Finance in Common Summit (Abidjan, 19 October 2022)

As prepared for delivery

Your Excellency Prime Minister Achi
Minister Sarr
Minister Al-Machat
President Adesina
President Hoyer
Chairman Rioux
Dear Friends of the FiCS
Mesdames et Messieurs

It is a pleasure and an honour for the Council of Europe Development Bank to once again support in a resolute and proactive way the Finance in Common Summit, as we have done since its very launch.

Our enthusiasm to be part of FiCS stems from the firm belief that, together, Multilateral Development Banks and Public Development Banks are the partners of choice for development finance. Achieving the Sustainable Development Goals and those set by the Paris Agreement remain and must remain our common objective, notwithstanding the war in Ukraine.

Accomplishing this mission is a daunting challenge since multiple and overlapping crises threaten the viability of the 2015 agenda. The most vulnerable in our societies are bearing the brunt of the repercussions of the war in Ukraine and other crises – food, energy, the legacy of COVID. We are witnessing a dramatic rise in poverty and insecurity worldwide, including in Europe.

To raise to the challenge, we need to join forces and multiply our impact through convinced multilateralism and ingenuous partnerships. This is what the Finance in Common Summit is about and this is why its approach today is so relevant and riveting.

Multilateral and Public Development Banks have been cooperating for many years. FiCS goes one steps further. It brings us together from all levels of the development finance architecture and involves other actors, including civil society.

By convening this diverse range of partners around one same table, FiCS helps its Coalitions to effectively deliver concrete actions – including the Coalition for Social Investment, which CEB co-leads with the Agence Française de Développement.

At CEB, over the last 5 years, nearly one quarter of our lending has gone to Public Development Banks. This cooperation has revolved around social infrastructure investment, financing local authorities, especially in the core areas of the CEB’s mandate: health, education, social housing. We also partner with multilateral development banks, in particular the EIB.

Like FiCS, we also go one step further. Partnering with other actors we enhance our impact to benefit communities, people, especially the vulnerable and needy.

To illustrate what can be achieved by teaming up with trusted companion institutions to deliver enhanced impact by synergistic collaboration, let me briefly recall the results obtained through our partnership with the International Organization for Migration (IOM).

Thanks to IOM’s presence in the field, we have channelled small but very targeted and effective grants to help Ukrainians fleeing the war and their host communities in countries such as Moldova, Poland, the Czech Republic. Not only we disburse our grants quickly, we target them to cover needs often neglected, such as the assistance to disabled refugees and the provision of psychological support.

Beyond grants, CEB has approved so far €1.3 billion in fast disbursing emergency loans to support the countries receiving mass influxes of Ukrainians. These loans have been used to finance emergency aid for refugees, access to social services and decent accommodation. They represent nearly one third of the Bank’s lending volume for this year and more is demanded.

Turning to this year’s FiCS theme – Green and just transition for a sustainable recovery – this objective clearly resonates with our unique mandate.

As the climate crisis is unfolding into a social crisis whose impact worsens inequalities and deepens vulnerabilities, we – at the CEB – have firmly embedded the social inclusion-climate change nexus in all our activities. Our increased support for a just and inclusive transition comes from our focus on the social impacts of climate action.

The current economic turmoil compounds pre-existing challenges, increasing complexity which requires to appreciate the different vulnerability dimensions of communities’ resilience. We believe that Coalition for Social Investment is the right forum to develop the articulate understanding which is essential to support cities and local authorities in building the capacity to respond to overlapping crises.

At CEB, we have substantially increased our support for local authorities, almost doubling it in the last two years in comparison with the two previous ones. Based on our experience and important input from many municipalities, we have identified concrete actions that help cities undertake truly transformative initiatives. Indeed, we look forward to working with partners in the Resilient Regions and Cities Coalition so as to bring our unique expertise to bear on strengthening resilience.

Looking into the future, the momentous threats to prosperity and inclusion, to the very integrity of social fabric, demand redoubled efforts and fresh responses. The FiCS fosters mutual learning, cooperation and synergies with old and new partners. By increasing its focus on action and co-financing, it can help scale up our individual efforts, boosting our impact and delivery, fostering truly transformative action. All our Coalitions can, and must, contribute to this collective endeavour.

Together, we have committed to shift our strategies towards sustainability. At this dramatic juncture, delivering on our commitment requires creative thinking and bold, resolute actions. FiCS can catalyse our joint efforts to shape a better, more inclusive and sustainable future. The world and especially the new generations need it, demand it vocally. It is our compelling duty to respond to this urgent plea and do better than our best. The vulnerable, the needy, indeed all people, deserve nothing less from FiCS and each of us.

Thank you