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The document outlines a regulatory response framework consisting of four phases: identifying the impact of a systemic risk, implementing a response, monitoring efficacy, and adapting for future risks. Based on research across 31 sub-Saharan African countries during COVID-19, it emphasizes the importance of proactive engagement, the use of Suptech for data collection, and the balance between regulatory certainty and flexibility. It identifies future systemic concerns including climate risks and cyber-security.

The document assesses how the COVID-19 pandemic strained sovereign debt management offices (DMOs) in the MEFMI region, highlighting a general lack of comprehensive business continuity plans and procedure manuals. While most countries maintained legal debt limits and audit frequencies, the crisis forced a shift toward remote work and virtual coordination, which increased operational risks and compromised the segregation of duties. The report recommends strengthening operational risk frameworks, investing in digital infrastructure, and introducing 'escape clauses' in regional debt convergence criteria to better handle future crises.

The study examines how COVID-19 affected the fiscal positions and debt sustainability of MEFMI member countries, noting a sharp increase in average debt-to-GDP ratios from 63.6% in 2019 to 70.6% in 2020. It highlights the critical role of Local Currency Bond Markets (LCBMs) and international initiatives like the Debt Service Suspension Initiative (DSSI) in maintaining stability. The report identifies significant gaps in operational risk management, specifically the absence of business continuity plans in most member states, and recommends strengthening institutional capacity, technology investment, and the development of transparent debt management strategies to build future resilience.

The report identifies a significant gap between the high demand for green financing driven by Morocco's Nationally Determined Contribution (NDC) and the limited supply of tailored financial instruments for SMEs. While energy efficiency and renewable energy projects are well-covered, sectors like fisheries and sustainable housing are underserved. The study recommends improving the regulatory framework for ESCOs, introducing fiscal incentives, and designing new equity or guarantee mechanisms to catalyze green investment.

The study identifies a significant gap between the high demand for green financing driven by Morocco's Nationally Determined Contributions (NDC) and the limited supply of dedicated instruments for SMEs. While sectors like industry and agriculture are well-served by credit lines, others such as transport, water, and construction remain underserved. The report recommends enhancing the regulatory framework, implementing a green taxonomy, and developing new instruments such as a dedicated green guarantee mechanism or an equity fund to support the transition to a green economy.

The RRI programme, a partnership between Cenfri and FSD Africa, worked to remove barriers to inclusive finance for an estimated 5.6 million people in sub-Saharan Africa. The initiative focused on regulatory reform, capacity building for 750 regulators, and providing advice to 530 financial service providers to foster innovation in payments, insurance, and remittances. Key findings highlight that simple adaptations to supervisory processes are often more effective than complex regulatory sandboxes and that regional payment and data infrastructure are critical for the success of the African Continental Free Trade Agreement (ACFTA).

The document examines the requirements for building onshore financial centres in Africa capable of competing with established conduits like Mauritius. It identifies Mauritius and Johannesburg as the most compelling current jurisdictions, while noting the ambitions of Rwanda and Kenya. It also highlights the potential role of donors in providing technical assistance to ensure international best practice in regulatory structures.

The document outlines a structured approach for regulators to support responsible digital innovation in the insurance sector. It details a five-step process: conducting an innovation gap assessment, identifying ecosystem barriers, selecting appropriate tools (engagement, regulatory, supervisory, and monitoring), putting those tools into action via a workplan, and tracking success through KPIs and market outcomes.

The Value for Money (VfM) Framework establishes a consistent, evaluative approach for FSD programmes to determine if resources are used effectively to reduce poverty. It moves beyond simple indicators by using 'rubrics'—predefined criteria and performance standards—to make reasoned judgements. The framework is built on the 'Four Es' (Economy, Efficiency, Effectiveness, and Equity) plus Cost-effectiveness, and is aligned with Impact-Oriented Measurement (IOM) and the FSD Compendium of Indicators. It emphasizes a mixed-methods approach, combining quantitative data with qualitative narratives to account for the complexity of market system changes.

The document outlines a VfM framework for FSD programmes based on the 'Four Es' (economy, efficiency, effectiveness, and equity) plus cost-effectiveness. It moves beyond simple indicators to use a combination of quantitative data and qualitative narratives to make judged assessments of performance against predefined standards. The guide integrates with Impact-Oriented Measurement (IOM) and a Compendium of Indicators to help FSDs communicate their performance story and improve resource management.

The Youth Enterprise Grants (YEG) pilot project is a two-year intervention providing approximately $1,200 in grants and a smartphone to over 1,000 youth (aged 18-35) in the Mathare slum of Nairobi, Kenya. The project aims to test whether capital injections and digital access can shift youth from casual labor to sustainable self-employment. Initial findings indicate a significant increase in self-employment, rising from 37% to 64% among recipients, and a marked improvement in financial status, with over 75% reporting income increases beyond the grant value. While smartphones are critical for market knowledge and client acquisition via social media, specialized money management apps like Touch Doh saw limited use. The project also highlights a strong preference for 'illiquidity' in savings to prevent spending, often achieved through informal groups or M-Shwari.

The YEG pilot project provided approximately $1,200 in grants and a smartphone to over 1,000 youth (aged 18-35) in Mathare, Nairobi, to encourage business investment. Findings show a significant shift from casual labour to self-employment, with the proportion of self-employed recipients increasing from 37% to 79%. While smartphones were critical for market access and business operations via social media and M-PESA, the project noted high device attrition due to theft and loss. The study concludes that unconditional cash transfers via mobile money are highly feasible and effective for urban youth, though long-term success is often hindered by external shocks and a lack of basic services rather than a lack of business skills.

The document outlines systemic financing barriers in Africa, noting that climate tech start-ups, nature-based enterprises, and women entrepreneurs—particularly in Francophone West Africa—struggle to access necessary investment. It highlights that Africa receives only 6% of global biodiversity funding and that in Senegal, only 3.5% of women entrepreneurs access formal finance. A specific case study focuses on Saglan Wajee General Hospital in Ethiopia, which, supported by FSD Africa's BimaLab, launched 'Efoy', a micro-health insurance product. Efoy 1.0 attracted over 1,200 customers in its first year, and the subsequent Efoy 2.0 has reached 900 new clients, providing affordable coverage for low- and middle-income families.

The report examines the role of fund domiciles in Sub-Saharan African private equity, highlighting the dominance of Mauritius due to its tax efficiency and legal stability. While there is growing interest in onshore alternatives—particularly in South Africa, Kenya, Nigeria, and Morocco—the report finds that the high standards of legal, regulatory, and tax frameworks in offshore centres create a significant barrier to entry. It argues that donors should focus on strengthening the broader business environment and supporting private equity investment in SMEs rather than solely attempting to replicate administrative offshore hubs.

The white paper argues that African capital market regulators often face a dual mandate of both developing and regulating markets, which requires a proportional approach based on the market's maturity. It introduces a five-stage analytical framework—Foundational, Nascent, Emerging Early, Emerging Maturing, and Advanced—to help regulators determine whether to focus on building blocks, commodity markets, or sophisticated financial products. The report highlights that while some regulators like Morocco's AMMC are well-aligned, others face operational deficits or inefficiencies. It suggests a fluid funding mix of government and industry fees to ensure financial sustainability and independence.

The report argues that African cities face a critical choice between unsustainable 'business-as-usual' urban sprawl and a '3CR' model (compact, connected, clean, and resilient). Using economic modelling for 35 major cities in Ethiopia, Kenya, and South Africa, it demonstrates that while incremental investments of US$280 billion are needed by 2050, the net present value of benefits is significantly positive. It identifies systemic barriers—including poor municipal creditworthiness and restrictive national laws—and proposes four national enabling mechanisms and six specific financial instruments to unlock private and public capital.

The report identifies severe coastal erosion, flooding, fishery decline, and poor waste management as existential threats to Saint-Louis, Senegal. After evaluating eighteen financial instruments, it recommends the use of Impact Bonds due to their flexibility in scale, capacity to crowd in private capital, and focus on measurable outcomes. The report suggests potential applications for these bonds in waste management, sustainable tourism, and aquaculture, particularly targeting youth and women.

FSD Africa Investments (FSDAi) uses a 'test, accelerate, and mobilise' strategy to deploy catalytic capital into African financial markets, focusing on high-risk, early-stage investments to unlock commercial finance. Since 2017, it has committed US$114 million across 19 transactions, targeting sectors such as renewable energy, climate adaptation, and financial inclusion. The organization emphasizes a 'gender lens' to address the US$42 billion financing gap for women entrepreneurs in Africa and is increasingly aligning its portfolio with the Paris Agreement on Climate Change.

The document serves as a technical resource for designing and issuing gender bonds in Africa, aligning with International Capital Market Association (ICMA) standards. It details the issuance process for both use-of-proceeds (UoP) and performance-based bonds, emphasizing the need for gender-disaggregated data, internal working groups, and external reviews. The guide highlights the growth of the gender bond market in Africa, citing recent issuances in Morocco, Rwanda, South Africa, and Tanzania, and provides case studies and frameworks to help issuers direct capital toward women-owned MSMEs, housing, and leadership diversity.

The document serves as a practical resource for the issuance of gender bonds in Africa, detailing the process from preparatory work to post-issuance reporting. It defines gender bonds as mechanisms to channel funding toward projects reducing gender inequalities, categorizing them into use-of-proceeds (UoP) and performance-based structures. The guide emphasizes the importance of gender-disaggregated data, the role of external reviews (such as Second Party Opinions), and the support of Multilateral Development Banks (MDBs) as anchor investors. It highlights emerging markets in Morocco, Rwanda, South Africa, and Tanzania, and provides specific criteria for eligible projects, particularly the financing of women-owned micro, small, and medium enterprises (WMSMEs).