{"query_echo":{"q":"","filters":{"organization":["FSD Africa"]},"warnings":[]},"total":{"value":285,"relation":"eq"},"page":15,"page_size":20,"self":"https://climateinsightsdirectory.org/api/v1/search?organization=fsd-africa&page=15","stability":"beta","ai_marking":{"digital_source_type":{"uri":"http://cv.iptc.org/newscodes/digitalsourcetype/trainedAlgorithmicMedia","name":"Created using Generative AI"},"notice":"Summary and key insights are generated using artificial intelligence."},"results":[{"id":"fsdafri-000283","url":"https://climateinsightsdirectory.org/document/fsdafri-000283","title":"La boîte à outils de la finance islamique","publisher":{"name":"FSD Africa","organization":"fsd-africa"},"document_type":"guide","language":"fr","date_published":null,"source_url":"https://fsdafrica.org/wp-content/uploads/2025/05/Islamic-Finance-Toolkit-French-large-29.04.20.pdf","generator":"Climate Insights Directory","generated_fields":["summary","key_insights","climate_tags","geography_discussed","analysis_type"],"summary":{"text":"The document provides a comprehensive overview of Islamic finance, detailing its foundational Sharia principles, key contracts, and the global landscape of Islamic banking, capital markets, and Takaful. It specifically addresses the under-utilization of Islamic finance in Africa—where assets represent only about 1% of the global total despite a large Muslim population—and offers strategic recommendations for governments to overcome regulatory, fiscal, and capacity barriers to foster economic growth and financial inclusion.","ai_generated":true,"unit":"fsdafri-000283#summary","date_modified":"2026-10-23"},"key_insights":[{"text":"Islamic finance is based on three pillars: the real economy, universal ethics, and Muslim business law derived from Sharia, prohibiting interest (Riba), excessive uncertainty (Gharar), and gambling or speculation (Maysir).","ai_generated":true,"unit":"fsdafri-000283#insight-1","date_modified":"2026-10-23"},{"text":"Global Islamic finance assets reached over $2.19 trillion by 2018, with Islamic banking as the dominant sector accounting for approximately 72% of the market, followed by capital markets at 27% and Takaful at 1%.","ai_generated":true,"unit":"fsdafri-000283#insight-2","date_modified":"2026-10-23"},{"text":"Islamic finance is significantly under-exploited in Africa; the region represents less than 1% of global Islamic banking assets and accounted for only 2.2% of global Sukuk issuances between 2001 and 2017, despite housing 27% of the world's Muslim population.","ai_generated":true,"unit":"fsdafri-000283#insight-3","date_modified":"2026-10-23"},{"text":"Sukuk, often called Islamic bonds, are investment certificates representing ownership in tangible or intangible assets; global issuances grew from $59 billion in 2015 to $93.43 billion in 2018.","ai_generated":true,"unit":"fsdafri-000283#insight-4","date_modified":"2026-10-23"},{"text":"Green Sukuk are increasingly used to fund climate and environmental projects, with examples including Malaysia's first sovereign green Sukuk in 2017 and the Islamic Development Bank's €1 billion green Sukuk in November 2019.","ai_generated":true,"unit":"fsdafri-000283#insight-5","date_modified":"2026-10-23"},{"text":"Takaful serves as a Sharia-compliant alternative to insurance based on mutual guarantee and risk sharing, with the GCC region providing 45% of global gross contributions in 2018.","ai_generated":true,"unit":"fsdafri-000283#insight-6","date_modified":"2026-10-23"},{"text":"The document identifies several barriers to Islamic finance in Africa, including a lack of political vision, inadequate legal and fiscal frameworks, limited human resource capacity, and a lack of public awareness.","ai_generated":true,"unit":"fsdafri-000283#insight-7","date_modified":"2026-10-23"},{"text":"Key recommendations for African governments include establishing a national Islamic finance strategy, adapting tax laws to ensure fiscal neutrality, creating Sharia-compliant deposit protection funds, and developing 'Islamic Fintech' hubs with regulatory sandboxes.","ai_generated":true,"unit":"fsdafri-000283#insight-8","date_modified":"2026-10-23"},{"text":"Standardization is managed by international bodies: AAOIFI focuses on Sharia, auditing, and accounting standards; IFSB focuses on prudential and regulatory standards; and IIFM develops standardized documentation for capital markets.","ai_generated":true,"unit":"fsdafri-000283#insight-9","date_modified":"2026-10-23"}],"climate_tags":["renewable energy","energy efficiency","environmental protection","environmental, social and corporate governance","climate finance"],"geography_discussed":["Malaysia","Saudi Arabia","United Arab Emirates","Indonesia","United Kingdom","Luxembourg","Hong Kong","South Africa","Kenya","Nigeria","GCC","MENA"],"frame_perspective":[],"analysis_type":["policy guide","market assessment","regulatory framework analysis"]},{"id":"fsdafri-000289","url":"https://climateinsightsdirectory.org/document/fsdafri-000289","title":"CONCEPTUAL FRAMEWORK OF CONTINGENT LIABILITIES AND GUIDELINES FOR MANAGING LOAN GUARANTEES AND ON-LENDING IN THE MEFMI REGION","publisher":{"name":"FSD Africa","organization":"fsd-africa"},"document_type":"guide","language":"en","date_published":null,"source_url":"https://fsdafrica.org/wp-content/uploads/2025/05/MEFMI-Guidelines-on-Managing-Guarantees-2b-Final.pdf","generator":"Climate Insights Directory","generated_fields":["summary","key_insights","climate_tags","geography_discussed","analysis_type"],"summary":{"text":"The guidelines establish a comprehensive approach to managing fiscal risks arising from contingent liabilities in the MEFMI region. It distinguishes between explicit liabilities (such as loan guarantees and PPP commitments) and implicit liabilities (such as non-guaranteed SOE debt and natural disaster relief). The document details the legal and institutional frameworks required for oversight, the application and issuance processes for guarantees and on-lending, and a risk management framework centered on credit scoring and expected loss calculations. It further outlines requirements for data recording, monitoring cash flows, and adhering to international statistical and accounting standards for reporting.","ai_generated":true,"unit":"fsdafri-000289#summary","date_modified":"2026-10-23"},"key_insights":[{"text":"Contingent liabilities are categorized into explicit liabilities, which are \"legal commitments of a government to make certain payments if a particular event occurs\", and implicit liabilities, which are \"political or moral obligations of a government to intervene\".","ai_generated":true,"unit":"fsdafri-000289#insight-1","date_modified":"2026-10-23"},{"text":"On-lending is explicitly distinguished from contingent liabilities; it is a \"direct liability of the government\" where the state contracts a loan and then lends it to a borrower via a subsidiary agreement.","ai_generated":true,"unit":"fsdafri-000289#insight-2","date_modified":"2026-10-23"},{"text":"The guidelines recommend that the Ministry of Finance act as the \"single authority\" for issuing loan guarantees to ensure a centralized and effective database of exposures.","ai_generated":true,"unit":"fsdafri-000289#insight-3","date_modified":"2026-10-23"},{"text":"For Public-Private Partnerships (PPPs), the document identifies several explicit contingent liabilities, including \"financial guarantees\", \"revenue guarantees\", \"exchange rate guarantees\", \"termination payments\", and \"debt assumption commitments\".","ai_generated":true,"unit":"fsdafri-000289#insight-4","date_modified":"2026-10-23"},{"text":"Implicit contingent liabilities include the non-guaranteed debt of state-owned enterprises (SOEs) and subnational governments, as well as \"uninsured damages from natural disasters\" and financial sector bail-outs.","ai_generated":true,"unit":"fsdafri-000289#insight-5","date_modified":"2026-10-23"},{"text":"A recommended risk management framework for loan guarantees and on-lending consists of four sequential steps: \"Risk Identification and Quantification\", \"Credit Risk Assessment\", \"Credit Risk Measurement\", and \"Design and Implementation of Risk Management Tools\".","ai_generated":true,"unit":"fsdafri-000289#insight-6","date_modified":"2026-10-23"},{"text":"The document proposes a credit scoring methodology using a scorecard to weigh qualitative indicators (such as \"corporate governance\" and \"market position\") and quantitative indicators (such as \"debt service cover ratio\" and \"quick ratio\").","ai_generated":true,"unit":"fsdafri-000289#insight-7","date_modified":"2026-10-23"},{"text":"Expected Loss (EL) is recommended as a primary credit risk measurement, calculated using the formula: \"EL = PD x EAD x LGD\", where PD is probability of default, EAD is exposure at default, and LGD is loss given default.","ai_generated":true,"unit":"fsdafri-000289#insight-8","date_modified":"2026-10-23"},{"text":"To mitigate fiscal risks, the guidelines suggest several policy tools, including \"limits on the total amount of guarantee and on-lending\", \"risk pricing\" through fees, and the establishment of a \"contingency reserve account\".","ai_generated":true,"unit":"fsdafri-000289#insight-9","date_modified":"2026-10-23"},{"text":"Reporting and disclosure should align with international standards, specifically the \"SNA (System of National Accounts, 2008)\", \"GFS (Government Finance Statistics, 2014)\", and \"IPSAS (International Public Sector Accounting Standards)\".","ai_generated":true,"unit":"fsdafri-000289#insight-10","date_modified":"2026-10-23"}],"climate_tags":["public–private partnership"],"geography_discussed":["South Africa"],"frame_perspective":[],"analysis_type":["guide","conceptual framework"]},{"id":"fsdafri-000290","url":"https://climateinsightsdirectory.org/document/fsdafri-000290","title":"STUDY ON MANAGING SOVEREIGN DEBT IN TIMES OF CRISIS","publisher":{"name":"FSD Africa","organization":"fsd-africa"},"document_type":"report","language":"en","date_published":null,"source_url":"https://fsdafrica.org/wp-content/uploads/2025/05/MEFMI-Report-Chapter-1.pdf","generator":"Climate Insights Directory","generated_fields":["summary","key_insights","climate_tags","geography_discussed","analysis_type"],"summary":{"text":"The COVID-19 pandemic caused a sharp economic downturn in the MEFMI region, characterized by contracting GDP growth, widening fiscal deficits, and deteriorating external positions. To mitigate these effects, member states implemented a range of fiscal measures, such as VAT exemptions and social protection transfers, and monetary interventions, including cutting policy rates and reducing statutory reserve requirements. However, these responses, combined with lower revenues and higher borrowing costs, accelerated public debt accumulation and eroded debt-carrying capacity across the region. The document emphasizes the need for sustainable debt management, fiscal buffers, and economic diversification to build resilience against future shocks.","ai_generated":true,"unit":"fsdafri-000290#summary","date_modified":"2026-10-23"},"key_insights":[{"text":"The COVID-19 pandemic led to a significant economic contraction in the MEFMI region, with average real GDP growth falling from 2.7 per cent in 2019 to -2.8 per cent in 2020.","ai_generated":true,"unit":"fsdafri-000290#insight-1","date_modified":"2026-10-23"},{"text":"The pandemic exacerbated public debt levels in the region; the average debt-to-GDP ratio rose from 63.4 per cent in 2019 to 70.6 per cent in 2020.","ai_generated":true,"unit":"fsdafri-000290#insight-2","date_modified":"2026-10-23"},{"text":"Fiscal deficits widened across the region, with the average deficit increasing from -4.9 per cent of GDP in 2019 to -5.9 per cent in 2020 due to lower revenues and increased health spending.","ai_generated":true,"unit":"fsdafri-000290#insight-3","date_modified":"2026-10-23"},{"text":"Commodity-dependent economies suffered severe export receipt losses; for example, Angola's goods export receipts fell by 39.7 per cent between 2019 and 2020, primarily due to a 41.3 per cent drop in petroleum product receipts.","ai_generated":true,"unit":"fsdafri-000290#insight-4","date_modified":"2026-10-23"},{"text":"Fiscal responses in the MEFMI region were constrained by limited space, averaging only 2.6 per cent of GDP, significantly lower than the 7.2 per cent average in advanced countries.","ai_generated":true,"unit":"fsdafri-000290#insight-5","date_modified":"2026-10-23"},{"text":"Central banks implemented accommodative monetary policies, with all MEFMI central banks cutting policy rates; the largest cuts were seen in Zambia (350 bps) and Lesotho (300 bps).","ai_generated":true,"unit":"fsdafri-000290#insight-6","date_modified":"2026-10-23"},{"text":"The pandemic caused a deterioration in debt-carrying capacity and risk ratings, with countries like Malawi and Zambia seeing their ratings downgraded between 2018 and 2021.","ai_generated":true,"unit":"fsdafri-000290#insight-7","date_modified":"2026-10-23"},{"text":"The tourism sector experienced devastating losses, with international tourist arrivals declining by 72 per cent in Kenya, 70 per cent in Uganda, 69.7 per cent in Rwanda, and 64.9 per cent in Tanzania.","ai_generated":true,"unit":"fsdafri-000290#insight-8","date_modified":"2026-10-23"},{"text":"Digitalisation proved critical for the effective delivery of fiscal support, specifically in the rollout of targeted cash transfers.","ai_generated":true,"unit":"fsdafri-000290#insight-9","date_modified":"2026-10-23"}],"climate_tags":["fiscal policy","economic diversity","social protection","climate resilience"],"geography_discussed":["Angola","Botswana","Eswatini","Kenya","Lesotho","Malawi","Mozambique","Namibia","Rwanda","Tanzania","Uganda","Zambia","Zimbabwe"],"frame_perspective":[],"analysis_type":["macroeconomic assessment","policy evaluation","case study"]},{"id":"fsdafri-000291","url":"https://climateinsightsdirectory.org/document/fsdafri-000291","title":"STUDY ON MANAGING SOVEREIGN DEBT IN TIMES OF CRISIS","publisher":{"name":"FSD Africa","organization":"fsd-africa"},"document_type":"report","language":"en","date_published":null,"source_url":"https://fsdafrica.org/wp-content/uploads/2025/05/MEFMI-Report-Chapter-2.pdf","generator":"Climate Insights Directory","generated_fields":["summary","key_insights","geography_discussed","analysis_type"],"summary":{"text":"The report analyzes how MEFMI countries utilized external financing, including emergency facilities from the IMF and World Bank, to cope with the COVID-19 pandemic. It details the shift in creditor composition toward bilateral and private lenders, the deterioration of debt risk ratings, and the specific policy responses adopted by member states. The document concludes with ten key lessons for public debt management during crises, emphasizing the importance of official external finance, operational risk management, and transparency.","ai_generated":true,"unit":"fsdafri-000291#summary","date_modified":"2026-10-23"},"key_insights":[{"text":"MEFMI countries mobilized approximately US$8,849 million in loans and US$1,708 million in grants during 2020 and 2021 to address pandemic-related needs.","ai_generated":true,"unit":"fsdafri-000291#insight-1","date_modified":"2026-10-23"},{"text":"The risk of debt distress in the MEFMI region increased significantly during the pandemic, with the percentage of countries at high risk or in debt distress rising from 33.3% in 2019 to 55.5% in 2022.","ai_generated":true,"unit":"fsdafri-000291#insight-2","date_modified":"2026-10-23"},{"text":"There has been a gradual shift in the MEFMI region's external debt composition away from multilateral creditors (decreasing from 62% in 2012 to 54% in 2020) toward bilateral (increasing from 27% to 31%) and private debt (increasing from 11% to 14%).","ai_generated":true,"unit":"fsdafri-000291#insight-3","date_modified":"2026-10-23"},{"text":"China has become the largest bilateral lender to the MEFMI region since 2011, with Angola being the largest recipient of these loans.","ai_generated":true,"unit":"fsdafri-000291#insight-4","date_modified":"2026-10-23"},{"text":"The IMF's Rapid Credit Facility (RCF) was the most utilized emergency tool, with seven surveyed MEFMI countries accessing a total of US$2,427.21 million.","ai_generated":true,"unit":"fsdafri-000291#insight-5","date_modified":"2026-10-23"},{"text":"The Debt Service Suspension Initiative (DSSI) provided liquidity support but did not provide actual debt relief, as it was designed to be net present value neutral.","ai_generated":true,"unit":"fsdafri-000291#insight-6","date_modified":"2026-10-23"},{"text":"Sovereign spreads on Eurobonds issued by MEFMI countries peaked between May and June 2020; as of December 2021, nine out of 17 outstanding bonds had spreads above the 570 basis points benchmark.","ai_generated":true,"unit":"fsdafri-000291#insight-7","date_modified":"2026-10-23"},{"text":"Zambia experienced severe debt accumulation, with cumulative public debt arrears amounting to US$1,475.89 million by the end of June 2021.","ai_generated":true,"unit":"fsdafri-000291#insight-8","date_modified":"2026-10-23"},{"text":"The pandemic highlighted a critical need for strong 'front-office' capabilities in Debt Management Offices (DMOs) to quickly identify and negotiate new funding sources.","ai_generated":true,"unit":"fsdafri-000291#insight-9","date_modified":"2026-10-23"},{"text":"Most surveyed MEFMI countries, except Namibia and Rwanda, did not publish specific debt management policy or strategy documents to record the measures taken during the pandemic.","ai_generated":true,"unit":"fsdafri-000291#insight-10","date_modified":"2026-10-23"}],"climate_tags":[],"geography_discussed":["sub-Saharan Africa","Angola","Botswana","Kenya","Lesotho","Malawi","Mozambique","Namibia","Rwanda","Tanzania","Uganda","Zambia","Zimbabwe","People's Republic of China"],"frame_perspective":[],"analysis_type":["policy analysis","economic assessment","case study"]},{"id":"fsdafri-000292","url":"https://climateinsightsdirectory.org/document/fsdafri-000292","title":"STUDY ON MANAGING SOVEREIGN DEBT IN TIMES OF CRISIS","publisher":{"name":"FSD Africa","organization":"fsd-africa"},"document_type":"report","language":"en","date_published":null,"source_url":"https://fsdafrica.org/wp-content/uploads/2025/05/MEFMI-Report-Chapter-3.pdf","generator":"Climate Insights Directory","generated_fields":["summary","key_insights","climate_tags","geography_discussed","analysis_type"],"summary":{"text":"The report examines how the COVID-19 pandemic affected local currency bond markets (LCBMs) across MEFMI member countries. It finds that while the crisis increased government borrowing needs and operational risks, most countries maintained stability through fiscal, monetary, and financial policy interventions. Key findings include a general increase in the average time to maturity of domestic debt, a shift in investor behavior toward safe assets, and the use of liability management operations like rollovers and switches. The document concludes that deepening LCBMs, strengthening debt management strategies, and improving market transparency are essential for resilience against future crises.","ai_generated":true,"unit":"fsdafri-000292#summary","date_modified":"2026-10-23"},"key_insights":[{"text":"In sub-Saharan Africa, 16 countries were already in debt distress or at high risk of it before the pandemic, leaving them with very limited fiscal space to respond to the crisis.","ai_generated":true,"unit":"fsdafri-000292#insight-1","date_modified":"2026-10-23"},{"text":"Domestic bond issuance became the primary funding source for most sub-Saharan African countries during the crisis, with the outstanding stock of domestic bonds increasing from an estimated US$34 billion in 2019 to US$73 billion in 2020.","ai_generated":true,"unit":"fsdafri-000292#insight-2","date_modified":"2026-10-23"},{"text":"The average time to maturity (ATM) of domestic debt increased for eight MEFMI countries during 2020–2021, with increases ranging from 0.9 to 2.6 years, which reduced refinancing risk but increased debt costs.","ai_generated":true,"unit":"fsdafri-000292#insight-3","date_modified":"2026-10-23"},{"text":"Commercial banks remained the largest holders of domestic debt in MEFMI countries, although their proportionate share declined in seven of the eight countries that reported data; Uganda saw the largest decrease at 21.5%.","ai_generated":true,"unit":"fsdafri-000292#insight-4","date_modified":"2026-10-23"},{"text":"Institutional investors in Kenya, Rwanda, and Tanzania increased their demand for long-term government bonds during the pandemic as a 'flight to quality' and safety due to poor returns in stock and property markets.","ai_generated":true,"unit":"fsdafri-000292#insight-5","date_modified":"2026-10-23"},{"text":"Kenya experienced the highest bond trading turnover ratio in the region at 45 per cent in 2021, with turnover rising from KSh571.6 billion in 2019 to KSh949 billion in 2021.","ai_generated":true,"unit":"fsdafri-000292#insight-6","date_modified":"2026-10-23"},{"text":"Rollovers were the most frequently used liability management operation (LMO) in the region, utilized by all surveyed countries except Lesotho and Mozambique.","ai_generated":true,"unit":"fsdafri-000292#insight-7","date_modified":"2026-10-23"},{"text":"Zimbabwe was the only MEFMI country to default or delay payments on domestic government debt principal or interest during the pandemic, citing liquidity constraints and rising interest rates.","ai_generated":true,"unit":"fsdafri-000292#insight-8","date_modified":"2026-10-23"},{"text":"The G20's Debt Service Suspension Initiative (DSSI) helped stabilize LCBMs by reducing pressure on debt burdens; all MEFMI countries participated except Rwanda, Botswana, and Zimbabwe.","ai_generated":true,"unit":"fsdafri-000292#insight-9","date_modified":"2026-10-23"}],"climate_tags":["fiscal policy","climate bond"],"geography_discussed":["Angola","Botswana","Eswatini","Kenya","Lesotho","Malawi","Mozambique","Rwanda","Tanzania","Uganda","Zambia","Zimbabwe","sub-Saharan Africa","Indonesia","Philippines"],"frame_perspective":[],"analysis_type":["policy assessment","impact analysis","comparative study"]}]}