The National Advisory Board for Impact Investment Zambia, along with its partners the ICA, Accelerated Growth for SMEs in Zambia and Prospero Limited were delighted to host the second Zambia Impact Investment Summit 2022 (ZIIS2022) under the theme Raising the Ambition of Sustainable Investment in Zambia. This two day in person event held at Ciela Resort in Lusaka, brought together impact investors, growth-focused businesses, government, civil society, donors, and other agencies involved in the impact investment sphere for collective action to shape the trajectory of the impact investment ecosystem and facilitate capital flow for impact to help address the social and environmental challenges in Zambia.
The ZIIS2022 Summit design included keynote addresses, keynote panels, fireside chat, business pitching, masterclasses, interractive roundtables and networking opportunities.
Through exceptional speakers and panelists, this year’s summit addressed interconnected topics under the following subthemes:
This significant national event was sponsored by Accelerated Growth for SMEs in Zambia, Prospero Limited, The USAID Enterprise Development and Growth Enhanced Activity, Anglo-American, AICCRA, Inclusive Businesses Action Network, Enterprise Challenge Fund Zambia, Stanbic Bank Plc, The First National Bank Zambia Plc, Zambia National Commercial Bank, and ABSA Zambia.
During the welcoming remarks, NABII chair Dr. Austin Mwape called upon strong collaborations between the public and the private sectors to address the enormous scale of socio-economic and environmental challenges that Zambia faces. He noted how the impact enterprises’ innovative solutions are addressing issues of inequalities, transforming food systems, developing smart cities and democratising finance, energy, education and health. He emphasised the importance of creating a condusive business environment, and the need to invest in such solutions to help them scale and impact more people.
The ICA representative, on the other hand, reflected on how the COVID-19 pandemic has altered the world in many ways such as, reshaping lives, changing the spirit of impact investment and accelerating digital transformation. She appreciated the remote connectivity and the demand for more digital services, adding that ICA has since adapted their program to meet this demand.
In his message, Sir Cohen flagged out the massive changes that the world is undergoing driven by a variety of structured interventions aligned with, particularly, the transparency on the impact created by companies, the process through which economic systems and financial markets are beginning to positively impact capital flows in a significant way. Cliff Prior, meanwhile, pinpointed negative effects of climate change being experienced by many people. He called for urgent action to do more. He added that the current.
USD 2 trillion of impact investment globally right now is not nearly enough for the challenges ahead but that USD 90 trillion is needed overtime and across the world to reach net zero and the SDGs.
Mr. Koivu desribed the summit as an important steppingstone in promoting green growth, innovations and solutions that meet local needs especially of the most vulnerable in society. He raised the key importance of collaborations amongst similar initiatives both in public and private sectors to create numerous partnerships and substantiable inclusive and green initiatives that will result in the creation of a broader and dynamic private sector in Zambia.
He echoed the government of Finland’s commitment to contributing towards job creation, livelihoods and economic development in Zambia, and to promote investments and long-lasting business partnerships between Zambia and the world.
"My government is delighted to be able to continue contributing to investments and private sector development in Zambia. A vibrant private sector is a foundation of sustainable development and essential for securing jobs and livelihoods.
Prospero Limited Investment Services Sector Lead, Namaya Morero Mbikusita Lewanika noted the increase in the number of investments currently at USD100 million dollars into Zambian businesses. She attributed this achievement to a tremendous growth within the impact investment space that has seen an increase in the number of investors’ interest in Zambia and the wonderful opportunities Zambia offers, as well as an increase in the number of businesses getting more exposed to impact investments and what it means for them and their businesses since 2018.
In her presentation, the Ministry of SME Development Senior Business Development Officer, Fostina Phiri introduced the Ministry’s mandate and functions. She announced that the ministry was in the process of reviewing the SMEs policy and invited stakeholder participation and input into how the SME environment should work. She further disclosed that the Ministry was in the process of establishing a second Statutory body called the Village Industry Services in addition to the Citizens Economic Empowerment Commission (CEEC) statutory body.
During his presentation, the Public Private Partnership (PPP) Senior Business Development Officer, Dr. Stephen Chanda introduced the PPP initiative and highlighted ways in which PPPs could easily be packaged into any investment project within Zambia’s high impact sector. He stated that PPPs help bridge the gap necessary to create meaningful and measurable impact to achieve Sustainable Development Goals while delivering services to the public through financially sound projects and services.
"PPPs are a way of using public capital to catalyze private sector investment into high impact sectors including the Education, Health, Agriculture, Manufacturing and Tourism."
with Dr. Samuel Maimbo - Director of IDA Mobilising and IBRD Corporate Finance of the World Bank, moderated by Ms. Kate Munuka
Dr. Maimbo highlighted that World Bank Group is a leader in private capital mobilization among Multilateral Development Banks, and that financial flows to developing countries have been steadily growing over the past decade. He also mentioned that the World Bank has the Private Sector Window through which it has been promoting capital mobilization to the riskiest markets including the world’s poorest countries. He stated that this window has mobilised USD3billion financing for IDA countries which enables private financing in form of equity, debt and guarantees to support MSMEs, renewable energy, health care and digital projects.
The key takeaways from the fireside chats, keynote panels, masterclasses and round table sessions will be shared in the Summit Proceedings Report. Meanwhile, you can click here to see the ZIIS in pictures.