Media Kit: DFC at UNGA 2024

NEW YORK, Sept. 24, 2024 /PRNewswire/ — Today, participating G7 development finance institutions (DFIs), MedAccess, the European Investment Bank (EIB), and the International Finance Corporation (IFC) announced the signing of a memorandum of understanding (MoU) for the Surge Financing Initiative for Medical Countermeasures (MCMs). These DFIs are working closely with global and regional health organizations to establish the collaboration frameworks and innovative financing mechanisms needed to support a rapid and equitable pandemic response. Building on lessons from the COVID-19 pandemic, the initiative will focus on the procurement, production, and distribution of vaccines, therapeutics, diagnostics, and other MCMs for low- and lower-middle-income countries. The MoU builds on the Joint Statement of Collaboration announced at UNGA last year as well as the Chair Summary and Report that outlined collaboration and innovating financing options. This effort is a joint collaboration between participating G7 DFIs, MedAccess, EIB, and IFC, in accord with G7 Hiroshima Vision for Equitable Access to Medical Countermeasures launched at the 2023 Hiroshima Summit and reaffirmed at the 2024 Apulia Summit.

The MoU was signed by the U.S. International Development Finance Corporation (DFC, USA), Cassa Depositi e Prestiti (CDP, Italy), British International Investment (BII) & MedAccess (UK), KfW & Germany’s Development Finance Institution DEG (Germany), AFD & Proparco (France), JICA (Japan), EIB (European Union), and IFC (World Bank Group). The MoU also has support from the Government of Canada and leading global and regional health organizations.  

This work builds on ongoing collaboration across many DFIs on regional manufacturing in Africa. The ongoing Mpox public health emergency underscores the importance of this collaboration and need for surge financing. Leveraging this initiative, DFIs met with leading global health organizations including the World Health Organization, Africa Centres for Disease Control and Prevention (Africa CDC), Gavi, and the Coalition for Epidemic Preparedness Innovations (CEPI) on August 22, soon after Mpox was declared a public health emergency of international concern, to discuss response efforts and financing needs.

“DFC is proud to support this first-of-its kind framework to ensure DFIs can act swiftly and cohesively to provide surge financing for life-saving products at the start of a health emergency. We expect to leverage this initiative for the Mpox response, working closely with our U.S. Government, development finance, and health partners More broadly, DFC’s investments in health services, supply chains, and technology all help bolster pandemic preparedness and health system resilience.” said DFC DCEO Nisha Biswal.

“JICA believes this surge financing initiative will enhance coordination among development finance institutions and health organizations to achieve our commitment to work towards equitable access to safe, effective, quality-assured and affordable MCMs for health emergencies, which Japan announced as Chair of the 2023 G7 Summit in Hiroshima.   Leveraging this initiative and JICA’s own lessons learned from the COVID-19 pandemic, we will continue to support countries that have suffered from inequitable access to MCMs in the past,” said Chief Representative of JICA USA Office Satoko Tanaka.

“IFC is proud to participate in this innovative framework to support medical countermeasure financing mechanisms, an important step for responding more effectively to future health crises. Collaboration between development finance institutions and global health partners is key to ensure coordinated efforts that strengthen healthcare systems and supply chains, enhancing pandemic preparedness.”  IFC Vice President of Industries Mohamed Gouled.

“DEG and KfW are committed to the UN Sustainable Development Goals, one of which is improving healthcare,” said Member of the DEG Management Board Monika Beck. “Therefore, we are delighted to support this initiative to provide financing for healthcare products during health emergencies, together with our trusted development finance partner institutions. We are convinced that it is essential to join forces to support improved access to critical health products when they are in short supply.”

“Sustainable development is linked to equitable and rightful access to health and well-being. As CDP, we strongly support this initiative, which has been mentioned in the G7 Leaders’ final declaration last June at the Apulia Summit, that will foster the development of health systems across emerging economies, ensuring the foundation is laid for research, production, and distribution of essential medicines, diagnostic equipment, and vaccines. The COVID-19 pandemic underscored the critical need for every nation to be equipped with the tools to safeguard public health in times of crisis. Achieving the 2030 UN SDGs will require robust global collaboration, and we are proud to partner with G7 DFIs, the European Investment Bank, and the International Finance Corporation to help make this vision a reality.” said CDP Director of International Development Cooperation Paolo Lombardo.

“The COVID-19 pandemic showed us the value of working together but also the need to coordinate our actions more closely,” said EIB Vice President Thomas Östros. “With joint efforts, we can multiply our impact and effectiveness, especially in meeting current challenges such as Mpox and in tackling future health emergencies. At the EIB, global health is a key priority, and we highly value this partnership.”

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“The MoU is an important step towards strengthening global health security and reducing the impact of future pandemics on vulnerable populations. This furthers our commitment, as the UK’s DFI, to invest in businesses that provide essential health services and products, including vaccines. It will ensure that future health crises can be mitigated to allow continued economic growth and social progress in low- and middle-income countries,” said BII Chair Diana Layfield.

“When critical health products are in short supply, fast and flexible capital can make the difference between life and death,” said CEO of MedAccess Michael Anderson. “The COVID-19 pandemic showed how quickly global supply chains can grind to a halt when overwhelming demand meets scarce supply. This led to inequitable distribution of medical products, leaving millions of people at risk from the disease. Today’s announcement underlines our shared commitment to being prepared for future pandemics with the capital and financial tools to enable companies to meet large-scale, urgent demand for lifesaving products.”

“A lesson learned from the COVID-19 crisis is that it is possible to mobilize significant public and private financial resources in turbulent times. Let’s use this experience of successful mobilization to anticipate effective pandemic preparedness. I believe this Memorandum of Understanding is one of the necessary steps towards better coordination among Public Development Banks to mobilize the private sector and demonstrates the catalytic power of joining forces for innovative financial instruments, as explored by Finance in Common and its Social Investment Coalition. Health is a common good, no one should be left behind in the face of a pandemic,” said Rémy Rioux, CEO of AFD Group (AFD, Proparco, and Expertise France) and Chairman of Finance in Common Summit in Paris.

The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights. 

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In today’s Fintech Pulse, we delve into some of the most significant developments reshaping the industry, with a spotlight on new partnerships, regulatory advancements, and the importance of cybersecurity compliance.

Anadolubank Nederland Teams Up with Worldline

In a strategic move aimed at enhancing its payments infrastructure, Anadolubank Nederland has signed a five-year deal with Worldline to implement a cloud-based instant payments solution. This collaboration aligns with the European Union’s regulations on instant payments and emphasizes the need for financial institutions to remain agile in the face of regulatory demands. Worldline’s solution will ensure Anadolubank is equipped with a secure, scalable platform that enhances customer experience while meeting compliance requirements. Notably, Worldline has been consolidating its position in the payments landscape, recently announcing plans to reduce its global workforce by 8% in a cost-cutting initiative, aiming for significant savings. (Source: FinTech Futures)

IN Groupe Acquires IDEMIA’s Smart Identity Business

In a critical development within the identity management sector, IN Groupe has completed the acquisition of IDEMIA’s Smart Identity business. This acquisition positions IN Groupe as a stronger player in the identity management space, integrating IDEMIA’s portfolio of cutting-edge digital identity solutions with its offerings. The acquisition comes at a time when digital identity and secure authentication are becoming increasingly critical across the fintech and government sectors, driven by the growth of digital financial services and the need for enhanced KYC (Know Your Customer) protocols. This move is expected to bolster IN Groupe’s capabilities in addressing identity challenges for both private and public sector clients. (Source: Fintech News)

Nubank Leverages Nasdaq Technology for Compliance in Colombia

In a strategic step to streamline its regulatory compliance, Nubank has adopted regulatory reporting technology provided by Nasdaq to ensure seamless operations in Colombia. Nubank, which has rapidly expanded its footprint in Latin America, continues to prioritize regulatory compliance as it scales its operations. Nasdaq’s technology will enable the digital bank to manage its reporting requirements more efficiently while adapting to the evolving regulatory landscape in Colombia. This development underscores the growing importance of regtech solutions in supporting fintech companies’ compliance obligations, particularly as they navigate diverse regulatory environments across multiple jurisdictions. (Source: The Fintech Times)

Experian Launches New KYC Tool for Enhanced Ownership Tracking

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As regulatory scrutiny continues to mount globally, Experian has launched a new tool designed to help businesses track ownership structures more effectively, simplifying the KYC (Know Your Customer) process. This tool aims to improve transparency and reduce the risk of money laundering by offering businesses better insights into their customers’ organizational structures. The new solution is especially relevant as regulators continue to push for stricter compliance measures across the fintech ecosystem, with emphasis on customer verification and anti-money laundering (AML) protocols. (Source: Fintech News Malaysia)

Openmarkets Gains ISO 27001 Certification

Australian-based wealth fintech, Openmarkets, has achieved ISO 27001 certification, highlighting its commitment to information security. In an era where data breaches and cybersecurity threats are escalating, this certification serves as a benchmark of Openmarkets’ dedication to safeguarding customer data and adhering to the highest global standards for information security management. Achieving ISO 27001 also positions Openmarkets more competitively in the fintech space, as cybersecurity compliance becomes increasingly crucial for customer trust and regulatory approval. (Source: CRN Australia)

M2P Fintech Secures Over $100 Million in Funding

In one of the largest funding rounds this quarter, M2P Fintech has raised over $100 million in a combination of primary and secondary funding. This round will fuel M2P’s ambitious growth plans, which include expanding its financial infrastructure offerings across the Asia-Pacific region. The fintech firm, which provides API-based solutions to banks and financial institutions, has been instrumental in enabling digital financial services in emerging markets. With this new funding, M2P is well-positioned to drive further innovation in payments and financial infrastructure solutions. (Source: Entrackr)

Final Thoughts

These latest developments highlight the fast-paced evolution of the fintech industry, driven by technological innovation, regulatory compliance, and strategic partnerships. From digital identity management to instant payments and robust cybersecurity frameworks, the fintech landscape is rapidly transforming, with companies investing heavily in scalable solutions to meet both customer and regulatory demands.

Stay tuned for more updates as we continue to track these exciting trends in the fintech world.

The post Fintech Pulse: Your Daily Industry Brief (24 September, 2024) appeared first on HIPTHER Alerts.

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• Global leaders align support for the World Bank Group (WBG) and the African Development Bank (AfDB) ambition to connect 300 million people in Africa to electricity by 2030.
• Bank Presidents share their vision for the initiative, Mission 300, that will connect close to half of the world’s un-electrified population.
• Prime Minister of Tanzania announced the African Energy Summit in Dar es Salaam, where African Heads of State, development partners, and private sector leaders will convene in January 2025.

NEW YORK, Sept. 24, 2024 /PRNewswire/ — At the 79^th United Nations General Assembly and New York Climate Week, the Global Energy Alliance for People and Planet Leadership Council (GLC) convened three dozen leaders from government, development finance, the private sector, and philanthropy, to garner support and commit resources to accelerate Mission 300, a broad partnership led by the World Bank Group (WBG) and African Development Bank (AfDB) to connect 300 million people in Africa to electricity by 2030. During the convening, AfDB President, Dr. Akinwumi Adesina, and WBG President, Ajay Banga, addressed world leaders for the first time since they launched the initiative in April during the World Bank Spring Meetings.

GLC Co-chairs, Jonas Gahr Støre, Prime Minister of the Kingdom of Norway, and Rajiv Shah, President of The Rockefeller Foundation, called on members to mobilize support and shared new commitments of their own. The Government of Norway endorsed Mission 300, and committed to supporting the acceleration of investment in renewable energy, including through a new state guarantee mechanism, existing collaboration with the World Bank and the African Development Bank and by advocating for a robust IDA21 replenishment. Meanwhile, The Rockefeller Foundation, GEAPP, and SEforALL, announced an initial $10 million Technical Assistance Facility to support Mission 300 and kickstart an initial 15 projects in 11 countries. 

This year’s annual in-person GLC convening was dedicated to advancing energy access in Africa, where more than half of the population live without electricity. Additional GLC members agreed to align efforts and resources, including, British International Investment, the UK’s development finance institution; Agence Française de Développement (AFD); the International Renewable Energy Agency (IRENA); Power Africa, a US-Government led partnership; and the United Nations Development Programme (UNDP), and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, among others.

“Development is about dignity and there is no dignity without electricity. Economies cannot grow in the dark,” Dr. Akinwumi Adesina, President of the African Development Bank said during the convening. “Energy is fundamental to Africa’s development. For us to achieve the ambition of Mission 300, we need to work together. I cannot think of better partners than the World Bank and all the members of the GEAPP Leadership Council to do this with.”

“The foundation of all growth is energy. Working together with the African Development Bank and GLC members, Mission 300 offers a new approach to financing and partnership,” said Ajay Banga, President of the World Bank. “I am encouraged by the momentum from today’s convening, which is critical to bringing together concessional capital, on-the-ground expertise, and the ability to plan and execute projects with urgency to drive impact.”

African leaders addressed the GLC, sharing the urgency and criticality of advancing energy access. They spoke to the insufficient speed and scale of the energy transition across the continent, welcoming Mission 300 as a platform to prioritize, innovate, and accelerate.

“Energy is the lifeblood of every civilization. We cannot advance our development agenda in Liberia without electricity,” said H.E. Joseph Boakai, President of Liberia. “I want to express our gratitude to the World Bank, African Development Bank, the Global Energy Alliance for People and Planet, and Alliance partners; this initiative gives me hope, and Liberia promises to take any opportunity we have through this initiative to put it to the best use for the interest of our people.”

“Nearly 600 million people, more than half of Africa’s population, lack energy access, hindering the continent’s economic growth. This is unacceptable,” said H.E. Kassim Majaliwa, Prime Minister of the United Republic of Tanzania. “Stronger coalitions among countries, development partners, and the private sector are crucial to closing the electrification gap. We commend the World Bank and African Development Bank for their bold commitment and GEAPP’s Alliance partners for their unwavering support to provide electricity to 300 million people by 2030, a step that could transform Africa’s future.”

With this goal in mind, the Prime Minister on behalf of Her Excellency Dr. Samia Suluhu Hassan, President of the United Republic of Tanzania, announced that the African Union, African Development Bank Group, and the World Bank Group, in partnership with the Government of the United Republic of Tanzania, will host a summit in Dar es Salaam to build high-level political momentum for Mission 300 in January of 2025.

GLC Co-Chair, Jonas Gahr Støre, Prime Minister of the Kingdom of Norway, reiterated the GLC’s commitment to backing Mission 300 saying, “The green transition is happening now. It is about giving all countries the same opportunities, creating jobs and cutting emissions. To give 300 million people access to electricity by 2030 is the kind of ambition we need. And we can achieve it, if we work smarter and better together.”

Speaking to the work of the Alliance, GLC Co-Chair, Raj Shah, President of The Rockefeller Foundation said: “In the past 24 months, GEAPP and its more than 50 partners have developed 130 projects across 40 countries, improving electricity access for over 50 million people, reducing 43 megatons of carbon emissions, and enhancing the livelihoods of over 2 million people. Yet, much more remains to be done. By supporting the Banks’ goal to empower 300 million Africans by 2030, we can drive the most impactful development initiative of our generation.”

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The GLC’s commitment to Mission 300 builds on its ongoing efforts to support emerging economies’ energy and climate solutions, including the Battery Energy Storage Consortium, which launched with 16 first-mover countries and over 19 technical and resource partners at COP28 in 2023. The Consortium is already accelerating deployment of battery storage in India, Malawi, Vietnam, and Barbados through projects totaling over 200 megawatts.

“Mauritania is committed to tackling one of Africa’s greatest challenges—access to affordable, reliable electricity. With over 600 million people across the continent still without power, we fully support the initiative led by the World Bank and AfDB as an extension of Desert-to-Power to provide electricity to 300 million people by 2030,” noted H.E. Mohamed Khaled, Minister of Energy and Petroleum of Mauritania. “In Mauritania, we are driving progress through innovative projects like the BESS Consortium, BEST and RIMDIR program, which will increase national electricity access to 70%. With nearly half of our energy already coming from renewables and groundbreaking hydrogen projects underway, Mauritania is leading the way toward a sustainable, reliable and inclusive energy future.”

“This is a race against time—we face either a future of escalating crises or one of transformational opportunity,” said Woochong Um, CEO of GEAPP. “GEAPP is bringing the power of our Alliance, including governments, businesses, and philanthropy to join and accelerate progress together to ensure universal access to reliable, renewable, affordable power. Initiatives like Mission 300 are not just smart—they are essential for building a sustainable future where everyone can prosper. Today, the GEAPP Leadership Council is proving that acting at scale and speed is possible. By changing energy, we change lives.”

About Global Energy Alliance for People and Planet (GEAPP)
The Global Energy Alliance for People and Planet (GEAPP) is an alliance of philanthropy, governments, technology, policy, and financing partners. Our common mission is to enable emerging and developed economies to shift to a clean energy, pro-growth model that accelerates universal energy access and inclusive economic growth while supporting the global community to meet critical climate goals during the next decade. As an Alliance, we aim to reduce 4 gigatons of future carbon emissions, expand clean energy access to one billion people, and enable 150 million new jobs. With philanthropic partners the IKEA Foundation, The Rockefeller Foundation and Bezos Earth Fund, GEAPP works to build the enabling environment, capacity, and market conditions for private sector solutions, catalyze new business models through innovation and entrepreneurship, and deploy high-risk capital to encourage private sector solutions and assist just transition solutions. For more information, please visit www.energyalliance.org and follow us on Twitter at @EnergyAlliance.

Contact: Eric Gay, Global Energy Alliance for People and Planet (GEAPP), [email protected]

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