We are poised to drive catalytic capital for Africa — Alternative Bank

The Alternative Bank, a pioneer in ethical finance, has said that it is at the forefront of driving sustainable economic growth in Africa through its catalytic capital approach. The bank said it featured the innovative financial model at the recent Africa Social Impact Summit (ASIS) 2024 hosted by Sterling One Foundation and the UN. The […]

The Alternative Bank, a pioneer in ethical finance, has said that it is at the forefront of driving sustainable economic growth in Africa through its catalytic capital approach.

The bank said it featured the innovative financial model at the recent Africa Social Impact Summit (ASIS) 2024 hosted by Sterling One Foundation and the UN.

The summit, themed: “Reimagining Progress: A New Blueprint for Sustainable Growth in Africa”, brought together influential figures from both public and private sectors.

The Deputy Governor of Lagos State, Obafemi Hamzat, representing Governor Babajide Sanwo-Olu, emphasised the critical role of catalytic capital in driving sustainable development.

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He said, “ASIS 2024 must catalyse collaboration and action towards sustainable development in Africa. Public-Private Partnerships (PPPs), fuelled by catalytic capital, are essential for attracting impactful investments.”

The Executive Director (South) of Alternative Bank, Korede Demola-Adeniyi, highlighted the transformative power of catalytic capital through flagship projects such as the Lagos Rice Mill and electric transportation for women in Kano.

She said, “These projects exemplify the power of catalytic capital and effective partnerships. By working with partners who provide concessionary financing, training, and other resources, we are making previously unfeasible projects a reality and driving substantial social impact.”

Sterling One Foundation’s CEO, Mrs Olapeju Ibekwe, outlined the summit’s goals, stating, “ASIS aims to build and scale partnerships, attract increased impact investment, and advocate for supportive policies.”