Zambia is for more CFC investments
H.E. Mr. Sylvester Mundanda, Ambassador of the Republic of Zambia to the Benelux and the EU, is seen with Managing Director Ambassador Sheikh Mohammed Belal at the Secretariat of the CFC. After having presented his credentials to H.E. Willem-Alexander, King of the Netherlands, and other international organisations accredited to the Netherlands, Ambassador Mundanda came to the CFC, for the first time, to know more about the activities of the CFC and its impact on the ground.
Ambassador Mundanda was accompanied by Ms. Lina Mutandwa Chambwe, First Secretary Economic, and Ms. Hambaya Munang'andu, First Secretary (Press & Public Relations). Ambassador Belal was accompanied by Mr. Hector Besong, Risk and Portfolio Manager of the CFC.
During the discussion, following an introductory presentation on CFC, Ambassador Belal briefed Ambassador Mundanda on the current as well as probable future initiatives of the CFC. Ambassador Belal requested Ambassador Mundanda to bring much needed focus on the issues of sustainability and its importance for global food and nutrition security.
Highlighting the ongoing challenges following the enduing pandemic, war in Ukraine and challenges of climate change, Ambassador Belal shared the realities of the developing world which suffers most of the vulnerabilities.
Ambassador Belal also briefed Ambassador Mundanda on the ongoing initiative on the formulation of a fund titled Agricultural Commodity Transformation (ACT) Fund (formerly referred to as ‘CIIF’) and thereby enabling CFC to contribute more for alleviation of poverty. Once formed, the ACT Fund could also be an avenue for member countries to join this impact investment fund as anchor investors.
Ambassador Mundanda highlighted how their government is investing in transition to new more profitable industries and would like to see more investment from CFC as well in its drive to do more for the people of Africa and beyond. Before taking leave, Ambassador Mundanda assured that he will do his best to bring good project ideas from his country and the region as well as promoting the idea of impact and necessary investment required for such impacts, as best as he could.
Elaborating on the perpetual problem of lack of sovereign guarantee for the small tickets investments, Ambassador Belal urged Zambia to consider more sovereign guarantee for CFC type investments so that more impacts could be leveraged at the grassroots. The present system of sovereign guarantee for big ticketed investments should be balanced out as more and more people are now dragging back to poverty. We must get our priority right, insisted Ambassador Belal. Zambian Ambassador also agreed to this proposition and assured to take the issue of sovereign guarantee with his government as well.
Ambassador Belal assured to pursue more innovative outreaches in the days to come to make the services of CFC available to as many people as possible in the commodity dependent developing world, with a heightened sense of innovations and creativity.
