In the early hours of the 21st of January 2019, 4IP Group Managing Partner, Christian Kingombe, left Greater Banjul accompanied by a number of executives from the Gambian Transport Union in direction of Soma, Lower River Region, in view of participating in The Inauguration of the “Senegambia” Bridge at Farafenni on the other side of the Gambia River approximately 200 km drive from the river’s estuary at the North Atlantic Ocean. We drove through the night from 1.30 a.m. until we arrived at Soma around 4 a.m., while witnessing the Total Lunar Eclipse (Blood Moon) which was very visible on the whole journey given the lack of street light as soon as we passed by Banjul International Airport and throughout the Southern Bank highway to Soma despite passing several small towns each with their delaying (i.e. hidden costs) policy check point. We arrived around 5 p.m. at the bridge whose access roads (360 m south bank and 600 m on North Bank) still were under construction due to the condition of the soil of the area (swamps) on both sides of the river banks, which needs reinforced concrete structure. In the end it was not possible to cross the 12.00 m wide bridge with a carriageway width of 7.5 m, i.e. one lane in either direction, by car until it had been officially inaugurated and the ferry service was not operating for security reasons. Hence, we had to walk across the 942 meters long bridge in order to reach the other side where the programme would unfold. The financing had been provided by the AfDB for the amount of EUR67 Million and the duration of the work had taken 4 years done by Corsan & Arezki Group of companies.
The event itself was a historical moment not only for the two immediately concerned OMVG countries The Gambia and Senegal who had been discussing this bridge for over 40 years to improve the competitiveness of their economies. But it was also a victory for regional integration in Africa because the bridge constitutes a segment of the Trans-Gambia corridor, which Christian Kingombe since November 2018 had been working on through an EU funded project entitled “Support for Governance of the Road transport sector of the Gambia” looking at the Banjul-Dakar; Banjul-Bamako; Banjul-Bissau and Banjul-Conakry corridor performances in terms of logistics costs and delays and transport prices per ton-km as compared to other ECOWAS/UEMOA corridors. This EuropeAid Lot2: Infrastructure, sustainable growth and jobs funded study was timely completed today (29th of January 2019). The Trans-Gambia bridge which now has been renamed the Senegambia bridge is also missing an important missing link on the Dakar-Lagos Coastal Highway project, which means it will lend further support to closer regional integration within the ECOWAS region. Previously in March 2013 as Regional Integration & Trade Officer at the AfDB, Christian Kingombe oversaw the work of the Trade Unit, which contracted Crown Agents to carry out “The Study for the Establishment of a One Stop Border Post (OSBP) and the Examination of Border Procedures and Processes along the Trans-Gambia Bridge”. The soft infrastructure project was in support of the project to build a bridge over the Gambia River and with the increased traffic expected when the bridge is built, it is critical that the soft infrastructure is in place to ensure that the highway’s full potential as a regional trade corridor is achieved. However, the OSBP was not scheduled to open until the bridge becomes operational around five months from today and long after the Presidential Election which will have been held in Senegal on 24 February 2019, which probably explains why the bridge was inaugurated before the project is completely terminated. Notwithstanding the failure of timely completion of the hard and soft dimension of the Trans-Gambia bridge, Christian Kingombe still felt an immense pride of having been part of the project twice in his career. The significance of the event was reflected by the participation of VIPs from both countries. The host of the event was H.E. Adama Barrow, President of the Republic of The Gambia. The Guest of Honour was H.E. Macky Sall, President of the Republic of Senegal. The former was accompanied by the Vice-President of The Gambia and a great number of the ministers of the Government of The Gambia. The latter was likewise accompanied by the Prime Minister of Senegal and several important ministers of the Government of Senegal. As part of the official programme which started much later than scheduled, and after the speeches by the Contractor and the Consultant of the project, according to the official programme the AfDB President, Dr. Akinwumi Adesina, was supposed to have given his speech. But for unknown reasons he was replaced by the Mr. Charles Owusu Boamah, Senior Vice-President, African Development Bank. The former AfDB President Donald Kaberuka was also present at the event, since the structuring and approval of the project happened under his presidency of the AfDB. Statements were also provided by the Honourable Ministers of Finance & Economics Affairs and of Transport, Works & Infrastructure, the latter of which were the direct beneficiary of the EU funded “Support for Governance of the Road transport sector of the Gambia” executed by 4IP Group in collaboration with consultants from the EU Framework contractors COWI A/S and PPM.
The entertainment highlights were the musical performances from respective the King of Mbalakh Youssou Ndour (Senegal) and King of Kora Jaliba Kuyateh (The Gambia).
The cutting of the Ribbon followed by the unveiling of the plaque, which took place approximately 3 hours behind schedule, but it still marked a significant historical moment for the sub-region. The official programme was winded up with the two presidents having a car ride on the bridge, while the police tried to control and prevent the public from crossing the bridge.
When we at the AfDB commissioned the study in 2013 we found that the traffic levels along the Trans-Gambian Highway were relatively low, mainly due to unreliable inefficient ferry connections at Farafenni/Soma, which was still the case more than five and a half years later. Also in 2013 the crossing times for large trucks were up to 7 days although only one hour of this related to the actual ferry crossing and the rest was caused by the queue for the ferry on either side. This led to operators adopting less direct routes such as the N1/N6 road which circumvents the territory of The Gambia but adds approximately 400 Km to the journey.
With the opening of the Trans-Gambia bridge both Gambia and Senegal should no longer be losing substantial revenue due to the massively reduced delays and hence significantly increased trade, including goods in transit through The Gambia heading towards third countries, that is between not only The Gambia and Senegal, but also between The Gambia, Guinea Bissau, Guinea Conakry and as far away as Bamako in Mali via the Port of Banjul as showed by the EU funded Trans-Gambia corridor study.
With the Implementation of our proposed Road Map (that is trade and transport facilitation recommended measures) aligned with the relevant ECOWAS protocols to ensure fluid and unobstructed border flows especially by the Governments of The Gambia and Senegal e.g. through the closer collaboration via the so-called Banjul-Dakar Corridor Management Committee addressing trade and transport facilitation issues along this Trans-Gambia corridor, should realise a reduction of transport costs and travelling time on the Trans-Gambia Highway of more than 30%.
The presence of the two presidents at the Inauguration event was an important showdown of strong political commitment to regional integration while at the same time overcoming a troubled past between two neighbouring countries. Because as one of the speakers stated at the ceremony if two such similar countries as The Gambia and Senegal, despite having had different colonial masters, with a common culture, language and history can’t jointly built and subsequently manage the flow of goods and people via the unique border post at the entry to the bridge over the Gambia River, then the overall African and ECOWAS regional integration projects are destined to remain troubled as we have seen with other regional integration projects such as the bridge over the Congo River.
On 12 December, 2018, the Global Steering Group on impact investment (GSG) with support from IIX Chapter Lusaka and 4IP Group brought together 45 various stakeholders of the ecosystem to discuss the impact investing movement in Zambia and constitute a taskforce for the establishment of a National Advisory Board (NAB).
Among the dignitaries’ present were the Hon. Minister of National Development and Planning (MNDP), the permanent secretary for the MNDP, Chief Executive Officer and Marketing Development Director for GSG, Head of Economic Growth, DFID and the Chairperson of the taskforce of the NAB.
In his welcoming speech, Amit Bhatia, CEO of GSG thanked everyone present and expressed strong optimism about the future of impact investment movement in Zambia. The GSG is present to fully support the impact investment movement in Zambia. He further expressed his belief that the establishment of a NAB will be a necessary vehicle between local and global actors focused on directing private capital to public purpose. The Honorable Minister also expressed strong interest and pledged his support on behalf of the Government of The Republic of Zambia for the initiative.
After the welcoming speeches from DFID’s Representative and the Chairperson of the GSG Taskforce for the Zambia NAB, Krisztina Tora, the Marketing Development Director for GSG delivered a presentation on state of impact investment industry in Zambia which is estimated as of 2015 at USD 1.8 billion. Further breakdown indicates that USD 157 million accounts for capital deployed by private impact investors while the remaining amount of USD 1.7 billion accounts for capital deployed by Development Finance Institutions (DFIs). She further highlighted the purpose and activities of the NAB and shared a few key success stories from already existing NABs particularly the South African NAB which currently is the only operational NAB on the African continent.
After the presentation, the moderator opened the floor for an interactive discussion on the matters arising from the presentations and the speeches. Some of the observations and contributions made include;
Upon the forthcoming establishment of the Zambian NAB the following issues could be addressed:
The meeting ended with a call from all invited guests to volunteer to be part of the proposed Taskforce for the NAB. Without hesitation, 18 people stemming from 5 building blocks of the Impact Investing Eco-System expressed an interest in participating. Consequently, the meeting led to the Constitution of the GSG taskforce which will commence drafting a business plan for the establishment of a GSG NAB in 2019.
The constituted Taskforce team met for the first time on the 21st of December at Yemeni leadership centre, at Stanbic Bank, where they planned for the exciting Impact Revolutionary tasks ahead in Zambia as well as in collaboration with the sister NABs in Accra, Nairobi and Cape Town.
4IP Group Zambia
 Stakeholders represented players from 5 pillars of the ecosystem namely supply of capital, demand for capital, market builders, intermediaries and policy/government.
 Zambia is a favoured destination for impact investors in the southern Africa region. It’s the second highest recipient ( after South Africa ) of DFI capital and third highest (after SA and Angola) of private impact capital
 See the following 4IP Group resource: http://4ipgroup.org/wp-content/uploads/2018/10/Supply-of-Impact-Capital_Pension-Funds-Next-Frontier.pdf
 Source: https://businessfightspoverty.org/articles/most-millennials-will-only-work-for-purpose-driven-firms/
The 4th edition of the Geneva Summit on Sustainable Finance took place on the 7th of December in Geneva. Researchers from around the world convened to present the results of their latest research projects on sustainable finance and get feedback from practitioners.
Some of the key findings presented by academics included the following:
Practitioners also got to share their experiences through a high level panel with speakers from Swiss Re, CDP Europe, Lombard Odier Asset Management and the UK Financial Conduct Authority. Some of their observations and concerns were that:
Finally, Nick Hughes, co-founder of M-KOPA, presented the ground-breaking clean energy and finance services they provide in East Africa, showing how micro-payments may bring affordable and clean assets to millions of people.
Sustainable Development Goals (SDGs) as defined by the United Nations General Assembly in September 2015 benefit from a broad consensus and orient the action of all international organizations aiming to promote economic and social development.
In this context, Public Private Partnerships (PPPs) have been widely recognized as an important tool to help reaching the SDGs. While there is no consensus on the exact definition of PPPs, the World Bank has defined them as: “A long-term contract between a private party and a government entity, for providing a public asset or service, in which the private party bears significant risk and management responsibility and remuneration is linked to performance”. A slightly different definition by UNECE does not address the remuneration aspect: “Public-Private Partnerships (PPPs) aim at financing, designing, implementing and operating public sector facilities and services. Their key characteristics include: a) Long-term (sometimes up to 30 years) service provisions; (b) The transfer of risk to the private sector; and (c) Different forms of long-term contracts drawn up between legal entities and public authorities”.
In the context of this article, it is not so important to define precisely PPPs than to recognize that the on-going practice has not completely dissipated any ambiguity on the concept and has not yet allowed a consensual definition. This situation may have to do with the fact that PPPs have emerged from practice rather than from a theoretical approach, but it may also reflect political divergences. However efficient and useful PPPs may be, including in contributing to the SDGs, they still remain exposed to criticism and dissent. Another important factor is that PPPs originated in an advanced country environment (primarily UK and Western Europe), which requires some adaptation to the needs of the developing world with regards to SDGs.
In the recent years, in view of the growing fiscal constraints on public development assistance budgets and the need to mobilize private capital to reach SDGs, UNECE has proposed an innovative concept, called People’s First PPPs (PF PPPs), which aims to allay criticisms of PPPs and to better harness PPPs to SDGs. The latest definition provided by UNECE of PF PPPs include the following criteria:
Condition 1. Increase access of essential services to people, especially to the socially and economically vulnerable; furthermore, people-first PPPs should promote social justice and make essential services accessible without restriction on any ground;
Condition 2. Developing a resilient infrastructure and improving environmental sustainability, cutting Co2 emissions and fostering green growth;
Condition 3. Demonstrating project economic effectiveness, projects must be successful, achieve value for money and have a measurable impact by removing a barrier or creating new means for integrating groups into the global market place;
Condition 4. Be replicable and scalable so that they can be scaled up and achieve the transformational impact required by the 2030 Agenda;
Condition 5. Engaging all the stakeholders that are either directly involved in the PPP project or directly or indirectly affected in the short and /or long run
UNECE is elaborating a compendium of case studies which should comprise at least 500 projects to provide a ground-based illustration of what are PF PPPs.
From the point of view of international organizations and development practitioners, the promotion of this innovative concept will serve many purposes:
– Some arguments in favor of PPPs are losing traction, especially in developed countries; for instance, the notion of value for money is more frequently seen as an ad hoc justification rather than a true project prioritization instrument. Therefore, new paradigms are required in order to better justify the use of PPPs, and PF PPPs may play this role.
– PF PPPs create a benchmark to assess the quality of PPP projects from point of view of public interest that all stakeholders, but in priority NGO and civil society can take advantage of and, as the case maybe, influence the preparation process.
– PF PPPs help to counter the bad publicity received by PPPs from their opponents who claim that they benefit only to the private sector, that they do not deliver their promises or that they encourage corruption. Using the People’s First moto shows that PPP are geared toward public interest and SDGs.
– PF PPPs approach helps to constantly improve the quality of the PPP projects by creating standards and improving the understanding of how previous projects may have been ill designed or gone wrong.
It is too early to judge in practice the added value and the benefits of the PF PPPs concept as it has not yet really moved beyond the sphere of international organizations and managed to become a standard reference, despite the considerable efforts led by UNECE. Only time will tell.
However, even at this early stage, it can be argued that the concept will have to overcome some hurdles to become mainstream and fully operational. For instance:
– The added value of the PF PPPs concept needs to be made clear. PPPs is already a very broad concept. By definition PF PPPs are a subcomponent rather than an entirely new instrument. It could be argued that most PPPs already include part or all PF PPPs components and that those which have not done so had good reasons for that. Therefore it is not clear whether the adoption of the PF standards will have an impact on the ground and will be able to change the way projects are selected and designed, or whether the use of the PF PPPs approach appears only as a PR action.
– The criteria mentioned above have not met consensus. Let’s take the condition on scalability: it seems operative but in reality, it does not address the essence of a project. This condition could suggest that large projects that have a transformative effect of their own but cannot be replicated as there is room for only one project in a given country do not comply with the definition, which does not sound aligned with PF PPPs rationale. When taking a closer look, the exact content of the scalability concept may appear blurred: are we talking of scalability of the scheme, of the promoters and capital sources, of the contracts in place? Depending of the projects elements that are included in the upscaling, the concept may go from all encompassing to reduced to nil.
– PF PPPs definition runs the risk of lacking in clarity. At some point, all or nearly all projects could be qualified as People’s First PPP, while it could be the case for nearly no project under a stricter approach. The exact place of the cursor is open to controversy and at the end of the day might generate more criticism than what it was expected to solve: PPPs proponents will argue that their project is PF, while opponents will continue to deny it.
– The terminology of People’s First PPP implicitly suggests there are non-People First projects, which most will understand as “Money-First PPPs”. By creating a category of “good” PPPs, other projects that do not receive the label will implicitly be downgraded to dubious transactions with unclear motives, putting under stress both private and public partners. The general public may be led to think that non-People’s First PPPs are bad projects which should be rejected. We believe that this would be harmful as PPPs may be designed to answer different problems and should not be criticized for the sole reason they do not fall under the PF umbrella.
In addition, there could be an issue with already operating projects that could be delegitimized as non-PF PPPs, thus offering a political basis to Governments to terminate them with or without proper private partner indemnity. This would probably disrupt the PPP market in the country where it would take place and even in wider geographic circles. The PF concept in such circumstances would have just contributed to intensify the criticism on PPPs rather than promoting them.
So far, as showed by a simple Google search, the use of the concept has not significantly extended beyond the UN sphere. This is obviously due to the fact that the concept is relatively new. There are however some grounds that slow down its adoption. First practitioners and observers need to be convinced of the added value of the concept, and this obviously will take time. The idea has so far encountered a mixed reception, some practitioners voicing enthusiasm for what they see as a new development tool, while others, possibly out of conservatism, pain to see the added value. Second, Government in developing countries, especially at the beginning of their PPP journey, too often understand PPPs as some magic instrument that will solve the infrastructure problems without threatening fiscal balance; in that respect they do not see the need to add new constraints to an instrument which is seen as positive whatever happens. Lastly private sector alone will not take the lead as they are afraid to be perceived as hypocritical.
These difficulties combined with the relatively slow start of the approach suggest that some precautions have to be implemented to avoid that the extensive use of the People’s First PPPs concept generates additional criticism on PPPs and become counterproductive. We suggest the following:
(1) Make it clear that there are diverse types of PPPs that are not subject to criticism per se, even though they are not People’s First as per UN criteria. For instance, PPPs could be classified as (1) People’s First – those who provide basic services to low income users, (2) Technical – those who improve the quality of service and (3) Financial – those who decrease the cost of service or alleviate fiscal burden. The underlying idea is not to promote another classification, which has inevitably its limitations and drawbacks, but rather to indicate there are diverse types of PPPs that should not be abandoned for the pure reason they are not PF.
(2) Work inclusively with international organizations, academia and NGOs in the one hand, and private sector in the other hand, to promote the notion through widespread consensus. The end goal should be to increase private financing of infrastructure, not create grounds to criticize and finally stem private sector financing. This cannot happen without major involvement of private actors, Banks and Contractors in the front line. The success of the Equator Principles in project finance shows the way, even though the PF PPPs take place in an even more complicated environment which mixes public and private spheres than private project finance.
(3) Define a clear road map and vision of how the concept should be used and what role it should play. What incentives for Governments to take it onboard? What consequences for the Private sector? One step in this direction is to accelerate the work on measurable standards and widely circulate them to help public understanding of what are PPPs, PF PPPs and what social impact they have.
In conclusion a difficult political line needs to be drawn where PF PPPs would be seen as a refinement of the PPP approach rather than a critic of the past. More research and debate are necessary to achieve the required clarity and visibility, and avoid the fool traps of what could be otherwise a dangerous illusion, rather than a useful step forward.
Thibaut Mourgues, PPP Advisor
 source: UNECE, Guidebook on promoting good governance in PPPs, 2008
 source: draft Proposal for an Evaluation methodology for ‘People-First’ Public-Private Partnerships’, retrieved on https://www.unece.org/ppp/forum2018.html
On Wednesday 28th of November, 4IP Group Research Associates Torkil Hvam Sørensen and Patrick FitzGerald attended the UN Forum on Business and Human Rights 2018 at the Palais des Nations in Geneva. It is the world’s largest annual gathering on business and human rights with more than 2,000 participants from various stakeholder groups including governments, businesses, civil society, and investor organisations. The Forum serves as a global platform for stakeholders to discuss trends and challenges in the implementation of the UN Guiding Principles on Business and Human Rights.
The two 4IP Group delegates attended sessions where it was discussed how investors can drive more and better human rights due diligence, how business practices and their outcomes for people can be measured and what the current issues are in human rights reporting by businesses. Some key issues raised were that there is a lack of data and transparency by businesses on the topic of human rights as well as a lack of guidance to assess the materiality of human rights issues. Despite continuous improvements in human rights reporting these last years, there remains a lot of work to be done as it was noted that many businesses have already made commitments but are yet to measure outcomes and that they mostly focus on reporting positive impacts without commenting on the adverse impacts that they may have. It was recognized that investors can make a difference and that they are the main driver for better reporting, but it seems that investors are more willing to divest than to engage which may prevent them from having interesting discussions with businesses.
By attending the Forum, 4IP Group has gathered an overview of the current practices and challenges in human rights due diligence. 4IP Group has gotten insights on pioneering initiatives in this field that are being led by organisations such as Shift and the Investor Alliance for Human Rights which provide guidance to investors on their responsibilities regarding human rights issues. This will allow 4IP Group to better advise investors on how to carry out human rights due diligence according to best practice.
On Monday 29th of October, 4IP Group Managing Partner, Elsa Sarmento attended the half-day IRIS Upgrade Working Group Meeting aimed at facilitating an upgrade process for IRIS which will evolve IRIS from being a catalogue of generally accepted performance metrics to a comprehensive impact measurement and management (IMM) system that enables users to find specific resources, guidance, metrics, and templates based on needs and preferences.
On Tuesday and Wednesday, 30-31st of October, Elsa Sarmento will be attending the actual GIIN Investor Forum considered the global congress for the impact investing community. As the largest global gathering of impact investors and aspiring impact investors, the event serves as the vital hub for the most current information, opportunities, and connections in the field. From 4IP Group’s participation, we hope benefit and learn from the biggest leading actors in the impact investing industry in our quest to contribute to the shaping of a new future for the financial markets, e.g. through increasing the knowledge of the Impact Investing from the editing of a Handbook on Impact Investing.
From the exciting agenda drawing on the GIIN’s unparalleled experience 4IP Group in addition to attending the many plenary sessions will also be found at several of the streamed parallel sessions; refreshment & networking breaks and the drinks receptions where we look forward to showcasing our project portfolio and (ESG) advisory services as well as exploring new opportunities and potential external partnerships.
Please check our new Working Paper on contribution of Pension Funds to the supply of Impact Capital:
UNCTAD World Investment Forum 2018
On 22nd to 26th of October, 4IP Group Managing Partner and current President Christian Kingombe and 4IP Group Research Associate, Torkil Hvam Sørensen, will be attending the UNCTAD World Investment Forum 2018, at the Palais des Nations in Geneva, the United Nations Headquarters in Europe and an international business, economic development and diplomacy hub.
The UNCTAD World Investment Forum celebrating its 10th anniversary is the pre-eminent global platform for investment and development. The Forum devises strategies and solutions for global investment and development challenges. It facilitates multi-stakeholder collective action to stimulate investment in development. The Forum offers a unique opportunity to influence investment-related policymaking, shape the global investment environment, and to network with global leaders in business and politics.
This will be 4IP Group’s inaugural participation in this major event, in our continued quest to participate in the creation of increased awareness for impact investing in Switzerland and beyond, while at the same time matching Swiss, Italian, French and Danish Impact Investors with investment opportunities in Emerging and Frontier Markets (see our event showcase).
The two 4IP Group delegates are looking forward to meeting with the +5,500 investment stakeholders as represented by a unique mix of impact entrepreneurs, (impact) investors, as well as sovereign wealth fund managers, investment treaty negotiators, heads of investment promotion agencies, international investment location experts, heads of international organizations, and the members of the EMPRETEC network during this leading forum to leverage investment policy for sustainable development.
Christian and Torkil have both signed up to the UNCTAD World Investment Forum 2018 online community in order to be able to see who else is attending, start conversations with them, and to see which of our Twitter and LinkedIn connections are coming, as well as building a personal schedule of sessions which we are planning to attend. Should anyone wish to book private meetings with us, we can be reached through the UNCTAD Conference Application, but otherwise we can be found at the following Programme Sessions:
Official Opening of the Investment Village
2:00 PM – 2:15 PM, Mon, 22, Oct, 2018.
UNCTAD Youth Forum 2018: Youth Entrepreneurship: A force towards inclusive and sustainable growth globalization
2:00 PM – 6:00 PM, Mon, 22, Oct, 2018: Room XXI
See Christian Kingombe’s Book Review of ‘Youth Employment in Africa: Harnessing the power of the private sector to create sustainable work opportunities for Africa’s youth’ by World Bank. African Journal of Political Science and International Relations (AJPSIR). 2010. 85 pp.,
3:00 PM – 4:00 PM, Mon, 22, Oct, 2018: Assembly Hall (3rd floor).
2018 United Nations Investment Promotion Awards
4:00 PM – 4:30 PM, Mon, 22, Oct, 2018: Assembly Hall (3rd floor)
Global Investment Game Changers Summit
4:30 PM – 6:30 PM, Mon, 22, Oct, 2018: Assembly Hall (3rd floor).
Global Leaders Investment Summit I: Investment in A New Era of Globalization
10:00 AM – 1:00 PM, Tue, 23, Oct, 2018: Assembly Hall (3rd floor).
IIA Break-out session, UNECA: Promoting transformative investment in Africa through regional integration
12:30 PM – 2:30 PM, Tue, 23, Oct, 2018: Room XXVI.
Private Sector Solutions for Sustainable Development: ISO standards: helping to make the 2030 Agenda a reality
1:30 PM – 2:30 PM, Tue, 23, Oct, 2018: 3rd Floor, Bulding E, Exhibition Area.
Investment Promotion Conference
2:45 PM – 5:45 PM, Tue, 23, Oct, 2018: Room XXVI.
Sustainable Stock Exchanges (SSE) Global Dialogue
3:00 PM – 6:00 PM, Tue, 23, Oct, 2018: Room XVII.
4IP Group through one of its Managing Partner is affiliated, via IIX Chapter Lusaka, to the Impact Investing Exchange (IIX) which Introduced the Women’s Livelihood Bond™, which is a US$8 million bond for impact enterprises and microfinance institutions to grow their businesses and scale social impact. The world’s first listed bond with dual focus on financial and social returns, empowering the lives of over 385,000 women in Southeast Asia. We plan to roll this innovative tool for financing the SDGs in Africa via our involvement in our newly co-established “For Women In Africa”. IIX’s Impact Exchange is the world’s first Social Stock Exchange dedicated to connecting impact enterprises with capital that reflects values.
Main Obstacles and Solutions to Investments in Africa
4:00 PM – 6:00 PM, Tue, 23, Oct, 2018: Room XI (3rd floor).
6:30 PM – 8:00 PM, Tue, 23, Oct, 2018: E-Building, 1st/3rd floor
Talking Business: Africa I
8:00 AM – 9:45 AM, Wed, 24, Oct, 2018: Room XXIII
Private Sector Solutions for Sustainable Development: Introduction to Blockchain for Sustainable Development
9:00 AM – 10:30 AM, Wed, 24, Oct, 2018: 3rd Floor, Bulding E, Exhibition Area
Global Leaders Investment Summit II
10:00 AM – 1:00 PM, Wed, 24, Oct, 2018: Assembly Hall (3rd floor).
IIA Break-out session, FES, ICJ and IISD: Investment for sustainable development: incorporating investor obligations in trade and investments agreements
1:00 PM – 2:30 PM, Wed, 24, Oct, 2018: Room XXVI
Talking Business: Africa 2
1:15 PM – 2:45 PM, Wed, 24, Oct, 2018: Room XXIII
Sovereign Wealth and Pension Funds Dialogue
2:30 PM – 5:00 PM, Wed, 24, Oct, 2018: Room XXII.
4IP Group is actively involved in the ESAFON-led Swiss Impact Initiative, which is focusing on engaging with the Swiss Institutional Investors to incentivize them to allocate a higher share of their portfolio towards the Impact Investing asset class. Moreover, see our new resource publication on this topic which can be accessed here: http://4ipgroup.org/resources/
See also paper “Overcoming the global developmental and environmental challenges: The Role of capital markets and Institutional Investors.” Published on February 27, 2017 by Christian Kingombe.
Responsible Agricultural Investment
3:30 PM – 6:00 PM, Wed, 24, Oct, 2018: Room XXV
For the social impact investors focusing on the agricultural sector please allow us to draw your attention towards our growing portfolio here: http://4ipgroup.org/portfolio/ Teasers will be delivered to interested investors upon request.
ISAR Honours 2018
5:15 PM – 6:00 PM, Wed, 24, Oct, 2018: Room XVII
For those interested in commissioning best practice on sustainability and SDG reporting from 4IP Group please get in contact with us and take a closer look at our expertise here: http://4ipgroup.org/training/ and here: https://siia.ch/showcases
Private Sector Solutions for Sustainable Development: Climate-Smart Agriculture is Business-Smart, cases from Latin America
9:00 AM – 10:00 AM, Thu, 25, Oct, 2018: 3rd Floor, Bulding E, Exhibition Area.
People-first public-private partnerships
10:00 AM – 1:00 PM, Thu, 25, Oct, 2018: Room XXIV
To access a sample of 4IP Group’s most recent PPP resources please click here: http://4ipgroup.org/resources/
Ministerial Roundtable on Entrepreneurship
10:00 AM – 1:00 PM, Thu, 25, Oct, 2018: Room XX (3rd floor)
We will be attending this event as part of our support to the UNCTAD EMPRETEC Programme.
See most popular paper by Christian Kingombe: Review of the most recent literature on Entrepreneurship and SMEs. Input to DFID’s Wealth Creation Agenda: Making British International Development Policy more focused on Boosting Economic Growth and Wealth Creation.
Mobilizing investment for Inclusive and Sustainable Industrial Development in Africa: 1:15 PM – 2:45 PM, Thu, 25, Oct, 2018. Room XXVI
To read about how 4IP Group’s is mobilizing Sustainable / ESG / Impact Investing for impact enterprises and sustainable infrastructure projects in Emerging Markets please click here:
Family Businesses as a Force for Long Term Good
3:00 PM – 5:00 PM, Thu, 25, Oct, 2018: Room XXV
Regarding What is the role of businesses in delivering on the SDGs, particularly in emerging markets? We will be happy to discuss the role of some of the businesses in our portfolio: http://4ipgroup.org/portfolio/
Empretec Women in Business Awards 2018
6:00 PM – 7:00 PM, Thu, 25, Oct, 2018: Assembly Hall (3rd floor)
4IP Group is a founding member of the new facility “FOR WOMEN IN AFRICA”. This Association aims to promote the development of the economic and social status of women in Africa. The Association aims to promote women’s entrepreneurship in Africa in the green economy. It may, in particular:
For more news and links to our future not-for-profit work within this NGO click here: http://4ipgroup.org/news/
7:00 PM – 9:00 PM, Thu, 25, Oct, 2018 : Salle de Pas Perdu.
IIA Break-out session, CUTS International: Improving policy coherence to attract export oriented FDI for sustainable development: taking forward phase 3 of IIA reform: 8:00 AM – 9:30 AM, Fri, 26, Oct, 2018: Room XXVI
Creating more and better jobs through investment
10:00 AM – 1:00 PM, Fri, 26, Oct, 2018: Room XXVII
4IP Group Managing Partner spent the first almost four years of his career working to promote the ILO’s Decent Work Agenda, which was followed by writing a PhD thesis focusing on how to create more jobs using labour-based rehabilitation and construction technology on rural roads in least developed countries (Zambia): An Enquiry into the Causes and Nature of the Transmission Mechanisms between Labour-Based Rural Roads, Sustainable Growth, and Agricultural Trade in Zambia‟s Eastern Province.
See also the following paper by Christian Kingombe: Employment Effects of Foreign Direct Investment in Host Developing Countries: Survey and Trends.
Special Economic Zones: Challenges and Opportunities
10:00 AM – 1:00 PM, Fri, 26, Oct, 2018: Room XXIII
To access a think piece by 4IP Group Co-Founding Managing Partner, Dr. Kingombe, click here:
Women Entrepreneurship and the SDGs
10:00 AM – 1:00 PM, Fri, 26, Oct, 2018: Room XI (3rd floor)
Again 4IP Group is happy to discuss to objectives of the new NGO “For Women in Africa” which we have just co-founded, which focuses on this theme.
Using Blended Capital to Finance the SDGs
10:30 AM – 1:00 PM, Fri, 26, Oct, 2018: Room XXII
4IP Group founding managers are all previous senior African Development Bank (AfDB) officials. 4IP Group recently joined the Swiss Impact Investing Association (SIIA). 4IP Group also founded the IIX Chapter Lusaka: https://iixfoundation.org/chapters/lusaka-chapter/ , which is a global initiative run by local leaders to connect the Wall Streets of the world with the backstreets of our communities. Together, IIX Chapters will explore the positive relationship between financial profit and positive impact by creating local communities of professionals across sectors that collaborate to achieve sustainable development and equitable growth in their cities.
4IP Group is similarly in the process of establishing a Global Steering Group for Impact Investing (GSGII) National Advisory Board in Lusaka, Zambia, which will be the first LDC joining the Impact Revolution led by Sir Ronald Cohen & GSGII: For more information click here: https://www.linkedin.com/pulse/dr-austin-mwape-day-2-icazambia-delivers-keynote-speech-kingombe/
Forum Outcome and Closing
5:00 PM – 6:00 PM, Fri, 26, Oct, 2018: Room XX (3rd floor).
6:00 PM – 8:00 PM, Fri, 26, Oct, 2018: Investment Village.
See you next week at the Palais des Nations.
4IP Group Managing Partner and current rotating president, Christian Kingombe, and 4IP Group Zambian Pipeline Officer & IIX Chapter Lusaka Lead, Haggai Chomba, will be attending the Global Steering Group for Impact Investing (GSGII) Impact Summit “The Power of Impact: Driving to Tipping Point 2020”, 7-9 October in New Delhi, India.
4IP Group has a wealth of exciting impact investing projects in our pipeline, including an exciting Affordable Housing (Sun City – Athi River) project South of Nairobi, Kenya; a Solar Power (Africa Utility Solar) Fund focusing on Sub-Saharan Africa; several wind power parks (Naxxar 1-4) in Romania; Biofuel (Green Fuel Sugar Estate and Ethanol Production Plant) project in Zimbabwe; Fruit Juice project in Guinea; PPP transport infrastructure projects in Tanzania and Uganda as well as numerous small, medium and large scale impact enterprises operating from Zambia.
As on-going Impact Investing Market Builders in Zambia, hitherto through the Impact Investing Exchange (IIX) Chapter Lusaka, we are looking forward to participating in the GSGII Summit’s first day’s Workshop for National Advisory Boards (NABs) and potential future NABs on Sunday October 7 in order to get to know existing, new and potential future NAB members from around the world as well as exploring and learning more about the following categories: NAB Structure & Governance, NAB Leadership, NAB Communication & Education, NAB Sustainability, NAB Delivery & Achievements in Market Building, Other Market Building topics?
During the remaining part of the GSGII Summit we are looking forward to in-person conversations with impact investors regarding our above mentioned impact investment pipeline and to meet with other 900 impact leaders of the global impact investing ecosystem engaged with key issues pertaining to demand; supply; intermediation; policy & regulation; and Market Building as the five core building blocks of the global impact investment eco-system issues. See you in New Delhi.
By Torkil Hvam Sørensen & Christian Kingombe, 4IP Group, 25 September 2018
4IP had the pleasure of attending a seminar on impact investing organised by the Geneva Chamber of Commerce, Industry and Services (CCIG). With the title Impact investing: quelle contribution au développement durable? [Impact investing: What contribution to sustainable development?], the seminar invited three speakers to present their thoughts on the industry’s current status and road ahead.
Bernd Balkenhol Professor of Micro-Finance and Financial Inclusion from the Geneva School of Economics and Management (GSEM) and member of Geneva Finance Research Institute (GFRI) as well as founder of the ILO’s Social Finance Programme, argued that while impact funds certainly represent much-required influx of capital to financing the SDGs, investors should also look beyond impact investing and consider ESG impact. The current ratio of impact investments, Professor Balkenhol continued, is skewing towards financial services (19%) energy (14%) and Microfinance (9%). Professor Balkenhol urged investors to spread investments to areas that also require enormous injections of capital, such as Affordable Housing, Health, Access to Education and Healthcare as well as WASH. Among the many challenges that lie ahead for impact investing, Professor Balkenhol mentioned verification and certification, access to time series data, harmonisation of measures, and a set of standardisation impact measures. Green washing from mainstream asset managers is furthermore a concept that could potentially discredit the impact investing industry, as a dedicated niche of sustainable investing. Many investors are playing with the right words and declaring green and social impact in report mechanisms, while in reality the investments have little real substance. To overcome this large risk to the impact investing sector, Patrick Scheurle, the chief executive officer of Blue Orchard Impact Investment Managers, recently told ESG Clarity that “In our interpretation, impact investing requires an active element. It is investing with the intent to make a positive difference, to actively engage with the investees to translate that investment into making a difference. At the reporting level they need to measure and report on their achievements.”
Guillaume Bonnel from Banque Lombard Odier & Cie presented how his bank has transformed its conventional investment strategy five years ago to respond to services needed in developing countries. Since then the bank’s investment portfolio has to a higher degree steered its investments towards impactful projects. Lombard Odier aligns impact investments with three pillars: Inclusive finance, Sustainable agricultural development, and SME Impact (access to energy, water and education). To date, the bank has invested in, among others, microfinance to women in India, provided capacity-building farmers in Peru to obtain Fair Trade labels, provided access to energy in Tanzania and West Africa through solar panels, and funded WASH projects in Colombia. Mr. Bonnel mentionned how ICT has leapfrogged in developing countries and how this development have helped the bank’s projects in Africa. On a final note, Mr. Bonnel touched on the subject of Green Bonds that pioneered in Geneva 10 years back and a market with defined use-of-proceeds that has grown by 159% year on year since 2013. Lombard Odier is involved in areas where green bonds can help reduce carbon emissions while being deemed to help in the fight against climate change and support the United Nation’s 2015 Sustainable Development Goals (UN SDGs). This will require substantial investments from private capital markets (to complement government and philanthropy). But the UN SDGs also provide significant opportunities for investors. According to a report by the Business and Sustainable Development Commission, achieving the SDGs could open USD 12 trillion of market opportunities and create 380 million new jobs by 2030. Impact investors have answered this call by tailoring products and funds to specifically address the SDGs as presented by Lombard Odier at the CCIG seminar. Moreover, Fifty-five percent of the GIIN respondents track the performance of at least some of their impact investments to the SDGs, a quarter of which noted that doing so helps them conceive of new investment strategies and opportunities.
Neville White, the head of SRI policy and research at EdenTree Investment Management stated that “The limitations of the UN SDGs become apparent when utilised as a framework for measuring impact of portfolios. The overlay tools hurried to market so far seek to apply simple metrics to complex business models in a bid to provide a comparative, quantitative impact ratings methodology. While this approach seems straightforward at first glance, our deeper analysis shows several weaknesses embedded in these methods. Not least, the data available from companies on operational impact is limited.” Hence, it was very pertinent that the last speaker of the GGIG event was Sylvain Massot the Chief Financial Officer from IMPAAKT. Mr. Massot began his presentation by adhering to the GIIN definition of impact investing, which emphasises that only companies that have true social and environmental intentions may consider their investments impactful. He continued by arguing that conventional Private Equity (PE) measures may not be useful indicators to assess potential impactful investments. Also, Mr. Massot touched on the subject of regulation, mentioning Article 173 of the French Energy Transition Law, which came into force on 1 January 2016. “It strengthened mandatory carbon disclosure requirements for listed companies and introduced carbon reporting for institutional investors, defined as asset owners and investment managers.” Lastly, Mr. Massot addressed the lack of a unified or centralised institution or measure to determine impact. For example, Mr. Massot questioned Nestle’s impact investments and called for a unified solution in the industry. To achieve this, more collective intelligence and real time data should be shared in the impact investing community. In other words, IMPAAKT believes that “we can all participate in changing the world for the better by inciting businesses to become a driving force for good. For this to happen, we need to measure the real impact that companies have on the planet and society. We need to gain knowledge on how their operations and products affect our very lives for better, or for worse. So that we can invest in, buy from or work for the companies that bring the most positive contribution to our world.”
The CCIG seminar was concluded by a panel discussion with the three speakers and Andrea Baranzini from Haute École de Gestion (HEG-) Geneva. Among the many insightful thoughts that were shared during this panel debate, the topic of impact measurement was further discussed. A point was also raised that while ESG ratings, e.g. designed to help investors identify financially material sustainability-related risks, is a good practice, it does not always provide the needed solutions to fulfil the SDGs.
 See Figure ii: Sector allocations by AUM and percent of respondents in the eighth edition of the GIIN’s Annual 2018 Impact Investor Survey, which provides a detailed look at a diverse, dynamic, and growing impact investing market. In 2018 GIIN received responses from 229 organizations that collectively manage USD 228 billion in impact investing assets.