency approved by the Bank through the local currency loan program Pricing: Floating base rate + Lending margin For ZAR, additional margin to Base Rate to reflect funding cost above JIBAR. A free option to change the floating base rate into fixed base rate 16
17 AfDB s Local Currency Loans RATIONALE: Reduce clients foreign exchange risk Provide long term funding in local currencies Introduce benchmark issuances and role model transactions Introduce a new asset class and allow for diversification Promote domestic capital market development GUIDING PRINCIPLES African Currency fundraising activity is demand driven Fundraising is on a back-to-back structure Pricing is based on cost pass through methodology, client benefits from AfDB competitive pricing The Bank currently has 10 approved African lending currencies: Egyptian Pounds, Uganda Shilling, Nigerian Naira, Kenyan Shilling, Zambian Kwacha, Tanzanian Shilling, Ghanaian Cedi, Botswana Pula, CEMAC region CFA and WAMU region CFA. BWP XOF XAF UGX TZS GHS ZMW NGN EGP KES FUNDING METHODS Domestic bond issue Cross currency swap Synthetic Local Currency Loans 17
18 Trade Finance The USD 100mn RPA allowed ADB to shares credit risk (50/50) on a portfolio of trade transactions with Sumitomo Mitsui Banking Corporation (SMBC) Europe (SMBCE). ADB activity 2 SMBCE binds ADB through RPA (no transaction approval required) 3 SMBCE Submits monthly report detailing ADB exposure Issuing Banks 1 ADB approves limits for issuing banks following SMBCE s proposals Exporter Importer 18
19 A/B Loan Syndications Regional examples LAKE TURKANA USD 965 Million EUR 275 Million ZAR Billion USD 410 Million A-Loan USD 10mm B-Loan Bank of China USD 150m MUFG USD150m Caixa Bank USD 100m Citi USD 50m HSBC USD 100m JPMorgan USD 115m KFW-Ipex Bank US$100m Siemens Financial USD 50m StanChart Bank US$150m A loan EUR 115m Triodos EUR 5.5m B-Loan AfDB EUR 20m Sr. Loan / Ekf Euros 20mm Gtee Proparco Eur 50m Sr. Loan FMO Eur 35m Sr. Loan) PTA Bank EUR 10m Sr. Loan DEG EUR 20m Sub Loan AfDB EUR 5m Sub Loan EADB EUR 5m Sub Loan PTA Bank EUR 10m Sub Loan A-Loan AfDB ZAR 2.703Bn B-Loan Bank of China USD 90m MUFG USD 70m SMBC USD 110m Mizuho USD 90m HSBC USD 50m Preferred Creditor Status to benefit commercial lenders Co-financing activities to be further scaled-up and mainstreamed to improve capital efficiency 19
20 1. Africa Overview 2. Recent Investments 3. AfDB s Financial Sector Development 4. AfDB s Non-Sovereign Products & Projects 5. Q&A 20
21 Thank you Mr. Kazuhiro Numasawa Financial Sector Development Department
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