UPDATED: EU Names NSIA Boss, Orji Among Experts To Scale Up Finance In Low, Middle-Income Countries

The European Union has selected the Chief Executive Officer of the Nigerian Sovereign Investment Authority to be among twenty highly qualified experts to oversee the scaling up of financing for low- and middle-income countries.

This was disclosed in a statement released by the EU on Tuesday, obtained by THE WHISTLER.

The NSIA Boss, alongside the 19 other experts, met in Brussels, Belgium on Tuesday for the first time kick-starting their reflection on the challenges and opportunities of sustainable finance in partner countries with a view to providing recommendations to the Commission on how to scale up funding from the private sector.

They were selected on the basis of their expertise from their institution, while taking into account geographic and gender balance.

Orji will represent Nigeria and the African interest.

According to the EU, the High-Level Expert Group was selected at a time when multiple global crises like the Ukraine-Russia war among others are taking a heavy toll on the global economy.

The developments have threatened the progress towards achieving the “Sustainable Development Goals (SDGs), helping partner countries in accessing finance for their sustainable infrastructure projects is critical to a global recovery, in line with the Global Gateway strategy.”

The group’s mandate is to “identify over the next nine months how the European Commission could in a Team Europe approach contribute to bringing about the needed financing from the private sector for the massive investments required to tackle the most pressing global challenges and ensure sustainable development.

“The recommendations, expected to be presented around mid-2023, will inform a comprehensive Commission strategy to scale up sustainable finance in low- and middle-income countries. The strategy will be instrumental to bridge the investment gap in partner countries and to implement the EU Global Gateway strategy.”

Commenting on the development, the Commissioner for International Partnerships, Jutta Urpilainen said: “Russia’s war of aggression in Ukraine and its economic fallout has dramatically impacted countries around the world, increasing the funding gap needed to achieve the Sustainable Development Goals. Public resources continue to play an important role, but this is not enough. As Team Europe, we are stepping up our efforts to bring in private capital towards sustainable investments.

“I look forward to the recommendations of the High-Level Expert Group. These will feed into the EU’s forthcoming EU sustainable finance strategy for low and middle-income countries that will underpin and boost the delivery of Global Gateway.”

The Commissioner for Neighbourhood and Enlargement Negotiations, Oliver Várhelyi added: “In these difficult times, it is crucial to scale up sustainable finance in all low- and middle-income countries, including in our immediate Eastern and Southern Neighbourhood. These countries need substantial investments more than ever, especially now, in the aftermath of Russia’s war of aggression in Ukraine.

“If we want to see our partners in the Neighbourhood undertake the necessary reforms and invest in sustainable projects, more resources are needed, and we need to further mobilise the private sector. Our Economic and Investment plans designed together with our partners will undoubtedly have a key contribution in this regard.”

It added that 20 representatives from the European development finance institutions and multilateral development banks, together with relevant international organisations and fora have been nominated as observers.

These are African Development Bank (AfDB), Spanish Agency for International Development Cooperation (AECID), Asian Development Bank (ADB), Cassa Depositi e Prestiti (CDP), Coalition of Finance Ministers for Climate Action, European Bank for Reconstruction and Development (EBRD), European Development Finance Institutions Association (EDFI Association), European Investment Bank (EIB).

Others are Finnish Fund for Industrial Cooperation Ltd (FINNFUND), the Netherlands Development Finance Company (FMO), International Monetary Fund (IMF), Inter-American Development Bank (IADB), International Platform for Sustainable Finance (IPSF), Kreditanstalt für Wiederaufbau (KfW), Organisation for Economic Co-operation and Development (OECD), Proparco (on behalf of AFD group), the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), United Nations Development Programme (UNDP), United Nations Environment Programme- Finance Initiative (UNEP-FI) and World Bank Group.

Full List:

• Ms. Ayaan Adam, Senior Director and Chief Executive Officer, African Finance Corporation
  Capital Partners
• Dr Kenneth Amaeshi, Professor, European University Institute
• Mr. Obaid Amrane, Chief Executive Officer, Ithmar Capital
• Mr. Antoni Ballabriga, Global Head of Responsible Business, Banco Bilbao Vizcaya Argentaria
• Mr. Hans-Ulrich Beck, Global Head ESG Products / Executive Vice-President, Product Strategy
  and Development, Sustainalytics
• Dr G Ganesh Das, Chief – Collaboration & Innovation
• Mr. Michael Gotore, Chief Financial Officer, Namibia Power Corporation
• Ms. Nadja Håkansson, Senior Vice-President Hub Africa, Siemens Energy Africa
• Ms. Laetitia Hamon, Head of Sustainable Finance, Luxembourg Stock Exchange
• Mr. Martin Jonasson, General Counsel, Andra AP-fonden
• Ms. Judy Kuszewski, Chair, Global Sustainability Standards Board, Global Reporting Initiative
• Ms. Elodie Laugel, Chief Responsible Investment Officer & Executive Committee member,
  Amundi
• Ms. Senida Mesi, Leadership Council Member, Sustainable Development Solution Network
  (SDSN)
• Mr. Uche Orji, Managing Director / Chief Executive Officer, Nigerian Sovereign Investment
  Authority
• Dr Nicola Ranger, Head of Sustainable Finance Research for Development, Oxford Sustainable
  Finance Group, University of Oxford
• Ms. Alice Ruhweza, Regional Director for Africa, World Wide Fund for Nature (WWF)
• Mr. Thede Rüst, Head of Emerging Markets Debt Boutique, Nordea Asset Management
• Ms. Zalina Shamsudin, Head of International Programmes – Asia Pacific, Climate Bonds
  Initiative
• Mr. Claus Stickler, Global Co-Lead, Allianz Investment Management SE
• Mr. Iker Vinageras, Head of ESG Solutions, Bolsa Institucional de Valores