In Africa, innovative financing is not only related to the mobilisation of the required scale of resources, but to the fundamental realignment of the systems that govern and channel investments.
Fundamental changes in how governments, investors, businesses, civil society, and other actors collaborate and do business are needed across the continent.
Aligning a COVID-19 recovery response with long-term sustainable development will require shifting from a piecemeal approach to a ‘whole of society’ approach. African money will need to be leveraged and blended with other sources of financing, including through commitments to reduce illicit financial flows through strengthened regulation.
There is no doubt Africa is up for the challenge. A total of 36 African countries, including ten out of the 16 INFF Pioneer Countries, have already started to development and implement INFFs. The continent’s has demonstrated its commitment to policy and institutional reforms that will link planning with finance, strengthen public-private collaboration, promote effective financial management and align budgets to the SDGs. These commitments will go a long way towards promoting and channelling innovative financing approaches to achieve the AU Agenda 2063 and the SDGs in Africa.