Mr Veenay Rambarassah, Chairperson TDB Group Board of Directors of Trade and Development Bank

Ms Dovina Pillay, Director of Financial Services, Ministry of Financial Services and Economic Planning

Mr Jim Hodges, Head of Regional Hub, European Investment bank 

My colleague Ms Paz Velasco Velazquez from the European Commission

Mr Daniel Essoo, Chief Executive Officer, Mauritius Bankers Association

Ladies and gentlemen,

Good morning,

And welcome to the second day of the Southern African Banking Forum, co-organized by the Trade and Development Bank and the European Investment Bank. 

We are living through a time of profound geopolitical and geo- economic shocks.

Serious economic woes - including high levels of debt and inflation following the COVID-19 pandemic - continue to burden countries around the globe.
At the same time, political polarisation is deepening, and trust in politics, institutions, media, and even science is being tested

Meanwhile, transformative trends such as digitalisation, demographic shifts, and migration are reshaping our societies. The interplay of these shocks and trends creates highly complex and volatile conditions for global development.

The EU remains a donor that is predictable in its support, that is here to stay and is not withdrawing.  We still have a lot of instruments.  This include the EIB, which is in force here today. 

Against this backdrop, the EU is scaling its Global Gateway strategy to channel investments where they can make the greatest difference for sustainable development. 

The private sector is a key actor for Global Gateway. Investment needs can only be met if private finance is mobilised at scale.

Excellencies, Ladies and Gentlemen

To do this, the EU has developed innovative instruments, including the EUR 40 billion European Fund for Sustainable Development Plus (EFSD+) — a guarantee programme that reduces investment risks for development finance institutions, banks, and institutional investors.

Turning to Africa, we see a continent of tremendous opportunity. Africa's young, dynamic population is rich in creativity and innovation. However, immense challenges persist:

Rapid demographic growth demands the massive creation of decent jobs.

Recent crises - from the pandemic to the war in Ukraine - have compounded vulnerabilities, driving up food and energy prices and exacerbating structural weaknesses.

Unemployment, especially among youth and women, continues to rise.

Micro, small, and medium-sized enterprises (MSMEs) - whether formal or informal - and start-ups are key to building competitive and inclusive economies. Their innovation potential in sectors such as agri-business, the digital economy, green energy, health, and sustainable finance is vital.

This is why access to finance and capacity building for these businesses are at the core of our interventions. We recognise that local commercial banks and microfinance institutions (MFIs) are indispensable partners in this effort.
You know your markets best. Strengthening your capacity to lend to early-stage and small businesses — with risk-sharing instruments, blended finance, and technical assistance - is central to our approach.

Through instruments such as the EFSD+, we are enabling Development Finance Institutions to offer more credit lines, guarantees, and technical support that ultimately benefits your institutions and your clients.

Excellencies, Ladies and Gentlemen

This brings me to today's event.

Today’s agenda reflects the diversity and depth of the conversations we need on:

• How to ensure sovereign debt sustainability and strengthen economic resilience;

• How the EU’s Global Gateway strategy supports young businesses and foster entrepreneurship

• The role of trade finance and digital innovation in enhancing supply chains;

• How digitalisation can transform credit assessments for inclusive lending;

• And how we can embed sustainability and ESG risk management at the heart of finance to drive growth with purpose. 

• How financial regulation must evolve in challenging times, including when some countries are considered high risk in terms of Anti Money Laundering and Counter Financing of Terrorism.

In Mauritius, we are working closely with the Ministry of Financial Services to maintain Mauritius as a reliable and trustworthy financial jurisdiction that is compliant with international standards, by ensuring the effectiveness and the sustainability of its Anti Money Laundering /Counter Financing Terrorism legislative and institutional framework.

We are also working with the banking sector to improve the framework for inclusive lending under our SUNREF project implemented by the Agence Française de Développement. 

Excellencies, Ladies and Gentlemen

I am particularly pleased that one of today's panels will focus specifically on the Team Europe Initiative "Investing in Young Businesses in Africa" (TEI IYBA). This initiative perfectly illustrates how we support MSMEs, financial institutions, and the broader entrepreneurial ecosystem.

It represents a joint European effort - the EU, 10 Member States, and their Development Finance Institutions (such as the European Investment Bank and the European Bank for Reconstruction and Development) - mobilising more than €4 billion in technical assistance, financing, and ecosystem support across the continent.

Under TEI IYBA, we aim to:

• Provide concessional finance and guarantees to de-risk investments in young businesses;

• Strengthen entrepreneurial ecosystems by building capacities of business support organisations;

• Facilitate access to finance through local banks and financial intermediaries;

• And work closely with local authorities to create a more enabling business environment.

In doing so, we are co-creating solutions aligned with local needs, strengthening local ecosystems, and ensuring that entrepreneurs - especially women and youth - can thrive.

Excellencies, Ladies and gentlemen

Today’s discussions are an opportunity to deepen our collaboration, identify barriers, and jointly seize the opportunities ahead.

Let us work together - public and private sector, international and local partners - to turn Africa’s entrepreneurial spirit into a driving force for resilient and sustainable growth.

Together with the Trade and Development Bank and the European Investment Bank, we, the European Union,  share a common ambition: to support economic development, stability, and prosperity globally. We will not withdraw, but will remain a trusted partners

The Southern African Banking Forum itself is a concrete example of how these partnerships take shape - bringing ideas, solutions, and investments together to create real impact.

Thank you very much