SADC Ministers of Finance and Investment Hold Virtual Meeting, Focus on Financial Market Integration and Regional Development
The Southern African Development Community (SADC) convened the Committee of Ministers of Finance and Investment and the Peer Review Panel virtually on the 6th and 7th of August 2024.
The meeting brought together Ministers Responsible for Finance and Investment, along with Governors of Central Banks from SADC Member States, to discuss key issues related to financial market development and regional economic integration.
The primary objective of the meeting was to receive updates on initiatives promoting financial market integration within the region and to assess progress towards achieving Macroeconomic Convergence targets as outlined in the SADC Regional Economic Integration Strategy.
The Ministers and Central Bank Governors also deliberated on strategies to sustain the financing of regional infrastructure projects through development finance interventions, as well as measures to preserve the integrity of financial systems across the Member States.
H.E. Vera Daves de Sousa, Minister of Finance of the Republic of Angola and Chairperson of the Committee of Ministers of Finance and Investment, commended the remarkable strides made by SADC Member States in enhancing financial investments and supporting regional infrastructure projects.
She emphasized the importance of implementing robust financial and investment policies to drive sustainable economic development, eradicate poverty, and promote deeper regional integration and cooperation.
His Excellency Elias Magosi, Executive Secretary of SADC, highlighted the vital role of Development Finance Institutions (DFIs) in the region. He noted that DFIs contribute 10% to global investment financing, managing over US$20 trillion in assets and providing approximately US$2.4 trillion in annual lending.
Magosi also praised the SADC Regional Development Fund (RDF) as a landmark initiative poised to stimulate investment in regional projects, thereby enhancing trade and delivering economic and social benefits to SADC citizens.
Magosi expressed his appreciation to the African Development Bank (AfDB) and its President, Dr. Akinwumi A. Adesina, for their support in operationalizing the SADC RDF. This partnership underscores the AfDB’s commitment to fostering cooperation for deeper regional integration and development within SADC.
The meeting also reviewed a Discussion Paper that provided key recommendations for the successful operationalization of the SADC RDF, which aims to establish a regional financing mechanism for sustainable growth through infrastructure and industrial development, integration, and economic adjustment.
The SADC Project Preparation Development Facility (SADC PPDF) was another focal point of the discussions, with the Ministers and Central Bank Governors reviewing progress in preparing regional projects in the energy, transport, and water sectors. These projects are critical for promoting sustainable economic growth and delivering essential services across the SADC region.
During the Peer Review Panel, chaired by Mr. Lesetja Kganyago, Governor of the South African Reserve Bank, the Ministers and Governors assessed the economic performance of the region and reviewed peer review reports according to the approved schedule of Member States.
The meeting concluded with a reaffirmation of the commitment of SADC Member States to advancing the region’s financial market integration and supporting sustainable development initiatives.
The meeting was attended by Ministers and Governors, or their representatives, from Angola, Botswana, Eswatini, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, South Africa, Zambia, and Zimbabwe.
Preceding this high-level gathering were meetings of SADC Senior Treasury Officials from Ministries of Finance on 29th July 2024, and a joint meeting of SADC Senior Treasury Officials and Central Bank Officials on 30th July 2024.
