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Training on Access to Capital Markets for African Cities and Subnational Government

The training session offered the opportunity to renew the governance bodies of the Network of Directors and Heads of Financial Services of African local authorities (Africa FINET).

ABIDJAN, Ivory Coast, September 26, 2022/ — The African Development Bank (AfDB) and United Cities and Local Governments of Africa (UCLG Africa) ( in collaboration with GiZ and the Sahel and West Africa Club of the OECD organized from September 19 to 24, 2022 a training session on: Access to capital markets for African Cities and Subnational governments. The training was attended by the Chief Finance Officers of some forty African cities and subnational governments coming from 26 countries: Senegal, Liberia, Gabon, Congo, Cameroon, Malawi, Kenya, Mauritius, Zambia, Mozambique, Eswatini, Zimbabwe, Botswana, Central African Republic, Madagascar, Rwanda, Nigeria, Morocco, Mauritania, Benin, Burkina Faso, Mali, Niger, Tunisia, Nigeria, Ivory Coast.

The opening ceremony was punctuated by several speeches made by: Mr. Stefan Atchia, Manager of the Urban Division of the African Development Bank; Mr. Ripert Boussoukpé, Secretary General of the Regional Council of Public Savings and Financial Markets (CREPMF); Ms. Harlette Badou N’GUESSAN KOUAMÉ, Mayor of Arrah and Secretary General of the Union of Cities and Communes of Côte d’Ivoire (UVICOCI). The opening speech was delivered by His Excellency Mr. Eugène Aka Aouélé, President of the Economic, Social, Environmental and Cultural Council of Côte d’Ivoire, President of the Assembly of Regions and Districts of Côte d’Ivoire and President of the South-Comoé region.

What is the Capital Market? What are the institutions of the capital market ecosystem?

What are the key concepts of financial analysis of Cities and Subnational Governments? What are the financial balances and ratios to watch? How do you develop credible financial forecasts? What criteria are considered by rating agencies? How does a stock exchange and a municipal bond issue work? What is the content of the support provided by intermediation and management companies? What is securitization and how can it be used? How to access “green finance”? These are some of the questions discussed during the group work and case studies, which enabled participants to gain a more detailed understanding of the capital markets ecosystem and to appropriate a wide range of tools to access it. Participants also had the opportunity to learn about African Development Bank Group’s Financing Instruments and African Development Bank Group’s Guidelines for Subnational Lending. The training program, which started in Abidjan, will continue in Johannesburg.

Visits were also organized to the Regional Council for Public Savings and Financial Markets (CREPMF) where participants were welcomed by the President, Mr. Badanam Patoki, and the Secretary General, Mr. Ripert Boussoukpé; and to the Abidjan Regional Securities Exchange (BRVM) where the Director General, Mr. Kossi Amenouvé, welcomed participants. These visits allowed participants to touch the reality of the functioning of institutions that operate on capital markets.

The training session offered the opportunity to renew the governance bodies of the Network of Directors and Heads of Financial Services of African local authorities (Africa FINET). Thus, the following were elected

– President of the Network: Mr. Jeremiah Sibande, from Lilongwe (Malawi).
– First Vice President: Mr. Jean-Bosco Massoma Ekwalla from Douala (Cameroon)
– Second Vice President: Mrs. Sylvie Some Ouoba from Ouagadougou (Burkina Faso)
– Third Vice President: Mr. Kamal Jelouane from Agadir (Morocco)
– Fourth Vice President: Mr. Jean Rubangutsangabo from Kigali (Rwanda).

In addition, two honorary members were appointed: Mr. Reshma Bukhory Bahadoor from Flacq (Mauritius) and Mrs. Olarike Olayinka from Ekiti State (Nigeria)

The training session was closed on Saturday, September 24 at 11:00 am by Mr. Yapi Fidel, Director General of Decentralization and Local Development (DGDDL) at the Ministry of Interior and Security.

The second training session on access to capital markets for Cities and subnational Governments in Africa is scheduled to take place in Johannesburg (South Africa) in January 2023.

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