The Bank of Central African States has announced that an international forum will be held on 8 and 9 May in Douala under the theme “Trajectories towards sustainable finance”.

The objective of this meeting, organised in partnership with the International Finance Corporation (IFC) and the Sustainable Banking and Finance Network (SBFN), is to develop a common vision of sustainable finance for the countries of the CEMAC zone (Cameroon, Gabon, Congo, Chad, CAR and Equatorial Guinea), according to a Beac press release published on 3 May.

The central bank announced that the participants will include the heads of the CEMAC Commission, the sub-regional stock exchange (Bvmac) and the financial market regulator (Cosumaf), the sub-regional development bank (BDEAC), financial sector professionals and CEMAC ministers in charge of the economy and finance. Officials from the West African Monetary Union (WAEMU), the World Bank and the Bank and Sustainable Finance Network are also expected to attend.

During this forum, the States and financial institutions of the sub-region will be made aware of the advantages and opportunities of sustainable finance as well as strategies to move markets towards this type of financing. “This forum will help to generate a firm commitment from stakeholders operating in member countries, but also establish a solid connection between the CEMAC and international partners for the emergence of sustainable finance in the zone,” said the Beac in its statement.

With the aim of promoting the real economy as well as long-term projects, sustainable finance favours financial operations that take into account extra-financial criteria commonly known as ESG criteria (environmental, social and governance). This initiave comes at time when Cemac countries are facing economic challenges and hence will need to generate more income through sustainable finance.