Kigali, Rwanda: 17 May 2024: AVPA and Convergence have renewed a Memorandum of Understanding (MoU) through a strategic framework aimed at expanding the Blended Finance ecosystem across Africa.
AVPA is the leading pan-African network and ecosystem builder for social investors, bringing together investors to collaborate, mobilise, and deploy capital across grants, debt, or equity, as well as human and intellectual capital for maximum social impact.
To support the continent’s progress towards the Sustainable Development Goals (SDGs) and African Union’s Agenda 2063, Africa requires financing of $1.6 trillion through 2030. Blended Finance is one way to mobilise private capital at scale in the region.
Under this MoU, Convergence and AVPA will collaborate on capacity and knowledge building for key stakeholders in the region, work together on creating Africa-focused knowledge assets and research, and jointly develop and manage a new Blended Finance executive education programme.
Additionally, the organisations will engage in influencing and convening activities aimed at advancing the catalytic use of philanthropic capital through Blended Finance structures. These activities include conferences, roundtables, workshops, and more.
“Blended Finance is crucial to the achievement of the Sustainable Development Goals in Africa,” says Frank Aswani, CEO of AVPA. “The strategic partnerships and conditions required for Blended Finance structures to succeed can effectively enable private sector investment in micro, small, and medium enterprises and large-scale projects across Africa. This partnership between these leading networks will take us several steps closer to this goal.”
“Convergence shares AVPA’s vision for an African continent where collaborative and strategic investment results in the achievement of the SDGs,” says Aakif Merchant, Director at Convergence. “This deepening of our strategic partnership with AVPA will serve as a force multiplier to support the development of the continent’s growing blended finance ecosystem.”