Engaging the private sector in the resilience of the West African coastal zone
NDF presents models for private sector engagement at the first WACA Marketplace this week in Abidjan, Cote d’Ivoire
The WACA Marketplace is an initiative under the WACA Platform led by the World Bank and working with six countries: Benin, Cote d’Ivoire, Mauritania, Sao Tome and Principe, Senegal and Togo. The WACA Platform and the WACA Resilience Investment Project form the two key elements in the West Africa Coastal Areas Management Program (WACA) led by the World Bank and co-financed by NDF.
The objective of this first WACA Marketplace is to facilitate and simplify the match-making process for new projects and investments, and to begin a dialogue between countries, potential financial partners, and the WACA Platform. As countries and financial partners align potential projects of interest, the WACA Platform and its partners can support the process of technical studies and assessments required to move from project concept to an investment-ready design.
The first WACA Marketplace included a thematic session on how to involve the private sector more in the implementation of actions to strengthen the resilience of the West African coastal zone in the face of climate change. In the private sector session, the Nordic Development Fund (NDF) presented different models for engaging the private sector in climate change solutions. NDF Program Manager Aage Jorgensen highlighted the Kenya-Nordic Green Hub as a way to create a solution-oriented Public-Private Partnership to address city challenges in Nairobi. The Pro Adapt Program in Latin America shows that it is possible to have SMEs adapt to climate change and at the same time develop business models for building climate resilience. The African Guarantee Fund (AGF), with its new West Africa program, is an opportunity for SMEs to access finance through AGFs partial loan guarantees to commercial banks in local currency.
The first WACA Marketplace had more than 150 participants including ministers of finance and environment from Cote d’Ivoire, government agencies from the six countries, representatives of international finance institutions, regional development banks, bilateral development agencies, private sector organisations, international NGOs and the World Bank.
The West Africa Coastal Areas (WACA) Platform launched in Dakar, Senegal, in November 2018 with the aim ofaccelerating knowledge development and exchange, leverage financing at the scale needed to strengthen the West African coastline’s resilience, and foster the political and technical dialogues needed to ensure the engagement and buy-in of all stakeholders to ensure coordination and sustainable results. The Platform is organized into three Pillars – Knowledge, Finance, and Dialogue. As part of the Finance Pillar, the first edition of the WACA Marketplace took place in Abidjan, Cote d’Ivoire 18-19 November 2019.
More information
World Bank: West Africa Coastal Areas Management Program (WACA)
