Executive Director, Risk Management Division, Access Bank PLC, Dr Gregory Jobome, has called for the adoption of a range of non-traditional mechanisms to raise additional funds for development aid.
Jobome made this known while addressing delegates at the 1st World Development Finance Forum (WDDF). Jobome provided insights on the scale of financing required for post-COVID-19 development, providing the perspective of commercial banking. Likewise, he shared thoughts on building synergy between government, regulators and commercial banks to strengthen the economy of Nigeria and the financial sector.
Commenting on the importance of developing a common and universally accepted framework to address fundamental funding issues, he said: “There is a differential capacity in the ability of advanced and developing countries to cope with the effects of COVID-19. Also, there is a multi-speed factor in the ability of countries to recover economically from the crisis. This differential ability means that we must have the capacity to bring together all the different speeds – the fast-paced economies must unify with those that are slower paced and those with unique conditions must work together with those who do not have those peculiar circumstances. This is one way to truly optimise our response capacity and make the most of globalisation.”
As a sustainability-focused event, WDFF 2020 brought together various stakeholders for financing development in the aftermath of the outbreak of the pandemic. Governments, central banks, commercial banks, development finance institutions, large-scale microfinance banks, and the international development sector were represented on the high-level panel.
According to Jobome, domestic funds mobilisation would reduce the cost burden by international organisations noting that commercial banks can take a cue from Access Bank’s execution of the first-ever Climate Bonds Initiative (CBI) certified corporate Green Bond in Africa.
“In addition to the funding of the Bond fully mobilised domestically, our issuance also served as the pioneer green bond cross-listed on the Nigerian and Luxembourg Stock Exchanges,” he stated.
Other panellists at the forum are Arshad Rab, CEO, European Organisation for Sustainable Development; Honourable Matia Kasaija, Minister of Finance, Planning and Economic Development, Republic of Uganda; Jesimen T. Chipika, Deputy Governor, Reserve Bank of Zimbabwe; and Romani de Silva, Deputy Chairman and CEO, Alliance Finance Corporation, Sri Lanka.