The Alternative Bank has reaffirmed its commitment to fostering sustainable economic growth in Africa through its catalytic capital approach.
In a statement released on Monday, the bank highlighted its innovative financial model, which was prominently showcased at the Africa Social Impact Summit 2024, co-hosted by the Sterling One Foundation and the United Nations. The catalytic capital model prioritizes social and environmental impact alongside financial returns.
The bank emphasized that this model is deeply embedded in its ethos, with its interest-free financing aligning perfectly with these principles. This approach ensures that investments not only generate profits but also contribute to societal well-being.
The summit, themed “Reimagining Progress: A New Blueprint for Sustainable Growth in Africa,” gathered influential figures from both the public and private sectors. Deputy Governor of Lagos State, Obafemi Hamzat, representing Governor Babajide Sanwo-Olu, underscored the crucial role of catalytic capital in driving sustainable development.
“ASIS 2024 must catalyze collaboration and action towards sustainable development in Africa. Public-private partnerships, fueled by catalytic capital, are essential for attracting impactful investments,” Hamzat stated.
Korede Demola-Adeniyi, Executive Director-South of The Alternative Bank, highlighted the transformative potential of catalytic capital through flagship projects such as the Lagos Rice Mill and electric transportation for women in Kano.
“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,” she explained.
Sterling One Foundation CEO, Mrs. Olapeju Ibekwe, outlined the summit’s objectives, stating, “ASIS aims to build and scale partnerships, attract increased impact investment, and advocate for supportive policies.”
