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ECOWAS Community Development Programme (CDP)

High Level ConferenceTHEME: Regional Development Financing: Strategies and

innovative approaches for the mobilization of Internal Resources in the ECOWAS Region

Technical Document

DRAFT DO NOT QUOTE

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Table of Content

Page

I. Background and Rationale of the Conference.........................................5

II. Objectives and Expected Outcomes of the Conference...........................6

II.1 Objective of the Conference...............................................................6

II.1.1 Overall Objective..........................................................................6 II.1.2 Specific Objectives.......................................................................6

II.2 Expected Outcomes of the Conference.............................................7

III. ECOWAS Community Developement Programme (CDP) : a Coherent Framework of West African Development Initiatives................................8

III.1 The Formulation Process of the Programme : a Coherent, Participatory and Inclusive Formulation Process.....................................8

III.2 – Priority Area of Intervention of the ECOWAS Community Development Programme (CDP.............................................................11

IV. Regional Development and the Issue of ECOWAS CDP Financing......12

IV.1 Domestic Funding sources.............................................................12IV.2 External Funding sources...............................................................14

V. Main Themes and Proceedings of the the Conference..........................17

V.1 Themes of the Conference..............................................................17

V.1.1 Sub-Theme 1: Innovative financing Mechanisms : An Unexplored Potential.......................................................................17

V.1.2 Sub-Theme 2 : Financing Regional Development through Private Sector : Contribution of the Public- Private Partnerships (PPP)...........20

V.1.3 Sub-Theme 3 : Regional/Continental Financial Institutions and Development Financing in the ECOWAS Region.................................25

V.2 Conference Proceedings.................................................................30

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AcronymsABN : Niger Basin AuthorityACP : Africa – Caribbeans – Pacific CountriesAfDB: African Development BankADF: African Development FundAFAO : Network of West African Women’s AssociationsAFD : French Development AgencyASF: African Solidarity FundAU African UnionAUC: African Union CommissionBADEA: Arab Bank for Economic Development in AfricaBAU: Business As UsualBCEAO: Central Bank of West African StatesBOAD: West African Development BankBRVM: Regional Stock ExchangeCDP : Community Development ProgrammeCDPA : ECOWAS CDP T21 Aggregate ModelCDP-NCs : CDP -National CommitteesCET Common External TariffCGIAR Consultative Group on International Agricultural ResearchCIDA : Canadian International Development AgencyCRES : Consortium for Economic and Social ResearchCSO : Civil Society OrganisationDANIDA: Danish Agency for International DevelopmentDFIDFID:

Development Financial InstitutionsDepartment for International Development

EBA Everything But ArmsEBID: ECOWAS Bank for Investment and DevelopmentUNECA : United Nations Economic Commission for AfricaECOPOST: ECOWAS Policy on Science and TechnologyECOSTAT: ECOWAS Economic DatabaseECOWAP: ECOWAS Common Agricultural PolicyECOWAS: Economic Community of West African StatesEDF: European Development FundEEEAO: Specialised Organ for the Exchange of Electrical Energy in West AfricaEGDC: ECOWAS Gender Development CentreEIB European Investment BankEPA Economic Partnership AgreementESF: ECOWAS Stand-by ForceETLS: ECOWAS Trade Liberalization SchemeEU: European UnionFAIAO: Federation of West African Industrial AssociationsFANAF-FAO:

Federation of African National Insurance Companies LawFood and Agriculture Organisation

FEFA: Federation of Women Entrepreneurs and Business of ECOWASFETP: Financial Economic and Technical PartnerFEPAWAS Association of Agencies for Investment Promotion in West African StatesFEWACCI: Federation of West African Chambers of Commerce and IndustryFWAEA: Federation of West African Employers’ AssociationsGDP: Gross Domestic ProductGER Gross Enrolment RateGIABA : Inter-Governmental Action Group against Money Laundering in West AfricaGSP Generalised System of PreferencesGTZ: German Technical Cooperation

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HCR High Commission for RefugeesHDI: Human Development IndexHIPC: Highly Indebted Poor Countries InitiativeIDA: International Development AssociationIDRC: International Development Research CentreIFAD: International Fund for Agricultural DevelopmentIFC: International Finance CorporationIFPRI: International Food ProgrammeIGOs : Inter-Governmental OrganisationsIMF: International Monetary FundINSAH: Sahel InstituteITC: Internal Technical Committee for the CDPMDGs: Millennium Development GoalsMI: Millennium InstituteMRU: Mano River UnionMTEF : Medium Term Expenditure FrameworkNCCs: National Coordination CommitteesNCM: Nigerian Capital MarketNDP: National Development PlanNEPAD: New Partnership for Africa’s DevelopmentNIP: NV20 : 2020 Strategy Implementation Plan, NigeriaNSAs: Non-State ActorsOAU: Organization of African UnityOECD: Organization for Economic Cooperation and DevelopmentOMVG: Organisation for the Development of the Gambia RiverOMVS: Organisation for the Development of the Senegal RiverPA: Priority AreaPAEC: ECOWAS Platform of Export StakeholdersPAP: Priority Action PlanEPADP: Economic Partnership Agreement Development ProgrammePER : UEMOA Regional Economic ProgrammePICAO: West African Common Industrial PolicyPIDA: Programme for Infrastructural Development in AfricaPIP: Region-wide Development ProgrammesPRGS: Poverty Reduction Growth StrategyPRSP: Poverty Reduction Strategy PaperPPDU: Project Preparation and Development Unit of ECOWASPOOL FUND: Group of ECOWAS Financial PartnersRPRSP: Regional Poverty Reduction Strategy PaperT21 Threshold 21 ModelUEMOA West African Economic and Monetary UnionUNDP: United Nations Development ProgrammeUNECA United Nations Economic Commission for AfricaUNEP United Nations Environment ProgrammeUNIDOUS:

United Nations Industrial Development OrganisationUnited States of America

USAID: United States Agency for International DevelopmentWACSOF Federation of West African Civil Society OrganizationsWABA: West African Bankers’ AssociationWAHO : West African Health OrganizationWAMA West African Monetary AgencyWAMI: West African Monetary InstituteWAMZ West African Monetary ZoneWAPP West African Power PoolWARA: West African Research AssociationWEF World Environment Fund

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WDI: World Development IndicatorWTO World Trade Organisation

I. BACKGROUND AND RATIONALE OF THE CONFERENCE

Following the Institutional Reform in 2006, the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS) transformed the ECOWAS Executive Secretariat into a Commission, with a mandate to deepen the regional integration process.

Moreover, there was an urgent need to boost integration and structural transformation of the economies of the region. Thus, the Authority of Heads of State and Government adopted the ECOWAS Vision 2020 at its June 2007 Session in Abuja, Nigeria. This vision aims, among others, to achieve the "The ECOWAS of people" by creating a community space where people live in dignity, peace and good governance, and to ensure a successful integration into the global village. The Authority of Heads of States and Government recommended the formulation of an ECOWAS Community Development Programme (CDP) to operationalize the Vision 2020.

Following a participatory process in the formulation of the CDP, the Forty Fifth Session of the Authority of Heads of States and Government of ECOWAS adopted the ECOWAS Community Development Programme (CDP), in July 2014, though a Supplementary Act (A/SA.04/07/14). The CDP is a long-term regional development strategy, with a mandate to enhance coordination, coherence and ownership of regional development initiatives.

By adopting this programme, the ECOWAS Community intends to have a major mechanism to assist in deepening regional integration and to strengthen its core mandate of Economic Community. This includes ensuring economic diversification, capable of generating decent jobs and strengthening intra-regional trade, with a view to promoting accelerated and sustainable growth for economies of the region. Beyond this goal, the programme introduces an innovative process of consultation, engagement and ownership of all stakeholders involved in regional integration.

The ECOWAS CDP Regional Document (CDP-RD) covers four priority areas, namely:i. Integration of peoples, governance and human development;ii. Deepening of economic integration;iii. Infrastructure Development and wealth creation;iv. Cooperation and Financing.

Following the adoption of the ECOWAS-CDP by the highest authorities of the Region, one of the challenges of the Programme is the financing to ensure its successful

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implementation. In this regard, a High Level Conference on Regional Development Financing is being organized to federate regional stakeholders’ actions around this flagship programme. This conference is organized in prelude to the roundtable for financing the ECOWAS-CDP.

This conference, which is essentially aimed at mobilizing domestic resources of the region, is co-organized by the ECOWAS Commission and its financial arm, the ECOWAS Bank for Investment and Development (EBID), in close collaboration with the UEMOA Commission and the West African Development Bank (BOAD).

This domestic resource mobilisation approach is comforted by recent international financial crisis marked by the decline in Official Development Assistance (ODA) as compared to the growing financial needs of the ECOWAS Member States. Thus, while maintaining the commitment of the ECOWAS community to implement this regional programme, the Conference on the mobilization of internal resources, is certainly a viable and credible alternative for financing the ECOWAS-CDP.

The main theme of the High-level Conference is: “Regional Development Financing: strategy and innovative approaches for the mobilisation of internal resources in the ECOWAS Region”.

II. OBJECTIVES AND EXPECTED OUTCOMES OF THE CONFERENCE

II.1 Objectives of the Conference

II.1.1 Overall Objective

The overall objective of the conference is to discuss the issue of development financing of the ECOWAS region. This would not only ensure the commitment of stakeholders to the programme but also help to discuss and identify better ways as well as mechanisms for internal resource mobilization within the community to finance development projects of the region.

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II.2.2 Specific Objectives

The specific objectives of the Conference are to:

(i) create awareness with a view to ensuring ownership and commitment of all stakeholders for successful implementation of the ECOWAS Community Development Programme;

(ii) identify mechanisms that could help domestic resource mobilization to finance priority programmes in the region;

(iii) propose, at the regional level, innovative mechanisms for resource mobilization for CDP financing, including in the telecommunication sector and raw materials in agriculture, oil and mining sectors;

(iv) consider and propose mechanisms of engaging or involving regional and continental financial institutions in the financing of priority programmes of the region.

(v) review and propose a harmonized framework for the intervention of private sector in financing regional development, including Public Private Partnerships (PPP);

(vi) review and propose a framework for the involvement of Diaspora in regional development financing;

(vii) propose appropriate legal framework (legal text, regulation, etc.) for each identified mechanism of resource mobilization.

II.2 Expected Outcomes of the Conference

The expected outcomes of the high-level Conference are:(i) ownership and involvement of all stakeholders are ensured for the successful

implementation of the ECOWAS Community Development Programme;(ii) mechanisms to ensure domestic resource mobilization to finance priority

programmes in the region are identified;(iii) Innovative mechanisms for mobilising resources are proposed to finance priority

programmes in the region, including in the telecommunication, raw materials from oil, mining and agriculture;

(iv) mechanisms for the involvement of regional and continental financial institutions in the financing of priority programmes in the region are proposed;

(v) harmonized framework for private sector financing of regional development, especially through Public Private Partnerships (PPP) is proposed;

(vi) a framework for the involvement of the Diaspora in the financing of development projects in the region is proposed;

(vii) for each of the identified financing mechanisms, the appropriate legal framework for resource mobilisation is proposed.

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III. ECOWAS COMMUNITY DEVELOPMENT PROGRAMME (CDP): A COHERENT FRAMEWORK OF WEST AFRICAN DEVELOPMENT INITIATIVES

III.1 – Formulation Process of the Programme: A Coherent, Participatory and Inclusive Formulation Approach

The ECOWAS Commission initiated the formulation of the ECOWAS Community Development Programme (ECOWAS – CDP) to operationalize the Medium and Long Term Development Agenda of the ECOWAS region through the identification of priority projects and programmes to be implemented.

The CDP aims at translating the ECOWAS Vision 2020 into concrete projects, within a coherent framework. It also aims at contributing to building a competitive, sustainable and secure Regional Economic Union, with national economies fully integrated into regional and global economies.

The CDP aims at promoting strong economic growth leading to job creation and sustainable development within ECOWAS, with greater participation of people into the integration process.

Figure 1: Synthetic Diagram for Strategy comparison

Source: Regional Inventory Study, CDP Unit, ECOWAS Commission, 2014

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The CDP establishes a coherent framework for programmes and projects from ECOWAS Commission and its Specialised Agencies and Institutions, but also projects piloted by other stakeholders: Member States, Intergovernmental organizations (IGOs) and Non-State Actors (civil society, private sector and research sector). Thus, the formulation of the CDP is a result of an extensive consultative process with key stakeholders in West Africa.

These discussions helped all regional stakeholders to validate a four-step formulation process:

(i) Sensitization and capacity building of stakeholders;(ii) Inventory of existing programmes and financing;(iii) Prioritization, Planning and Impact Assessment;(iv)Round Table for the financing of CDP.

Box1: The Four Phases of the ECOWAS-CDP Formulation Process 1. Sensitisation and Capacity Building of StakeholdersThe CDP was envisaged to be a consensual programme that reflects the views of the major players in the development agenda of the region. Thus, the sensitisation phase consisted in continuous interaction with governments, IGOs, civil society, researchers and the private sector. It was aimed at providing information on the CDP and at defining modality of their involvement in the formulation process.

2. Inventory of existing Programmes and Funding sourcesOne of the main objectives of the CDP formulation process is to ensure consistency between existing programmes in ECOWAS Region. Thus, it was important to take stock of all existing regional projects and programmes at the ECOWAS Commission and its specialized agencies and institutions, as well as at other IGOs, Member States and Non States Actors (Private Sector, Civil Society and Research) levels.

3. Prioritization, planning and impact assessmentFrom the inventory of regional projects and programmes, priority projects are selected according to agreed criteria adopted by stakeholders. The T21 Model was used to assess the impact of selected projects and programmes on the development of the region.

4. Roundtable of Donors for the financing of the CDPFollowing the planning / Impact Assessment phase, a round table is organised to present CDP projects to all potential partners, including the regional private sector, regional investment banks, international investors and development partners, in order to mobilize adequate financial resources for the implementation of the CDP.

Source :, ECOWAS CDP Unit, ECOWAS Commission, 2014

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One of the major achievements of the CDP formulation process is the inventory of existing Development Programmes and Projects in Member States, Intergovernmental Organisations (GOs) and Non State Actors (NSAs) in West Africa and their prioritisation according to criteria endorsed by all stakeholders.

Figure 2: Synthetic Diagram of the CDP Formulation Approach

Source: ECOWAS CDP Unit, ECOWAS Commission 2014

This exercise led to the selection of 230 priority projects, of which 85 promoted by Member States, 140 projects from Intergovernmental Organisations (IGOs) and 5 are from Non State Actors (NSAs).

According to the nature of projects, three (3) types of projects were considered in the CDP:

(i) Structural Reform Projects that do not require any analysis of level of maturity;(ii) Physical Investment projects that follow preparation phases before being

submitted for resource mobilisation;(iii) Projects to support the Operationalization of the CDP.

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III. 2 –Priority Area of Intervention of the ECOWAS Community Development Programme (CDP)

The CDP focuses on four (4) Priority Areas developed around the four major challenges identified during the diagnosis of development and regional integration issues in West Africa1. These are: (i) problems of governance, (ii) low level of intra-regional trade, (iii) issue of competitiveness, and (iv) low coherence of policies and programmes, associated with long-term planning challenge. The four (4) Priority Areas (PA) are further developed into twelve (12) Strategic Objectives (SO).

Table1: Priority Areas and Strategic Objectives of the CDP

Priority Area (PA) Strategic Objectives (SO)

Priority area 1 (PA1): Integration of people, governance and human development

SO1 : Governance and PeaceSO2 : Integration of peopleSO3 : Human Development

Priority area 2 (PA2) : Deepening economic integration

SO4 : Trade Development

SO5 & SO6 : Monetary and financial integration

Priority area 3 (PA3) : Infrastructure development and wealth creation

SO7a: Interconnection of transport infrastructureSO7b : Interconnection of ICTsSO7c : Interconnection of energy and hydraulic InfrastructureSO8 : Agriculture DevelopmentSO 9: Industrial DevelopmentSO10 :Research –Development and  InnovationSO11 : Climate Change Adaptation

Priority area 4 (PA 4): Cooperation and financing

SO12 : Cooperation, Partnership, Resource Mobilization, Implementation and Monitoring and Evaluation (M&E)

Source:, ECOWAS CDP Unit, ECOWAS Commission, 2014

Table 2: Distribution of priority projects by Strategic Objectives

1 Refer to Regional Document of the ECOWAS Community Development Programme, Volume 1, ECOWAS Commission, July 2014.

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Priority Areas (PA) Strategic Objectives

Number of

Project

% Project

Total Investment

(Total Million)

% Investment. Total

Invest-ment Gap

%Gap

PA1: Integration of People, Governance and Human Development

OS1 11 4.8% 92.08 0.2% 90.25 98%OS2 9 3.9% 195.24 0.4% 195.02 100%OS3 23 10.0% 3,138.25 6.4% 3,008.14 96%

TOTAL PA1 DP1 43 18.7% 3,425.6 7.0% 3,293.4 96%PA2 : Deepening Economic Integration

OS4 8 3.5% 1,463.96 3.0% 1454.53 99%OS5 8 3.5% 223.67 0.5% 222.11 99%OS6 1 0.4% 10.00 0.01% 8.00 80%

TOTAL PA2 DP2 17 7.4% 1,697.6 3.5% 1,684.6 99%PA3 : Infrastructure

Development and Wealth Creation

OS789 38.7% 37,197.35 76.3%

334,55575

9.66903%

OS8 45 19.6% 5,152.41 10.6% 4,068.60 79%OS9 11 4.8% 393.99 0.8% 327.81 83%

OS10 11 4.8% 161.33 0.3% 155.58 96%OS11 11 4.8% 713.42 1.5% 516.39 72%

TOTAL PA3 DP3

167 72.6% 43,618.5 89.5% 3

89,624828.0

9189%

PA 4: Cooperation and financing

OS12 3 1.3 5.8 0.01% 5.20 90%

TOTAL PA OS

230 100.0% 48,663.4 100.0% 4

34,607811.2

902%

Source: ECOWAS CDP Unit, ECOWAS Commission, 2015

IV. REGIONAL DEVELOPMENT AND THE FINANCING OF ECOWAS CDP

Development financing of the ECOWAS region continues to be done mainly through cooperation and international partnership both at bilateral level and international financial institutions. The share of Capital Expenditure in the national budgets of member states remains generally below 30%.

Given the recent economic and financial crises, couple with the growing uncertainty of developed Countries to allocate at least 0.7% of their GDP to Official Development Assistance, it is a clear indication to the need to reduce external dependency. Thus, it is important to place more emphasis on domestic resource mobilization through increased budgetary resources and the use of innovative financing mechanisms.

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IV.1 Domestic Financing SourcesFunding sources available at regional level are regional financial Institutions such as EBID and BOAD, and the self-financing of other Intergovernmental Organizations in the region, with a leading role played by ECOWAS and UEMOA.

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EBID and the BOADThe ECOWAS Bank for Investment and Development (EBID), as the financial arm of ECOWAS, plays the leading role in the resource mobilisation for the implementation of the CDP. It may seek capital from the financial markets and could be complemented or assisted in its initiatives by the West African Development Bank (BOAD). The two institutions will also be involved, within the framework of their respective areas of interventions, in the direct financing of the CDP projects. Other financial institutions such as Central Banks, Commercial Banks and other non-banking financial institutions (guarantee institution, insurance, pension funds, etc.) would also be solicited.

The ECOWAS and UEMOA Commissions The Commissions will continue to engage in the financing of identified priority programmes through resources from the Community levy. It is also expected that funds such as the FODETE-ECOWAS2, being currently developed, could be utilized for the financing of CDP infrastructure projects

Member States- National Budgets: These are budgetary resources from Member States, including

capital expenditures to finance the Development projects proposed in the CDP;- Financing Mechanisms to be put in place to reinforce contribution of Central Banks

to the financing of Development Projects of the Region. Innovative Financing Mechanisms:

Innovative financing refers to forms of taxation on tax base that are not adequately or not at all taxed. This also includes others financing mechanisms (borrowing guarantees and bond market. Historically, innovative financing mechanisms were introduced in the international debate during the United Nations’ 2002 Conference of on Development Financing. In the ECOWAS region, innovative financial resources for development could focus on three (3) types of mechanisms:

(i) Compulsory Contributions: taxes on specific economic activities or activities with high profitability:

o Taxes on raw material (mining and petroleum resources, agricultural export, etc.);

o Taxes on telecommunications (mobile phone…);o Taxes on airline tickets;o Taxes on financial transactions.

2 The Fund for Development and Financing of Transport and Energy Sectors of ECOWAS (FODETE-ECOWAS) is being developed by ECOWAS to finance transport and Energy infrastructure. It should receive fund from a levy on revenue generated by exports of some raw materials.

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(ii) Market mechanisms such as:o Carbon taxes;o Auctions on the rights of emission of CO2

(iii) Mechanisms to channel migrant remittances towards productive or social investments in their various countries. In this regard, it is important to note that these external financial flows are the most significant, stable and predictable in African countries.

Regional Private SectorFinancing planned under this source could be directly provided by private sector or through Public Private Partnership (PPP). This partnership with private sector would help manage CDP projects, which aimed at providing public service.. In this case, an important share of the initial investment, the financing and the risks will be jointly share between the public sector and private sector.

National and Regional Financial MarketsThe social and economic growth targets of ECOWAS Member States require the mobilisation of adequate funding through the banking system and regional public savings.

The Financial Market of ECOWAS Region is composed of five (5) Stock exchanges, namely:

(i) The Nigeria Stock Exchange with the Nigeria Capital Market (NCM); (ii) The Bourse Regional des Valeurs Mobilières (BRVM) (a Regional Stock

exchange for eight (8) Countries of UEMOA;(iii) The Ghana Stock Exchange  (Ghana Stock Exchange –GSE);(iv)Cape-Verde Stock Exchange; and(v) The Sierra‐Leone Stock Exchange.

IV.2 External financing SourcesThe CDP projects could also be financed through external resources from Development Partners.

The Africa50 Fund of the African Development Bank (AfDB)The Africa50 fund of the AfDB is an innovative mechanism to finance infrastructure in Africa. Africa50 Fund is an initiative of the AfDB that operates in partnership with regional institutions, to finance structural projects in the African continent.

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Remittances from MigrantsRemittances are an important source of financing for development given their stable and predictable nature. Several studies, including the World Bank and African Development Bank have shown how African countries could benefit from the remittances through the "diaspora bond". The results of these studies have also shown that remittances have a positive impact on the economic stance of African countries and on poverty reduction.

Official Development Assistance (ODA) and bilateral and multilateral external financing

The Official Development Assistance (ODA) is a form of non-repayable financing or allotted at concessional rates, based on bilateral or multilateral agreements. The financial crisis of 2008 and its effects on developed economies led to a decrease in Official Development Assistance to ECOWAS member states. However, this form of financing still remains important and represents an opportunity to financing CDP projects of ECOWAS Member States.

Based on the review of areas of intervention of the main Partners in the region over the period of 2000-2015, and to target potential donors of the CDP, Donors and Potential Partners, were divided into the four (4) priority areas of the CDP as follows:

Table 3 : MAPPING OF POTENTIAL PARTNERS BY CDP PRIORITY AREA

Priority Areas StrategicObjectives

Potential Bilateral financial Partners

Potential Multilateral financial Partners

Private Sector / Foundation

Priority Area 1 (PA1): Integration of Peoples, governance and human development

SO1: Governance and Peace

DANIDA, Belgium, JICA, Kuwait, FAD, Nigeria Trust Fund, Chine, Japon

EU, AfDB, PNUD Melinda and Gates Foundation, Foundation Ford, Foundation Macarthur, Foundation AIXA

SO2 : Integration of peoples

GIZ, DANIDA, KFW, DED, Switzerland, JICA, China

AfDB, PNUD, EBID, BOAD

Foundation Ford, Foundation Rockefeller, Foundation AIXA, Foundation Volkswagen

SO3 : Human Development

GIZ, DANIDA, KFW, DED, Pays Bas, Belgium, Switzerland, JICA, Nigeria Trust Fund,

EU, ACDI, World Bank, AfDB, FAD, BID, BADEA, FODI, PNUD, ADFD, EBID, BOAD

Melinda and Gates Foundation, Foundation Ford, Foundation David et Lucie Packard, Foundation, Rockefeller, Foundation Mac Arthur, Foundation AIXA, Compagnia di San Paolo, Foundation CARIPLO, BIDC, Foundation Drogba, Tony Elumelu Foundation

Priority Area 2 SO4 : Trade JICA, GIZ EU, BIDC, BOAD

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(PA2): Deepening economic integration

(cooperation of States)SO5 & SO6 : Financial and monetary integration

Netherlands, Switzerland, JICA

World Bank World Bank, ADEA, FODI, EBID, BOAD

Melinda and Gates Foundation

Priority Area 3 (PA2): Infrastructure Development and Wealth Creation

SO7a : Interconnection of transport infrastructure

KFW, Belgium, JICA, Kuwait, , Chine, India.

World Bank, SFI, BAD, BOAD, GARI, BADEA, FODI, PNUD, KAFAED, EBID

SO7b Interconnection ICT

Belgium, Chine, India World Bank, BOAD, FODI, KAFAED, ADFD, EBID, AfDB

SO7c : Energy Interconnection

GIZ, DANIDA, KFW, ACDI, JICA, Kuwait, , Chine, India

EU, BIRD, BOAD, BID, BADEA, PNUD, KAFAED, ADFD, BIDC

SO8: Agricultural development

DANIDA, DED, ACDI, Pays Bas, Belgium, JICA, , Nigeria Trust Fund, , Chine, India

EU, World Bank, BIRD, SFI, AfDB, FAD, BOAD, GARI, BID, BADEA, BIDC, KAFAED, ADFD, FODI, PNUD, FIDA. PAM, IFPRI, EBID

Melinda and Gates Foundation

SO9: Industrial Development

DANIDA, ACDI, Netherlands, Belgium, JICA, Nigeria Trust Fund, Chine, India

EU, DED, World Bank, BIRD, SFI, AfDB, FAD, BOAD, GARI, BID, BADEA, FODI, PNUD, FIDA. PAM, KAFAED, ADFD, IFPRI, EBID

Melinda and Gates Foundation

OS10: Research - Development and Innovation

JICA, Chine, India ADFD, EBID Foundation David et Lucie Packard, Foundation Mac Arthur, Foundation AIXA, Compagnia di San Paolo, Foundation Volkswagen, Foundation CARIPLO

SO11: Climate Change

GIZ, DANIDA, KFW, Pays Bas, Belgium, JICA, Nigeria Trust Fund, Chine, India

EU, World Bank, SFI, AfDB, FAD, BOAD, BID, FODI, PNUD, FIDA, KAFAED, EBID

Melinda -Gates Foundation, Foundation Ford, Foundation David et Lucie Packard, Rockefeller Foundation, Macarthur Foundation, AIXA Foundation, Compagnia di San Paolo, Volkswagen Foundation, CARIPLO Foundation

Priority Area 4 (PA4): Cooperation and funding

SO12: Cooperation, Partnership, resource mobilization, implementation and monitoring and evaluation

GIZ, AFD, DANIDA, KFW, DED, ACDI, Netherlands, Belgium, Switzerland, JICA, Chine, Kuwait, Nigeria Trust Fund, Chine, India

DFIF, EU, USAID, CIDA, World Bank, BIRD, IDA, SFI, AfDB, FAD, BOAD, BIDC, GARI, GMAO, BID, BADEA, FODI, PNUD, FIDA, EBID

Source :, ECOWAS CDP Unit, ECOWAS Commission 2015

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Foreign Direct Investments (FDI)FDI has become an increasingly important source for economic development in developing countries. FDI could be a viable alternative to capital market as they are less volatile sources of international investment for receiving countries than the other forms of investment. FDI also enhances the productivity and the transfer of competencies and technology.

V. MAIN THEMES AND PROCEEDINGS OF THE CONFERENCE

V.1 Themes of the ConferenceWith regard to the objectives of the Conference, three specific studies were conducted namely:

- Sub-Theme 1 : Innovative financing Mechanisms: An Unexplored Opportunity- Sub-Theme 2 : Financing Regional development through Private Sector:

Contribution of Public Private Partnership (PPP)- Sub-Theme3 : Regional/Continental Financial Institutions and development

financing in the ECOWAS Region

The objectives and main results of these studies are summarized as follows:

V.1.1 Sub-Theme 1: Innovative Financing Mechanisms: An Unexplored Opportunity

Background and Objectives of the Study The overall objective of this study is to evaluate the potential of domestic financial resources into ECOWAS in the form of innovative financing mechanism. Specifically:(i) Conduct a literature review of existing innovative financing mechanisms at global level and in the ECOWAS region; (ii) evaluate the amount already mobilized and the additional resources that could be mobilized through existing innovative financing mechanisms in the region ; (iii) assess the resource potential and the opportunity to implement innovative financing mechanisms that are non-existent in the ECOWAS zone; (iv) identify innovative financing mechanisms applicable to CDP project; (v) analyse the potential impact of each identified financing mechanism on competitiveness, economic growth, job creation and poverty reduction; (vi) recommend relevant innovative financing mechanisms for ECOWAS Region on the basis of the impact assessment; and(vii) propose framework for the operationalization of each recommended innovative financing mechanisms.

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Key Findings of the Study

Innovative financial resources for development are based on the following mechanism:(i) compulsory contributions: These are excise tax on international economic

activities that are not adequately used at the international level such as tax on airline tickets, and tax on financial transactions;

(ii) market mechanisms such as carbon taxes and auctions of CO2 emission rights;(iii) Debt and pre-financing mechanisms: These are loan guarantees (IFFIm) and the

Advance Market Commitment for Vaccine (AMC) and;(iv) public - private partnerships (PPP) mechanisms: these mechanisms are aimed at

facilitating or channelling by public authorities of voluntary contributions from households and private sector..

However, the existing innovative financing mechanisms or being implemented in the ECOWAS region are:(i) Tax on airline tickets, (ii) Debt conversion mechanisms, (iii) PPP mechanisms (iv) Regional fund for Agriculture, (v) IPFF-NEPAD Fund, (vi) FODETE, (vii) Remittances from Migrants and tax on high-growth economic activities, such as

telecommunications and mining.

Using data from various sources, potential resource of each of the identified innovative financing mechanisms is estimated. These resources if mobilized could be a significant source for development financing in the ECOWAS region, as recent studies have highlighted their impact or major role in the economy, poverty and employment.

The assessment of the various mechanisms and their potential impact led to key recommendations on viable innovative financing mechanisms for development in the ECOWAS region

In light of the review of the sources of innovative financing and their assessment, some financing mechanisms could be implemented in the short, medium and long term based on their feasibility. Innovative financing mechanisms that ECOWAS could implement at the initial stage are: the tax on airline tickets, the contribution of the diaspora and diaspora bonds.

Mechanisms with high potential are diaspora bonds operations and securitization of

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future funds to be received. The implementation of these two operations could generate 12 billion US dollars as estimated by this report and supported by the World Bank.

Furthermore, ECOWAS could capitalize on existing mechanisms in some countries of the region such as the tax on airline tickets. The introduction of a tax on airline tickets could be considered by all ECOWAS member States. The fund could be transferred at EBID, with management role given to the ECOWAS Commission. The amounts to be collected are estimated at 62 million euro.

In addition, ECOWAS could involve the diaspora through two mechanisms: the contribution of migrants and channelling of diaspora funds to development projects. By taking a contribution of 0.1% of migrant remittances, ECOWAS could mobilize about 25 million US dollars.

In the medium term, ECOWAS could implement a carbon tax on CO2 emissions by industrial enterprises in the region. Thus, the quota auction operations could be implemented. These two mechanisms could mobilize about 2.5 billion US dollars per year.

In the long term, taxes on financial transactions could be considered. Indeed, in the long term, the regional financial market would be developed and the banking sector would experience a higher banking penetration rate (the current penetration rate is estimated at about 14%).

In addition to the mechanisms, ECOWAS might consider other mechanisms such as community lottery, taxes on electronic payments, taxes on tobacco consumption and particularly the tax on telecommunication, etc. This latter tax is promising because its rate is relatively low compared to the growth rate of the sector, which is in expansion in almost all the countries of the region.

The financing of transport and energy infrastructure projects through community levies on agricultural products has been analysed by the FODETE report. The report mentions the possibility of generating $300 million a year on the basis of its proposed schemes It is therefore necessary to strengthen the FODETE and ensure collaboration with the ECOWAS Commission for the financing of regional infrastructure projects in the CDP.

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V.1.2 Sub-Theme 2: Financing Regional development through Private Sector: Contribution of Public-Private Partnership (PPP)

Background and Objectives of the Study

The private sector is widely recognized, by experts, to be the engine of development due to its ability to contribute to sustainable and inclusive economic growth. For this reason, ECOWAS made the development of the private sector one of its top priority and rely on the assistance of this sector in all major regional integration, and economic and social development initiatives.

At the regional level, the proposed financing of the private sector in the CDP could be carried out directly or through Public-Private Partnership (PPP). This is a contractual arrangement between the public and private sector.

Thus, the ECOWAS Commission undertook a regional study that aims at identifying ways to promote public-private partnerships (PPP) as a mechanism for private sector to contribute in financing regional development projects in the ECOWAS region.

Specifically, the study aims to:i. undertake a critical review of the literature on the current practices of PPP financing mechanisms in the ECOWAS Member States and in other regions, so as to draw lessons from the impact and success of PPP experiences, and make appropriate recommendations;ii. Review of the institutional and regulatory frameworks for PPP financing mechanisms existing in the region;iii. Identify obstacles and constraints to the development of PPPs in the region, particularly the private sector participation in the financing of development projects in the region;iv. Propose a mechanism to improve the institutional and regulatory frameworks at national and regional levels; andv. Define the practical arrangements for private sector participation (population, enterprises) in development financing of the region through a public-private partnership mechanism.

PPP Experiences and Practices

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The review of PPP practices had a focus on the key success factors in implementing PPP projects and programmes worldwide and also reviewed the practices and common challenges in implementing PPPs in the ECOWAS region. The assessment of the PPP state of affairs and performance in implementing PPPs in the ECOWAS region indicates that majority of the Member States are at their infancy stage in PPP maturity. Many of the early PPP investments in the ECOWAS region have been based on contractual arrangements rather than a broader well established legal, institutional and regulatory framework. Thus, ministries and government agencies in some Member States have developed and structured a specific category of transactions. However, the procurement process, dispute resolution, tariff setting, and overall regulation are mostly subject to a contractual arrangement rather than independent PPP laws, regulations and regulators.

The figure below presents a model developed to assess Member States’ PPP maturity level. The Member States fall within Levels 1 and part of Level 2 of the Maturity Model. Currently, efforts are being made by the Member States in developing their PPP framework and moving up in PPP maturity level. Many of the countries are developing and / or reviewing their institutional and regulatory frameworks, economic and financial policies and carrying out other activities to be able to deliver PPP projects better.

Table 4 : PPP Maturity Model

Source: Murty International Ltd [adapted from UNECE (2008)]

LEVEL 4

Seeks continuous improvements with PPP models refined and reproduced

Sophisticated risk allocation Use of full-range of funding

sources Thriving infrastructure

investment market involving pension funds and private equity funds

Well-trained civil service utilises PPP experiences

Demonstrate high volume (and value) of successful PPP projects in implementation, service delivery or completed

LEVEL 3

Fully defined, comprehensive “system” established

Legal impediments removed

Refine PPP delivery models Committed deal flow Long-term political

consensus Leverage new sources of

funds Demonstrate reasonable

volume (and value) of successful PPP projects in implementation, service delivery or completed

LEVEL 2

Introduce legislative reform Publish policy and practice

guidelines Establish dedicated PPP

units Continue to foster

marketplace Expand project pipeline and

extend to new sectors Demonstrate high volume

(and value) of projects have gone through procurement and achieved financial close

LEVEL 1

Define policy framework Test legal viability Identify project pipeline Develop foundation

concepts (Public Sector Comparators - PSCs, etc.)

Apply lessons from earliest deals to other sectors

Start to build marketplace Have projects in PPP

preparation / development phase

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Legal and Institutional Frameworks

A successful PPP regime for public services and infrastructure requires strong leadership in PPP strategy, as well as a clear understanding of where it is, and where it is not feasible. An appropriate legal and regulatory framework for PPP, specifically designed to be compatible with the laws and the environment of the host country is also necessary. A review of the legal and institutional frameworks in the Member States demonstrates that they are at varying levels with their PPP enabling environments. It is important to eliminate the psychological, physical, and institutional barriers to the adoption of PPP as a model for project execution in the region.

The information obtained was reviewed to depict a clear picture of the legal and institutional framework of PPPs in the Member States. The existing laws and regulations may prohibit or impede the development of PPP projects in a country.

The table below presents the availability of policies, laws and central institutions in the Member States. The central dedicated institutions for PPP are structured differently ranging from a department within the Ministry of Economy and Finance or the Ministry of Investment Promotion to a unit in the Office of the President or Prime Minister to an independent commission or agency.

Table 5 : Availability of Policies, Laws and Central Institutions in Member StatesCOUNTRY PPP POLICY PPP LAW CENTRAL PPP

Benin No Yes NoBurkina Faso No Yes YesCape Verde No Yes YesCote d’Ivoire No Yes Yes

Gambia No No NoGhana Yes No YesGuinea No Yes No

Guinea Bissau No Yes NoLiberia No No Yes

Mali No Yes NoNiger No Yes Yes

Nigeria Yes Yes YesSenegal No Yes Yes

Sierra Leone Yes Yes YesTogo No No No

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Individual and targeted recommendations on improving the legal, institutional and regulatory framework in each Member State have been provided in the study. These include the following, based on the maturity level and status of PPP in the country:

Conduct PPP Diagnostic Study Preparation of PPP policy Enactment of a PPP law Operationalizing the PPP unit Sector-specific reviews and reforms Creation of nodal PPP units and Capacity building in the government contracting authorities Creation of PPP project pipeline Economic, fiscal and banking sector reforms to support private sector investment Develop National Infrastructure Plan

Key Obstacles to the Development of PPPs in the Region

Some Member States have also made progress towards establishing the enabling environment for PPPs. This is evidenced by the publication of PPP policies, enactment of PPP legislation, establishment of PPP units, creation of PPP project pipelines and getting projects done. While some other Member States are in the process of establishing aspects of their PPP frameworks, others have expressed interest to commence and have sought support from development partners and DFIs.

However, the common challenges of member states and regional institutions in implementing PPPs across the various lifecycle stages include:

Lack of the appropriate enabling environment for private investment and participation in infrastructure and public service delivery

Inadequate knowledge and expertise to develop and implement bankable PPP projects

Paucity of funds to develop the enabling environment as well as carry out the required project preparation/development to make projects bankable

Scarcity of long term finance for the private sector players in infrastructure and public services

Lack of a pipeline of feasible/bankable projects Ministries not taking responsibility for the various aspects of project development/

preparation. Demonstrating value for money on PPP projects Lack of well-structured PPP procurement processes which demonstrates

transparency, accountability and competition

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Stakeholder management issues, especially lack of full acceptability or buy-in of PPPs,

Poor contract enforcement Poor risk management practices Challenges of inability to generate adequate revenue to meet PPP project

obligations and inadequacy in providing viability gap funding or subsidies, where necessary.

Experiencing challenges in implementing PPPs are not unusual. However, it is imperative for the member states and regional institutions to learn from their own positive practices, experiences and challenges and utilise knowledge from the various good practices available within the region and worldwide in developing and promoting PPPs to achieve social and economic development goals across the region.

Recommendations

The recommendations following the review of current practices, obstacles and constraints as well as legal, institutional and regulatory frameworks are designed to accelerate provision of infrastructure and public services through PPP leading to economic growth, social development and regional integration.

Facilitate Training, Capacity Building and Knowledge Sharing

Strengthen PPP Enabling Environment in each Member Stateo PPP Diagnostic Studieso Facilitate Strengthening of the PPP Framework in the Member Stateso Promote Member States’ Preparation of a National Infrastructure Plano Influence Member States to Establish the Political Will for PPP

Strengthen PPP Enabling Environment for Regional PPP Projects

Develop Financing Mechanism for Infrastructure Projectso Support Reform of Financial Sector in the Member Stateso Establish Project Preparation and Development Facility for National

Projectso Establish Guarantee / Credit Enhancement Facility

Develop Alternative Dispute Resolution (ADR) Mechanismso Mandate Inclusion of ADR Provisions in PPP Contractso Establish a Regional ADR Body in West Africa

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V.1.3 Sub-Theme 3: Regional/ Continental Financial Institutions and development financing in the ECOWAS Region

Background and Objectives of the Study

Following the uncertainty of the international economy caused by international financial crises, with devastating effects, the majority of industrial countries have reconsidered their national and geostrategic priorities. To this end, it is crucial for West Africa find more local solutions to the many challenges experienced. This study is conducted in this context and aims at proposing viable alternatives to financing development projects of ECOWAS, through regional financial institutions. Thus, the overall objective of the study is to determine the ways and means of involving Regional and Continental Financial Institutions (RCFI) in effective financing of projects from the ECOWAS Community Development Programme.

Specifically, the study aims to:

(i) identify the financing sources of RCFI and potential resources available for the financing CDP projects

(ii) undertake a review of the institutional framework of RCFI

(iii) review of resource mobilization and financing mechanisms of RCFI

(iv) identify barriers or constraints faced by Continental and Regional Financial Institutions (RCFI) with a view to proposing mitigating factors for greater intervention of RCFI in regional development financing of community projects;

(v) analyse institutional aspects which could contribute in pooling RCFI efforts and resources in support of CDP projects;

(vi) review of regional development projects financing mechanisms in the context of an economic union or emerging countries setting, which may be transferred in ECOWAS region;

(vii) examine the potential for the mobilisation of household savings and the potential for long-term financing at the stock exchanges, commercial banks, insurance companies and regional pension funds;

(viii) explore opportunities for the creation of national and regional sovereign wealth funds;

(ix)Recommend mechanisms for resource mobilisation and financing to promote greater involvement of the regional financial system, in general, and of RCFI, in particular, with respect to the financing the CDP projects; and

(x) To propose operationalization mechanisms for the various recommendations.

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Key Findings of the StudyOverall, the study focuses on Development Financing institutions of the ECOWAS Region; namely, the African Development Bank (AfDB), the Bank for Investment and Development (EBID) and the West African Development Bank (BOAD). In this regard, the main constraints faced by in these institutions are related to both the scarcity and the cost of resources available. Although, the AfDB, based on its credibility and recognition by the international financial markets does not encounter the same level of constraints as BOAD and EBID, the availability of concessional loans is still limited. As a result, the report recommends the increase of concessional funds windows to finance the CDP.

The analysis also focused on the role of financial markets in the region, particularly the Regional Stock Exchange of UEMOA (BRVM) and the Nigerian Stock Exchange (NSE). The report notes the lack of financial depth of the two main financial markets of West Africa. Notwithstanding such a handicap that can be attributed to the initial stage of these institutions, especially the BRVM of Abidjan, financial markets remain an important mechanism to finance the CDP. In this regard, the study recommends issuing Community bonds, to finance transnational projects. Such a mechanism based on mobilisation of public savings will require some harmonization effort on regulations on public savings and stock markets in the ECOWAS region.

In addition, the study examines the savings deposits of insurance companies, social welfare and other pension funds. These entities are increasingly grouped into federations such as FANAF whose members recorded in 2012, life insurance and non-life insurance of about 1,501.5 billion CFA3.

The study discusses the opportunity of using of sovereign funds in financing structural development projects. These resources consist of sovereign funds, which are newly introduced in sub-Saharan African Countries. From Botswana to Guinea-Bissau, several Sovereign Wealth Funds (SWF) have been set up with varying success story experiences. The report examines the potential contribution of sovereign funds to development financing in the region; given that the continent is full of resources that can support the creation of “raw materials” sovereign funds.

The study also conducted a review of the lessons learnt from developed countries in financing regional projects. This analysis is derived mainly from practices within the European Union. Similarly, it highlights unconventional monetary policies implemented by the European Central Bank (ECB) and the US Federal Reserve (FED) to mitigate the effects of the international financial crisis of 2008.

3 FANAF- The Federation of African National Insurance Companies Law - is a professional association for the development of insurance in the region. It has nearly 189 member companies, operating in 27 countries, including countries outside the ECOWAS Region.

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The use of foreign exchange reserves of central banks from ECOWAS Member States for development financing is one option that could be considered in the mobilization of resources. However, this type of resource, which could be used as guarantee, requires great caution from government authorities in order to avoid compromising the gains recorded in terms of macroeconomic balance.

At the end of the study, the following recommendations were made:

- strengthen Regional and Continental Financial Institutions (RCFI) resources and promote their syndication for better risk sharing; .

- mobilize internal and external savings through the financial markets in the ECOWAS region, unified in a single platform to raise funds (ECOWAS Bonds). This could be used to finance CDP projects, while remaining open to opportunities from Islamic finance and the euro bonds, at a regional level;

- strongly encourage insurance companies and pension funds to participate in the financing of the CDP regional projects;.

- create national and regional sovereign funds to help finance transnational projects included in the CDP portfolio;

- develop at the ECOWAS level, a common sovereign guarantee mechanism through the creation of a specific fund to provide guarantee for CDP regional projects. Learn from existing guarantee schemes at regional and international level.

- Send a proposal to the central banks of ECOWAS Member States relating to financing, guarantee and specific refinancing of the CDP loans. Experiment unconventional measures in a less restrictive manner, but efficient in responding to the CDP project financing needs.

With respect to operationalization measures, the study suggests the following five financing mechanisms:

Table 6 : Financing Mechanisms for Projects of the ECOWAS Region

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Mechanism 1 : Financing Mechanism for projects of the ECOWAS Region by Development BanksMajor Challenge : Increasing resources of development banks and lowering average cost to support CDP Projects

Code

Measures Objectives Actors Expected Results

1.1. Creation of concessional loans operations

Mobilizing long term and cost effective resources to finance regional infrastructure projects

ECOWAS Commission, UEMOA Commission and the General Assembly of the AfDB, BOAD and EBID

Adequate additional resources more in line with the expected responsibilities of CRFI in the context of the CDP

1.2. Increase of Capital Give CRFI response capacity to the extent of their responsibilities, particularly in the context of the CDP and given the importance of this regional program.

Mechanism 2 : Financing Mechanism for projects of ECOWAS Region by Financial MarketsMajor Challenge :Strengthen financial markets of ECOWAS Region and the mobilization of domestic savings for the financing of CDP projectsCode Measures Objectives Actors Expected Results

2.1. Emission of community bonds

- Raise capital to finance transnational infrastructure projects in the ECOWAS region.

- Reduce or eliminate constraints to the integration of stock exchanges places with a view to deepen and raise more long-term capital.

ECOWAS Commission, regulators of financial markets, Stock Exchanges places of ECOWAS Member States.

Mobilisation of Important resource through public savings to finance regional projects in ECOWAS

2.2. Promoting the collaboration of Stock exchanges places of ECOWAS Member States

Mechanism 3 : Involvement of insurance companies and Pension Funds in the financing of projects in the ECOWAS RegionMajor Challenge :Mobilize savings of institutional investors, insurance companies and Pension Funds to finance the ECOWAS - CDP projectsCode Measures Objectives Actors Expected Results3.1. Information and

communication to the sector regulators

Encourage the social pension sector to invest in regional projects and possibly take into in the regulations regarding investments of reserves of these insurance companies or Pension Funds .

Conferences : CIMA and CIPRES;

ECOWAS Commission and federations of insurance companies.

Additional financial source for CDP project is identified.3.2. Creating community

investment vehicles to capture part of the technical reserves of the sector

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Mechanism 4 : Involvement of Sovereign Wealth Funds in the financing of projects in ECOWAS RegionMajor Challenge :Involve sovereign wealth funds in the financing of the CDP projects

Code

Measures Objectives Actors Expected Results

4.1. Promote the emergence of sovereign wealth funds in Member States or at regional level

Involve sovereign funds in the financing of regional projects.

Heads of State and Ministers of Member States

Promoting more sovereign wealth funds and their use in the financing of regional projects.

4.2. Assign an employment ratio of these funds in the financing of projects in the ECOWAS Space

Mechanism 5 : Pooling of guarantee funds to support the financing of projects in the ECOWAS Region

Major Challenge :Allow greater risk coverage of regional projects by credible Guarantee Funds to facilitate their financing by Banks and investorsCode Measures Objectives Actors Expected Results

5.1. Pooling of regional and international guarantee funds in the ECOWAS Region

Create synergy of Guarantee Funds with a view to optimising their resources and interventions in the ECOWAS region.

BIDC, BOAD, FAGACE, FSA, MIGA

Increased of guarantees granted.

5.2. Allocating part of the foreign reserves of the Central Banks of Member States to the creation of guarantee funds for regional projects in the ECOWAS

Mobilise more resources to finance large ECOWAS projects by making use of a relative share of foreign exchange reserves.

Central Banks of ECOWAS Member States

A new guarantee fund dedicated to the CDP projects is created

Source: RCFI Study, CDP Unit, ECOWAS Commission, 2014

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V.2. Conference Proceedings

Operationally, the proceedings will be conducted in several sessions alternating plenary and workshops, as follows:

Plenary Session 1: Conference Opening Ceremony

o Welcome address of the President of the ECOWAS Commission;o Address by the Authority of Heads of State and Government of ECOWAS;o Opening Address (Head of State host country or representative)

Plenary Session 2: CDP Presentation: Strategic Orientations, cost and impact of the CDP on integration and regional development

o Presenter: President of the ECOWAS Commissiono Moderator: Thiery TANOH, Minister of Cote d’Ivoireo Panellists: Presidents (EBID, UEMOA Commission, BOAD), Vice President of

AfDB, President of the Civil Society Platform

Thematic sessions: To be conducted in workshops

Workshop 1 : Innovative Financing Mechanisms

Moderator: All Africa (To be confirmed) Presenter: Makhtar Diop, World Bank (To be confirmed) Panellists: (Non official Provisional list): Pierre Claver DAMIBA, CAURIS

Management, Prof. Koné Tiekoura,, Telecom Regulatory Authority Presidents from Nigeria, Mr Paolo Gomez; (Substitutes: Telecom Regulatory Authority Presidents from Ghana or Liberia)

Rapporteurs: (Non official Provisional list):,Regional Council of Public Savings and Financial Markets, Minister of Finance from Cap Vert; (Substitutes: Nigeria Stock Exchange).

Secretariat: Scientific Committee Participants: To be selected by the Scientific Committee

Workshop 2: Regional Development Financing through the private sector: Contribution of Public Private Partnerships (PPP)

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Moderator: Ms. Zenaib Badawi (BBC) (To be confirmed) Presenter: Dr Carlos Lopes, UNECA (To be confirmed) Panellists (Non official Provisional list): Mr.Aliko Dangote, Mr. Tony

ELUMELU, Mr. Kacou DIAGOU, Mr.Gervais DJONDO, President Chamber of Commerce of Cap Verde, ,(Substitute: President of NC-PPP Cote d’Ivoire)

Rapporteur (Non official Provisional list): Ministers from Sierra Leone, ECOWAS Commissioner, Private Sector; (Substitute: President of FEWACI)

Secretariat: Scientific Committee Participants: to be selected by the Scientific Committee

Workshop 3: Regional / Continental financial institutions and development financing in the ECOWAS

Moderator: Mr Mark EDDO (To be confirmed) Presenter: President of African Development Bank (To be confirmed) Panellists (Non official Provisional list): Governor of BCEAO, CBN

Governor (Nigeria), GCB Governor (Ghana), President of WACMIC; Mr. Bio Tchané; (Substitute: Central Bank Governor of The Gambia).

Rapporteurs (Non official Provisional list): Guinea Finance Minister, Liberia Finance Minister; (Substitute: Cap Verde Finance Minister).

Secretariat: Scientific Committee Participants: To be selected by the Scientific Committee

Plenary Session 3: Presentation in plenary of findings and recommendations and closing ceremony. This plenary will lead to recommendations and proposals of mechanisms for the mobilisation of resources for the financing of the CDP

Chairman: Representative of the Head of State Presentation of the workshop reports: Reporters Presentation of Synthesis and Recommendations: Commissioner

Macroeconomic Policy. Vote of thanks: President of ECOWAS Commission Closing Speech: Representative of the Head of State host country