BIAT: Strengthening Market Leadership Through Innovation, Digitalisation, and Responsible Governance

BIAT continues to assert its dominance in the Tunisian financial market, reinforcing its resilience with positive results. These achievements reflect a strong risk management framework, forward-thinking governance, and the collective dedication of its employees. With a strategic focus on digital transformation, branch modernisation, and corporate social responsibility, BIAT is shaping the future of banking in Tunisia while staying committed to excellence in service and governance.

Bringing Banking Closer to Customers Through Digitalisation and Modernised Branches

Customer proximity, technological innovation, and a dynamic branch network remain central to BIAT’s development strategy. The bank has continued to roll out its new branch concept across Tunisia, enhancing customer experience through modern, welcoming spaces and improved service interactions. In 2024, approximately thirty branches were launched in key cities such as Tunis, Sousse, and Sfax. These redesigned spaces reflect BIAT’s values of commitment and transparency, offering a seamless blend of personalised advisory services and cutting-edge digital solutions.

As the banking landscape evolves, digitalisation has become essential for delivering seamless financial services. Over the past year, BIAT has significantly advanced its digital transformation efforts, ensuring that clients benefit from secure, efficient, and personalised banking experiences.

Following the success of MyBIAT, a digital platform designed for individuals and professionals that now boasts over 370,000 active users, the bank has expanded its services to corporate clients with the launch of MyBIAT Corporate. This initiative marks a new phase in BIAT’s innovation drive, allowing businesses and corporate groups to manage their finances digitally with greater efficiency, security, and flexibility.

Developed in close collaboration with corporate clients, MyBIAT Corporate is designed to address the specific needs of businesses. With enhanced security measures and tailored features, the platform enables companies to streamline financial operations, monitor transactions in real time, and access customised financial solutions. BIAT remains committed to continuously improving the platform by introducing new features that align with changing business requirements and technological advancements.

In parallel, BIAT continues to engage with its corporate clientele through regional networking events and financial advisory sessions. Business leaders, finance directors, and economic stakeholders gathered in Sousse and Sfax to discuss industry trends and explore banking solutions tailored to their needs. Additionally, BIAT hosted specialised sessions on foreign exchange risk management, equipping participants with the expertise needed to navigate market fluctuations and optimise international transactions.

By combining digital innovation, client engagement, and a robust branch network, BIAT is well-positioned to meet the evolving needs of its customers and reinforce its role as a leading financial institution in Tunisia.

Corporate Social Responsibility: A Commitment Beyond Banking

BIAT integrates corporate social responsibility into its business model, actively supporting initiatives in education, sports, and cultural heritage preservation.

The bank has demonstrated its dedication to inclusivity and sports development by partnering with the Tunisian Federation of Sports for the Disabled. Through this collaboration, BIAT has sponsored three promising Paralympic athletes, providing them with the necessary resources to train and compete at the Paris 2024 Paralympic Games. This initiative reflects the bank’s broader commitment to fostering young talent, encouraging excellence, and promoting diversity in sports.

Preserving Tunisia’s historical and cultural heritage is another pillar of BIAT’s social engagement. The bank has taken an active role in restoring landmark cultural sites, including the Belvédère municipal swimming pool and the Ibn Khaldoun Cultural Center, ensuring that these spaces remain accessible to the public and continue to contribute to Tunisia’s rich cultural landscape.

In the education sector, BIAT has focused on improving learning conditions for students in underserved regions. Working alongside public authorities, the bank has spearheaded efforts to rehabilitate and equip nearly a dozen schools, ensuring that students have access to a safe, well-resourced learning environment. These projects reflect BIAT’s belief that education is a cornerstone of social and economic progress, and its commitment to investing in the next generation of Tunisian leaders.

Through the BIAT Foundation, the bank has also played a role in promoting Tunisia’s intangible heritage, producing a series of cultural publications aimed at documenting and preserving national traditions. This initiative aligns with the foundation’s broader mission of supporting artistic expression, cultural development, and knowledge-sharing across generations.

As BIAT enters a new year, it remains steadfast in its dedication to community development, ensuring that its contributions extend beyond financial services to create a lasting, positive impact on Tunisian society.

Strengthening Governance for Sustainable Growth

BIAT has reinforced its governance framework, ensuring that its operations align with the highest international banking standards and best practices in risk management and corporate oversight.

Beyond regulatory compliance, the bank continues to refine its governance structure, introducing measures to enhance decision-making transparency, operational efficiency, and investor confidence. At the core of this strategy is a commitment to ethical banking practices, ensuring that BIAT remains a trusted financial partner for clients, stakeholders, and the wider economy.

To strengthen its governance model, BIAT has implemented:

A more efficient decision-making process, allowing for faster responses to market changes and client needs.

A strong risk management culture, safeguarding the bank’s financial stability and long-term sustainability.

A focus on ethics and transparency, ensuring responsible banking practices that build client trust.

BIAT’s governance model is designed to balance financial performance with long-term sustainability, ensuring that the bank continues to serve as a pillar of stability and growth in Tunisia’s financial sector.

Looking ahead, BIAT remains focused on enhancing operational efficiency, expanding its digital banking ecosystem, and deepening its role in economic development. With a clear strategy and a commitment to innovation and responsible banking, BIAT is well-positioned to navigate the challenges and opportunities of the future.


Tashkent’s Turning Point: Why the Time is Now for Global Investors in Uzbekistan

As Uzbekistan accelerates its transformation from a closed economy to a liberalised investment destination, the Tashkent International Investment Forum (TIIF) emerges as a defining platform for engagement. The event — available online — is more than a showcase; it is a strategic milestone in the country’s economic reform agenda. With far-reaching reforms, WTO accession on the horizon, and a rapidly modernising infrastructure, Uzbekistan is at a critical inflection point — and TIIF arrives at just the right moment.

[caption id="attachment_27765" align="aligncenter" width="900"] Tashkent, Uzbekistan[/caption]

 Economic Reforms: Foundations for Sustainable Growth

Uzbekistan is undertaking one of the most ambitious economic transitions in the region. The ‘New Uzbekistan Development Strategy’ (2022–2026) sets out a bold agenda to shift the nation from a historically protectionist model to an open, market-driven economy. These are not cosmetic reforms — they are deeply structural and designed to attract long-term foreign direct investment (FDI).

Measures such as the liberalisation of trade, simplification of bureaucratic processes, and improvements to the investment climate have already had a tangible impact. One-window registration systems and digital reporting tools have streamlined business operations, while Free Economic Zones (FEZs) and Small Industrial Zones (SIZs) offer meaningful tax incentives. These efforts are realigning Uzbekistan with global capital flows — and TIIF serves as the prime stage to demonstrate this readiness to the international investor community.

WTO Accession: Unlocking New Global Opportunities

A cornerstone of Uzbekistan’s economic vision is its bid for World Trade Organization (WTO) membership by 2026. This ambition represents more than a symbolic milestone — it is a powerful signal of intent to integrate fully into the global economy. Progress has been tangible, with bilateral negotiations concluded with 22 countries, including the United Kingdom.

WTO accession will provide Uzbekistan with greater access to international markets, lower trade barriers, and significantly improve its attractiveness to institutional investors. Aligning national legislation with WTO standards remains a challenge, but the state’s forward-leaning stance — including policy reforms and legal harmonisation — sends a clear message: Uzbekistan is open for business, and TIIF is where that message takes centre stage.

Infrastructure: Investing in the Future

Infrastructure is the backbone of Uzbekistan’s economic transformation, and it is being upgraded at pace. From energy and transport to digital networks, the government is focused on creating the systems needed to support long-term growth and investment. TIIF plays a critical role in showcasing these sectors to global stakeholders.

Key examples include the electrification of the Bukhara-Miskin-Urgench-Khiva railway line, enhancing domestic and regional connectivity. In energy, Uzbekistan’s aim to generate 40 percent of its power from renewable sources by 2030 reflects its commitment to sustainability. On the digital front, nationwide fibre-optic expansion and the roll-out of 5G are catalysing the growth of a future-ready digital economy. These sectors represent both opportunities and confidence signals for investors attending the forum.

A Strategic Gateway: Uzbekistan’s Geopolitical Edge

Positioned at the heart of Central Asia, Uzbekistan occupies a pivotal geographic and geopolitical role. Its location makes it a natural hub for regional trade and logistics, particularly in the context of transcontinental initiatives such as China’s Belt and Road Initiative (BRI).

Uzbekistan is also an active participant in projects such as the Central Asia–South Caucasus–Anatolia+ (CASCA+) corridor, which aims to link Central Asia with European markets via the Caucasus. These endeavours reinforce Uzbekistan’s status as a strategic gateway — a country whose economic future is closely tied to the fortunes of the wider region. TIIF offers investors a rare opportunity to get ahead of this curve.

Seizing the Post-Pandemic Rebound

As the global economy emerges from the disruptions of the COVID-19 pandemic, investors are seeking new growth markets with stability and reform momentum. Uzbekistan ticks both boxes. Despite global headwinds, the country has maintained macroeconomic stability and continued implementing reforms to attract long-term capital.

TIIF represents a timely platform for investors to align with a government committed to structural transformation and economic openness. With global capital looking for new frontiers, Uzbekistan is positioning itself as a credible and compelling alternative — and the forum offers a clear window into its evolving landscape.

Challenges and Commitments: Addressing Risks Head-On

Like any emerging economy, Uzbekistan faces challenges — from institutional capacity to the complexity of reform implementation. However, the government is addressing these issues with transparency and resolve. Its collaboration with institutions such as the Asian Development Bank (ADB) and the European Bank for Reconstruction and Development (EBRD) is enhancing capacity, regulatory frameworks, and project execution standards.

Workforce development, public sector reform, and private sector support are also part of the long-term strategy. For investors attending TIIF, this proactive approach signals a government not only aware of its limitations but also determined to overcome them.

TIIF comes at a moment of convergence: economic liberalisation, imminent WTO accession, infrastructure investment, geopolitical positioning, and post-pandemic resilience. For the international investment community, this is not just another regional event — it is an invitation to participate in the emergence of a new economic player on the global stage.

Uzbekistan is not standing still. It is laying the foundations for sustainable and inclusive growth — and is actively seeking partners to help build that future. TIIF is the ideal venue to explore those partnerships.

Final Thought: A Forum for the Future

As Uzbekistan prepares to host the next edition of TIIF, the global investment community would do well to take notice. This is not simply a moment of optimism — it is a moment of strategic realignment. For those looking to be part of a country’s growth story from the ground up, the time is now, and the place is Tashkent.


Uzbekistan Investment Forum: Economic Momentum Meets Strategic Maturity

Attend enough investment forums and they begin to blend into one another. The Fourth Tashkent International Investment Forum (TIIF), held this week in the Uzbek capital, followed many of the familiar patterns: efficient organisation, a packed exhibition hall, and a strong opening address. President Shavkat Mirziyoyev set the tone, emphasising Uzbekistan’s economic reform trajectory, its green energy ambitions, and a sharpened focus on innovation and global integration. Senior regional leaders and development bank presidents followed with statements of support and strategic alignment.

Yet even as Uzbekistan strives to maintain a bipartisan stance, geopolitical tensions remained difficult to avoid. CNN’s last-minute withdrawal of its anchor Richard Quest as moderator for the opening ceremony and the walkout by US and UK ambassadors during a well-delivered speech by a Russian deputy prime minister were stark reminders that even economic summits are not immune from global fault lines. Still, the overall impression was one of composure and confidence. The exhibition floor, polished and professional, rivalled any global investment forum, and the organisers earned justifiable praise for delivering a world-class event.

From Macro Reforms to Micro Optimism

Beyond the stagecraft and structured plenaries, however, the real case for Uzbekistan as an investment destination may lie elsewhere. Political stability, a reform-driven government, aspirations for World Trade Organization (WTO) accession, and solid macroeconomic indicators all offer convincing reasons to take note. Yet the most compelling argument is found not in the data or policy announcements, but on the streets of Tashkent.

[caption id="attachment_27769" align="alignright" width="259"] President Shavkat Mirziyoyev[/caption]

Walk through the city’s leafy boulevards, engage with locals in cafés or at bus stops, and the country’s true asset becomes evident: its people. Fresh from celebrating a historic qualification for the World Cup, Uzbeks exude a quiet confidence—not just in their football team, but in their country’s broader trajectory. There is a widespread belief that Uzbekistan is on the path to success, and, crucially, that this success depends not just on government policy, but on individual effort. It is a mindset where personal ambition aligns with national development, and where citizens feel empowered to participate in shaping their future. This is no small factor in the eyes of investors. It is, perhaps, the unique selling point that drew figures such as renowned investor American Jim Rogers, head of Rogers Holdings, into the Uzbek market.

Strategic Platform for Reform and Investment

Held from 9–12 June 2025, TIIF convened thousands of participants from the global business, financial and policymaking communities. President Mirziyoyev’s keynote set out a clear vision for sustainable growth, focused on digital transformation, energy diversification, agricultural modernisation, and expanded healthcare investment. Notably, the forum also featured the Uzbekistan–US Business Forum on 9 June, attended by over 100 top US companies. The numbers reinforce the momentum: trade between Uzbekistan and the United States has grown 15% to $881.7 million, with US investment totalling $612.6 million.

The country’s macroeconomic fundamentals also reflect robust performance. As of May 2025, Uzbekistan’s gold and foreign exchange reserves reached an all-time high of $49.66bn — a 20.6% rise since January, marking five consecutive months of growth. The President further announced a target of $1bn in venture capital and alternative investment, underlining a strategic shift towards more dynamic financing models.

Navigating the Geopolitical Landscape

Despite the forum’s overwhelmingly positive tone, the undercurrent of global tension remained palpable. The sudden withdrawal of CNN anchor Richard Quest and the diplomatic protest during the Russian speech underscored the challenges of maintaining neutrality in an increasingly polarised world. Yet Uzbekistan’s ability to host such a high-profile event — amid shifting allegiances and economic rivalries — demonstrates its growing diplomatic maturity and confidence.

[caption id="attachment_27771" align="aligncenter" width="900"] Richard Quest and Jim Rogers[/caption]

This balancing act is central to Uzbekistan’s foreign policy approach: open to East and West, committed to reform at home, and determined to position itself as a hub for trade, investment and cooperation in Central Asia.

Unlocking the Human Dividend

While infrastructure projects, regulatory reform, and macroeconomic resilience form the bedrock of Uzbekistan’s appeal, it is the collective national mindset that may prove its most enduring advantage. Citizens speak not just of personal advancement, but of playing a role in their country’s success. This bottom-up energy — where the government facilitates, but the people drive — is what lends credibility to the reform narrative.

It also aligns with what long-term investors increasingly seek: not just profit margins, but purpose. In Uzbekistan, there is a growing alignment between individual ambition and national vision — a synergy that few emerging markets can offer at this scale.

A Forum That Matters

The Fourth Tashkent International Investment Forum was more than an expertly executed event. It marked a pivotal moment in Uzbekistan’s development journey — a forum that captured the spirit of a nation in transition, balancing reform with stability, and ambition with pragmatism.

For investors, Uzbekistan is more than an opportunity; it is a story in motion. One grounded in solid policy and powered by a people determined to write their own future. In the midst of global uncertainty, that is a story worth investing in.


CORDET Capital: Unlocking the Potential of Northern Europe’s Lower Mid-Market

With a sharp focus on delivering compelling risk-adjusted returns, CORDET Capital has positioned itself as a distinctive force in private credit. The firm’s strategy is centred on the lower mid-market in Northern Europe—a region known for its strong legal frameworks, economic resilience and, crucially, underpenetration by alternative lenders. In a landscape crowded with large-cap debt providers, CORDET’s tailored approach offers investors differentiated access to a market segment characterised by lower competition, attractive yields and strong credit protections.

[caption id="attachment_27775" align="aligncenter" width="900"] Founder & Managing Partner: Jakob Lindquist[/caption]

Strategic Focus on Lower Mid-Market Opportunities

CORDET targets companies with EBITDA between €2 million and €15 million across Northern Europe. This segment benefits from limited competition due to the dominance of strong domestic banking systems and the complexity of local languages and cultures, which create barriers to entry for larger international players. As a result, CORDET enjoys greater bargaining power, stronger loan documentation and enhanced yields per unit of risk.

The firm’s ability to create bespoke financing solutions under its Direct Lending Plus+ strategy has allowed it to embed favourable features such as enhanced pricing, equity warrants and structured fees—features that are often harder to secure at the larger end of the market.

Disciplined Origination and Local Expertise

CORDET’s investment team leverages local sourcing expertise, with offices in London and Stockholm and a deep understanding of regional cultures and languages. This localisation strategy enables the firm to maintain close relationships across more than 700 sourcing channels and 200 sponsor relationships. A sophisticated CRM system supports the origination process, allowing the team to manage and convert deal flow efficiently while ensuring high levels of selectivity.

The result is a consistent pipeline of high-quality, geographically diversified investment opportunities that align with CORDET’s stringent credit standards.

Rigorous Risk Management and Underwriting Discipline

Amid rising interest rates and global uncertainty, CORDET’s robust risk management framework has come to the fore. An independent credit team plays a key role in assessing each borrower’s financial strength, earnings visibility, cash conversion ability, market positioning and management calibre.

This conservative approach extends to structural features: low leverage, strong covenant protection and low loan-to-value ratios are hallmarks of CORDET’s portfolio construction. Post-investment, the team employs maintenance covenants, ongoing compliance checks and stress-testing to ensure real-time insight into portfolio company performance. The Northern European region’s creditor-friendly regimes further enhance downside protection.

Bespoke Solutions to Match Strategic Goals

While the bulk of CORDET’s investments are in senior secured loans, the firm’s flexibility allows it to structure deals with tailored features suited to borrower needs and transaction dynamics. Whether supporting growth strategies, succession planning, or recapitalisations, the investment team evaluates the borrower’s capital requirements in detail to optimise alignment between risk and return.
This approach not only strengthens borrower relationships but also enables the integration of features such as prepayment protection, arrangement fees, and performance-related equity upside—ensuring every loan is structured for resilience and investor value.

Hands-On Partnership with Portfolio Companies

CORDET’s role extends beyond capital provision. It is an active, constructive partner to its borrowers. The firm regularly offers follow-on capital to support companies performing in line with expectations, and has guided management teams through governance and operational enhancements. These contributions have led to tangible improvements in employee engagement, ESG compliance and overall business efficiency—contributing to long-term value creation.

Integrating ESG Principles Across the Investment Lifecycle

CORDET’s ESG approach is embedded into its entire investment process, beginning with exclusion screens aligned with the UN PRI, UN SDGs and TCFD frameworks. ESG considerations inform initial due diligence, investment committee decisions and post-investment monitoring. The firm’s decision to decline investment in a UK manufacturer of single-use plastic additives, despite attractive financial returns, underscores its ESG commitment.

Through its Article 8-aligned fund structure, CORDET tracks ESG metrics using annual questionnaires, incorporates ESG-linked ratchets in loan terms and maintains an internal ESG working group to identify new sustainability initiatives.

Why Northern Europe? A Region of Strategic Advantage

Northern Europe and the UK represent ideal environments for CORDET’s investment strategy. The region enjoys top-tier sovereign credit ratings, stable economies and highly creditor-friendly legal frameworks. Recovery rates in the event of default often exceed 80%, well above the European average of 49%.

Additionally, while traditional banks still dominate the mid-market in the Nordics, few alternative lenders have the local expertise to effectively compete. This leaves a compelling gap for specialist lenders like CORDET to deploy capital on attractive terms, while aligning closely with regional norms around transparency, governance and ESG.

Differentiation in an Expanding Market

As private credit grows, CORDET stands out through its focus on the lower mid-market and its hands-on approach to credit and portfolio management. Unlike many larger players who seek to deploy capital at scale, CORDET thrives in complexity—offering flexible, relationship-driven financing solutions supported by deep local networks and rigorous credit discipline.

Its Direct Lending Plus+ strategy delivers enhanced returns per turn of leverage—significantly above market averages—while maintaining conservative risk metrics. The ability to source and execute high-quality deals in a relatively underexplored corner of the European credit landscape sets CORDET apart.

Supporting Growth, Succession and Strategic Change

CORDET plays a critical role in supporting companies through transition—whether expansion, management buyouts, or family business succession. The firm’s value-added approach includes bespoke financial structuring, strategic advice and access to external experts to strengthen operations or governance.

Existing portfolio companies that perform well benefit from continued financial support, reinforcing long-term partnerships. These engagements drive operational improvement and long-term stability, especially during periods of change.

Looking Ahead: The Future of Private Credit and CORDET’s Priorities

CORDET expects private credit to continue evolving as investors seek yield and diversification in an environment where traditional banking plays a reduced role. In response, CORDET is doubling down on its core strengths—intensive origination, disciplined credit underwriting, ESG integration and strategic structuring.

Upcoming launch of CORDET Direct Lending III builds on the success of its previous funds, offering investors diversified access to high-conviction lower mid-market deals. With a targeted gross IRR of 12–14%, the fund reflects the firm’s confidence in its strategy and its ability to deliver consistent, superior returns.

In a shifting financial landscape, CORDET’s clarity of focus, local insight and rigorous standards position it as a partner of choice for investors seeking exposure to the resilient and rewarding Northern European lower mid-market.


Net Zero: OECD Report Sets the Record Straight on Economic Benefits

For years, a persistent argument has loomed over the push for net zero: that transitioning to a low-carbon economy costs too much and drags down economic growth. Critics often paint net zero policies as a financial burden, claiming they saddle governments with hefty bills, raise energy prices, and stifle industrial competitiveness. However, a groundbreaking report from the Organisation for Economic Co-operation and Development (OECD) dismantles this misconception, revealing that net zero is not an economic drain but a powerful driver of prosperity, innovation, and job creation.

Debunking the Myth: Net Zero as an Economic Opportunity

The OECD’s Fast-tracking Net Zero by Building Climate and Economic Resilience: A Summary for Policymakers provides a robust counterpoint to the narrative that net zero slows the economy. Far from being a costly liability, the report argues that well-designed net zero policies can deliver tangible economic gains across short, medium, and long-term horizons. It challenges the short-sighted view that upfront investments outweigh benefits, instead showcasing how these policies can fuel growth while averting the far steeper costs of climate inaction.

Short-Term Gains: Boosting Jobs and GDP

In the short term, the OECD report demonstrates that net zero policies can stimulate economic activity rather than hinder it. By implementing strengthened Nationally Determined Contributions (NDCs) with smart policy design, governments can create jobs in emerging sectors like renewable energy, energy efficiency, and sustainable transport. For instance, the report cites estimates that investments in renewables could generate up to 24 million new jobs globally by 2030. Moreover, these policies can yield a slight increase in global GDP in the short to medium term compared to sticking with existing, less ambitious frameworks—an immediate economic win that defies the "costly burden" myth.

Medium-Term Growth: The Green Tech Boom

Looking to the medium term, the OECD highlights the explosive growth potential of the green technology market. In 2023, the market for six key green energy technologies—such as solar PV, wind, and electric vehicles—surpassed $700b. The report projects this market will nearly triple by 2035, approaching the value of the global crude oil market in recent years. This boom offers governments a chance to lead in innovation, sharpen industrial competitiveness, and build new revenue streams—all while reducing emissions. Far from slowing the economy, net zero policies position countries to thrive in a rapidly evolving global market.

Long-Term Savings: Avoiding the Costs of Inaction

Over the long term, the economic case for net zero becomes even more compelling. The OECD warns that failing to act on climate change will unleash devastating financial consequences—think extreme weather, rising sea levels, and ecosystem collapse—that dwarf the costs of transitioning now. By investing in net zero today, governments can sidestep these burdens, securing significant savings and ensuring economic stability for future generations. The report’s message is clear: the price of doing nothing far exceeds the price of doing something.

A Blueprint for Prosperity

The OECD doesn’t just make the case for net zero—it shows how to get there. Job creation isn’t limited to energy; it spans construction, manufacturing, and services, revitalising economies in transition. Innovation thrives as governments back research into cutting-edge solutions, giving early movers a competitive edge. And critically, the report stresses the need for well-crafted policies that ensure a just transition—supporting workers and communities through reskilling programmes and targeted investments—so no one is left behind.

The Time to Act Is Now

The OECD report is more than a rebuttal to naysayers; it’s a call to action. “Achieving net zero is not just an environmental imperative, but an economic one,” says OECD Secretary-General Mathias Cormann. “The costs of inaction far outweigh the costs of action, and the opportunities for growth and prosperity are immense.” With the window to limit global warming narrowing, governments must seize this moment to unlock the economic potential of net zero. The evidence is in: far from costing money and slowing the economy, net zero is the key to building a thriving, sustainable future.

Source: OECD (2025), Fast-tracking Net Zero by Building Climate and Economic Resilience: A Summary for Policymakers, OECD Publishing, Paris, https://doi.org/10.1787/f2c22c96-en.


The Big Themes from Money20/20: Why Banks Are Back, AI Is a Risk, and Financial Inclusion Finally Matters

By Alessandro Hatami, European banking innovation expert and co-author of Reinventing Banking and Finance and Inclusive Finance.

Just like that another Money20/20 is behind us — and this year, the floor buzzed with a new reality. The banks weren’t relics trying to catch up; they were prowling the floor in deal-hunting mode, setting the pace. Meanwhile, the most powerful force in the room — agentic AI — was also the least understood, raising urgent questions about governance and control.

[caption id="attachment_27781" align="aligncenter" width="507"] By Alessandro Hatami[/caption]

After years of fintech-led disruption, the power balance is shifting again. Banks are back on the front foot — but this is no time for complacency. With agentic AI, digital currencies, and financial inclusion all moving centre stage, institutions' choices will define whether they lead or lag in the next wave of innovation.

Here are my four key takeouts.

1.      Agentic AI — banks must not build black boxes they can’t control

Agentic AI was the most powerful — and potentially the most dangerous — technology on display this year.

While recent hype has centred on generative AI, the spotlight at Money20/20 shifted to agentic AI: systems that can plan, make decisions, and take autonomous actions. For banks, the promise is enormous. Agentic AI could power hyper-personalised customer engagement, drive next-gen fraud detection, optimise risk management, and even run complex trading operations.

But the risks are equally profound. Could it be that many banks are rushing to deploy agentic AI without embedding the right governance? The danger here is that they could end up with black-box systems whose behaviours they cannot fully understand or control — an unacceptable outcome in a highly regulated sector. Ongoing hands-on monitoring and supervision will be essential. The challenge is to provide this supervision without damaging the growth of a very promising new innovation.

That said, AI governance must now be treated as a foundational risk  — on par with credit, liquidity,  compliance and operational risk. It must be embedded from day one of AI development, not bolted on afterwards. If an agentic AI system can’t explain its decisions or demonstrate transparency, it has no place running critical processes.

Boards need to grasp this fast. In AI, what you can’t see can — and will — hurt you. If you can’t audit it, you can’t trust it.

 2.      Stablecoins vs CBDCs — regulation will decide the winner

Stablecoins and Central Bank Digital Currencies (CBDCs) were other hot topics, and the battleground is becoming clearer.

The question on everyone’s mind: will stablecoins disrupt fiat and displace the case for CBDCs, or will they struggle to gain mainstream trust without robust regulatory backing?

A market shakeout among stablecoins appears likely. While these digital assets have gained significant traction, many operate under weaker governance frameworks than traditional fiat currencies. In particular, a large number of stablecoins lack the transparency and regulatory oversight needed to inspire long-term trust among users, regulators, and institutions. Without clear standards for asset backing, auditing, and accountability, their credibility as reliable instruments of value is at risk. As scrutiny intensifies and regulatory frameworks evolve, only those stablecoins that meet higher thresholds for governance and transparency are likely to endure. Without clear, stringent regulation, they will struggle to achieve the credibility required for mass adoption.

Conversely, CBDCs — while slower to develop — are gaining momentum, backed by central banks and benefiting from regulatory clarity. The digital Euro is leading the way in Europe, with clear progress on design, governance, and regulatory frameworks. However, CBDCs still face hurdles in building public trust and demonstrating real utility beyond the wholesale banking sector.

Ultimately, the rules of the game will determine the outcome. Well-governed, asset-backed stablecoins could complement fiat currencies, particularly in cross-border payments and digital commerce. But coins without strong foundations are unlikely to survive.

Early adapters who understand how agentic AI will transform digital currency flows, compliance, and risk monitoring will gain a significant competitive edge.

3.      Financial inclusion — from side note to front stage

One of the most encouraging trends at this year’s Money20/20 was the prominence of financial inclusion.

Historically, inclusion has been treated as a niche topic, referenced in keynote speeches but rarely prioritised in strategy decks. That is changing. At this year’s event, inclusion was no longer a side conversation — it was front and centre, reflected in packed sessions and serious debate.

This is not just good PR — it is good business. Across Europe and beyond, regulators are pushing for fairer access to financial services. Consumers are demanding greater transparency and fairness. And fintech firms are innovating to serve underserved groups profitably.

At the same time, the digital transformation of finance is playing a pivotal role here. Even though digital banking is driving a cashless society and the closure of thousands of bank branches, it is also emerging as a vehicle through which providers can reach a much wider public. In particular, the use of AI is increasingly enabling more personalised, affordable financial services, helping to eliminate legacy opaque and biased decision-making.

As co-author of Inclusive Finance, I see this shift as long overdue. Inclusion is not a charity case — it is a commercial opportunity. The unbanked and underbanked represent one of the largest untapped markets in financial services. Those who design products and services to meet their needs will unlock growth and impact.

We need to move beyond lofty rhetoric and focus on tangible action. True financial inclusion means designing products that are affordable, accessible, and grounded in the realities of people’s lives. The leaders in this space will be those who prioritise user needs over publicity. This isn’t about charity, it’s about making smart, sustainable business choices that create value for society, strengthen the economy, and deliver long-term returns for the business itself.

4.      Banks are setting the agenda again

Finally, perhaps the most telling signal from this year’s event: the behaviour of the banks themselves.

Not long ago, banks came to Money20/20 with large exhibition stands and PR-heavy teams. This year? Many of the biggest banks abandoned stands altogether. Instead, their executives prowled the floor, actively scouting for new technology, new partners, and new talent.

Meanwhile, it was the tech firms — including some of the loudest fintech disruptors — that were queuing up to pitch them.

The message is clear: the balance of power has switched. After a period of fintech exuberance and regulatory pressure, banks have regrouped. They are now setting the agenda and shaping the next wave of fintech innovation.

But this new position of strength should not give way to complacency. Banks must continue to embrace innovation, invest in partnerships, and adopt a more agile mindset. The next wave of disruption — from agentic AI to digital currencies to inclusion-focused products — will not wait.

Final word

Money20/20 this year underlined the opportunities and the risks ahead for our industry. We are entering a new phase where banks are setting the pace — but they must do so wisely.

The choices made now — particularly how we govern agentic AI, shape currency innovation, and build genuinely inclusive services — will define the winners and losers of the next decade.

It is an exciting time to be in banking. But it is also a time for leadership, responsibility, and vision. Let’s not waste the opportunity.


NBG Securities: Redefining Investment Services with a Vision for Growth

As a subsidiary of the National Bank of Greece, NBG Securities has evolved into a top-tier brokerage firm, leveraging its expertise to deliver investment services in Greek and international markets. With a focus on its clients, ESG principles and innovation, the firm is contributing to the future of investment services in Greece and beyond.

Founded in 1988 as a subsidiary of the National Bank of Greece (NBG), NBG Securities has built an enduring reputation as one of the top leading firms in the financial sector. Supported by one of Greece’s most prominent financial groups, NBG Securities has established itself as a key player in the Greek capital markets, offering a comprehensive range of services to both institutional and retail clients.

[caption id="attachment_27786" align="aligncenter" width="900"] NBG Securities: Headquarters[/caption]

Operating under the supervision of the Hellenic Capital Market Commission, NBG Securities is an active member of the Athens Exchange, the Cyprus Stock Exchange, and the Derivatives Market of the Hellenic Energy Exchange. The firm’s role as a market maker in the Stock and Derivatives Markets of the Athens Exchange reflects its commitment to providing liquidity and supporting seamless trading.

Through expertise and innovation, NBG Securities has become synonymous with reliability, precision, and client-centric service, contributing to its position as a trusted partner in Greece and international markets.

Equity Research: A unique offering

A key pillar of NBG Securities’ success is its advanced equity research capabilities. A highly skilled team of analysts is committed to delivering actionable insights so that clients can make informed investment decisions.

The firm’s knowledge and experience of local markets allows it to provide in-depth analysis and market insights to its clients. By maintaining a transparent approach and leveraging cutting-edge technology platforms, NBG Securities offers clients an unparalleled level of service in research and market analysis.

The publication of high-quality equity research has not only bolstered its reputation in Greece but has also positioned the firm as a significant player in international markets, serving institutional clients across major exchanges.

Enabling Transformation Through a Three-Pillar Approach

NBG Securities has undergone a significant transformation in recent years, under the guidance of its new management. This transformation is based on a three-pillar approach focusing on client service, operational excellence, and personnel development.

Client service places the needs and expectations of clients at the forefront. By streamlining processes and enhancing efficiency, the firm has improved the client experience, ensuring that every interaction reflects its commitment towards excellence.

Operational excellence involves the adoption of innovative technologies and best practices to optimise internal operations. This has enabled the firm to deliver high quality and more efficient services.

Finally, personnel development focuses on cultivating a positive work environment while actively supporting employees’ professional growth and skills advancement. By providing ongoing training and development opportunities, NBG Securities ensures that its team remains equipped to meet the challenges of an ever-evolving financial landscape.

A New Economic Era in Greece

NBG Securities’ transformation coincides with a broader resurgence in Greece’s investment climate. The country’s macroeconomic stability, consistent fiscal outperformance, and improved credit ratings have created an appetite for investments in Greece.

The attainment of Investment Grade status has been a pivotal milestone for Greece, reigniting investor confidence and attracting substantial capital inflows. Recent flagship transactions have demonstrated strong demand for Greek assets, driven by increased stock market liquidity, resilient corporate earnings, and attractive dividend yields.

For NBG Securities, these developments present a unique opportunity to expand its services and capitalise on the renewed interest in Greek markets. By leveraging its expertise and deep market knowledge, the firm is well-positioned to play a significant role in Greece’s economic resurgence.

Commitment to ESG: Building a Sustainable Future

Recognising the importance of sustainability in today’s investment landscape, NBG Securities has firmly embraced Environmental, Social, and Governance (ESG) principles. This commitment is not only a response to global trends but also a reflection of the firm’s belief in the importance of sustainable growth.

By integrating ESG standards into its operations, NBG Securities aims to contribute to a sustainable future, by embracing initiatives that have a positive impact on society and the environment.

Innovation and Technology: The Path to Growth

As part of its forward-looking approach, NBG Securities is harnessing the power of technology to drive growth. By adopting advanced digital tools and platforms, the firm is enhancing its capabilities in areas such as market research, trading, and market making.

The integration of technology has not only improved operational efficiency but has also enabled the firm to offer a wider range of products and services. From digitally enabled trading systems to market analysis, NBG Securities is leveraging innovation to elevate client experience.

A Vision for the Future

Looking ahead, the firm is exploring opportunities to expand its geographical footprint and diversify its product offerings, ensuring that it remains at the forefront of the brokerage industry.

NBG Securities aspires to be the broker of choice for investors seeking a reliable and trusted partner in both Greek and international markets. By combining its expertise with a commitment to innovation and sustainability, the firm is well-positioned to navigate the challenges and opportunities of the future.

As Greece continues to build on its economic momentum, NBG Securities stands ready to support its clients with world-class investment services and insights. With a focus on client satisfaction, operational excellence, and sustainable growth, the firm is part of the future of investment services in Greece and beyond.


Christoph D Kauter: Leading Beyond Capital Partners with Vision and Purpose

Christoph D Kauter, Founder and Managing Partner of Beyond Capital Partners, has built a career that blends entrepreneurial vision with a commitment to ESG-driven private equity. With more than 25 years of experience, he stands out as a leader dedicated to creating sustainable growth and delivering value for investors and businesses alike.

Since founding Beyond Capital Partners in 2015, Christoph D. Kauter has grown the Frankfurt-based private equity firm from its self-funded entrepreneurial beginnings into a well-established institution. The firm focuses on acquiring majority stakes in asset-light small and medium enterprises (SMEs) across sectors like B2B services, IT, software, healthcare, and lifestyle within the German-speaking region.

[caption id="attachment_27789" align="aligncenter" width="900"] Founder and Managing Partner: Christoph Kautner[/caption]

Kauter’s investment philosophy centres on good entrepreneurship, with ESG criteria embedded into every stage of the value creation process. By integrating sustainability into its core strategy, Beyond Capital Partners ensures that its portfolio companies align with global standards while fostering innovation and long-term success.

An Impressive Career in Private Equity
Kauter brings over two decades of experience in sourcing investments, executing M&A transactions, and driving growth strategies. Since 2008, he has held executive roles at leading private equity firms, honing his expertise in managing acquisitions and exits and building strong relationships with the German-speaking SME ecosystem.

His ability to win the trust of selling founders and align their vision with Beyond Capital Partners’ objectives has been a defining feature of his career. Under his leadership, Beyond Capital Partners has raised multiple funds, growing its reputation as a trusted partner in the mid-cap investment landscape.

“Good entrepreneurship is the foundation of every successful business,” Kauter emphasises, reflecting his focus on sustainable and ethical growth.

Educational Excellence and Industry Expertise

Kauter holds a master’s degree in banking and finance from the Frankfurt School of Finance & Management and a postgraduate qualification in finance from CASS University, London. Additionally, he is a certified Real Estate M&A Advisor and supervisory board member.
His robust academic background complements his practical expertise, allowing him to navigate the complexities of private equity investment with precision.

Beyond his role at Beyond Capital Partners, Kauter is an active contributor to the private equity community. He is a frequent speaker at global investment conferences, a lecturer at leading business schools in Germany, and a mentor for Level 20, a non-profit organisation promoting gender diversity in private equity.

Driving Beyond Capital Partners’ Success

Since its inception, Beyond Capital Partners has grown into a prominent player in the DACH region’s private equity market. The firm focuses on acquiring and managing businesses with strong potential for growth, leveraging ESG principles to enhance value.

Kauter’s leadership has guided Beyond Capital Partners through multiple successful fundraisings, including its third fund in 2024, which reached €181mn at its hard cap. This achievement underscores the firm’s growing reputation and investor confidence.

Commitment to Sustainability and Social Responsibility

Under Kauter’s guidance, Beyond Capital Partners has integrated ESG considerations into its investment lifecycle. This includes an "ESG along the investment cycle" programme, which addresses sustainability from sourcing to exit. By aligning with global frameworks like the UN Sustainable Development Goals (SDGs) and the Principles for Responsible Investment (PRI), the firm demonstrates its dedication to responsible investing.

Portfolio companies are required to prepare annual ESG roadmaps, outlining short- and long-term initiatives that align with sustainability goals. This approach ensures that ESG is not just a compliance exercise but a driver of innovation and value creation.

Balancing Professional Excellence with Personal Values

Kauter’s dedication to his professional role is matched by his commitment to family and community. A passionate father of three, he values time with his family and enjoys travelling to broaden his perspectives.

In addition to his work with Beyond Capital Partners, Kauter supports charitable initiatives, reflecting his belief in giving back to the community and fostering opportunities for others.

Looking Ahead: A Vision for Growth and Sustainability

As Beyond Capital Partners continues to expand, Kauter remains focused on fostering sustainable growth and entrepreneurial success. His leadership exemplifies the firm’s commitment to innovation, responsibility, and collaboration, ensuring its position at the forefront of private equity.

For Kauter, private equity is not just about financial returns but about creating lasting value for businesses, investors, and society. His career stands as a testament to the power of visionary leadership and a commitment to doing business with purpose.


Beyond Capital Partners: Driving Sustainable Growth in the DACH Region

Beyond Capital Partners (BCP), an owner-managed private equity firm based in Frankfurt am Main, Germany, exemplifies a commitment to sustainable growth, innovation, and entrepreneurial excellence. With a focus on ESG-oriented investment strategies, BCP has become a leading player in the small-to-medium enterprise (SME) market across German-speaking countries. Since its founding in 2015, the firm has grown its portfolio and reputation, achieving significant milestones in fund management, operational excellence, and social responsibility.

A Decade of Entrepreneurial Excellence

Founded by three entrepreneurial visionaries, Beyond Capital Partners focuses on acquiring majority shareholdings in well-performing small-to-medium-sized companies with revenues between €10mn and €50mn, and EBITDA ranging from €1.5mn to €7.5mn. These investments span diverse sectors such as B2B services, IT services, software, healthcare and well-being, lifestyle, and entertainment.

[caption id="attachment_27796" align="aligncenter" width="900"] Germany: Frankfurt[/caption]

BCP has built a reputation as a hands-on investor, partnering with portfolio companies to navigate the challenges posed by technological, demographic, and social changes. The firm’s philosophy is rooted in its entrepreneurial spirit, where it positions itself as a trusted partner, leveraging pragmatic advice, extensive industry experience, and ample capital to support growth over the long term.

BCP’s team, which has expanded to 16 professionals, embodies this ethos. The firm has established itself as a key player in the DACH region’s lower-mid-market private equity segment, with a portfolio that includes 13 platform acquisitions, 14 add-ons, and over 100 additional acquisitions through roll-ups.

Strategic Fund Management

BCP’s ability to attract top-tier institutional investors is a testament to its strategic acumen and strong performance. Over the years, the firm has successfully launched three funds, each achieving significant milestones:

Fund I (2017): With an initial closing of €25.5mn from family office investors, Fund I delivered a strong performance, achieving a 1.5x multiple of invested capital (MOIC) by 2019.

Fund II (2021): Closed at a hard cap of €115.2mn, Fund II currently holds a 1.9x MOIC with a DPI of 0.23x, reflecting its steady and conservative growth trajectory.

Fund III (2024): Marking a significant milestone, Fund III closed at €180.7mn, making it one of the few successfully raised funds in a challenging fundraising environment. Institutional investors, including the European Investment Fund and other leading fund-of-funds, re-upped their commitments, further solidifying BCP’s status as an established general partner (GP).

"Good entrepreneurship is the foundation of every successful business and ever since has been a core pillar of Beyond Capital Partners’ investment philosophy."

- Christoph D Kauter Managing Partner and Founder of Beyond Capital Partners

The firm’s founders, team members, and close networks have contributed over 10 percent of the total capital commitments across these funds, underscoring their belief in "real skin in the game" as a key alignment mechanism for investor confidence.

Integrating ESG Principles Across the Investment Lifecycle

At the heart of BCP’s strategy lies a robust commitment to Environmental, Social, and Governance (ESG) principles. The firm integrates ESG criteria across all stages of its investment cycle, from sourcing and due diligence to post-acquisition and exit strategies.

As an Article 8+ fund under the Sustainable Finance Disclosure Regulation (SFDR), Fund III promotes ESG characteristics and allocates a percentage of its committed capital to sustainable business models. This aligns BCP’s investments with the United Nations Sustainable Development Goals (SDGs), including good health and well-being, quality education, decent work and economic growth, reduced inequalities, and climate action.

BCP’s “ESG Along the Investment Cycle” programme exemplifies its commitment to sustainability. This initiative includes:

Sourcing and Due Diligence: ESG objectives are embedded in the firm’s investment criteria, supported by comprehensive internal and external ESG assessments.

Monitoring and Reporting: A digitalised ESG reporting platform tracks ESG indicators before and after acquisition, providing transparency and enabling portfolio companies to develop targeted ESG roadmaps.

Value Creation: ESG profiles are used to evaluate risk, development opportunities, and value creation, aligning each company’s goals with BCP’s broader sustainability objectives.

A Culture of Responsible Investment

In 2023, BCP further enhanced its ESG strategy by aligning its entire investment cycle with the Principles for Responsible Investment (PRI). The firm has also joined the United Nations Global Compact, reinforcing its commitment to ethical business practices and sustainable growth.
By adopting tools like internal ESG maturity assessments and mandatory annual reporting for portfolio companies, BCP ensures that sustainability is not only a compliance measure but a driver of value creation.

Fostering Entrepreneurial Success

BCP’s entrepreneurial philosophy extends beyond its internal operations. The firm partners closely with the founders and management teams of its portfolio companies, providing strategic guidance and capital to fuel growth. This approach has resulted in remarkable success stories, with portfolio companies achieving increased operational efficiency, market expansion, and long-term value creation.

One of BCP’s key strengths is its ability to adapt to the evolving needs of mid-cap companies in a rapidly changing landscape. The firm’s focus on asset-light business models in high-growth sectors ensures its portfolio remains resilient and competitive.

Overcoming Challenges with Pragmatism

The lower-mid-market private equity space is not without its challenges. BCP has successfully navigated geopolitical uncertainties, demographic shifts, and industry disruptions by fostering a culture of resilience and adaptability.

The firm’s hands-on approach and long-term perspective enable it to identify opportunities within these challenges. For instance, infrastructure development and technological innovation are not only hurdles but areas where BCP can drive value creation and enhance portfolio performance.

A Bright Future Ahead

Looking ahead, Beyond Capital Partners is well-positioned to build on its success. The firm aims to expand its geographical footprint, diversify its product offerings, and continue integrating cutting-edge technology into its operations.

BCP’s commitment to ESG principles will remain a cornerstone of its strategy, ensuring sustainable growth for both the firm and its portfolio companies. By aligning its investments with global sustainability goals, BCP is not only driving financial returns but also contributing to a more inclusive and responsible business landscape.

With nearly a decade of experience, a proven track record, and a forward-looking strategy, Beyond Capital Partners continues to set the standard for excellence in private equity. For investors, entrepreneurs, and stakeholders, the firm represents a trusted partner dedicated to driving innovation, sustainability, and long-term value creation in the DACH region and beyond.


Moody’s Ratings’ 2025 Forecast for Latin America: Stable Outlooks, Sustainable Finance Trends & Impact of US Policy Measures

By Moody’s Ratings

With nearly 30 years of experience in Latin America, Moody’s Ratings continues to evolve, reflecting a constant commitment to understanding customer needs and providing world-class service.

Moody’s Ratings is at the forefront of credit risk and sustainable finance analysis in Latin America, striving to help customers make more informed and strategic decisions. The region is essential to Moody's Ratings' global presence, serving as a key component of its Emerging Markets strategy.

There are the three key dynamics Moody’s Ratings sees shaping Latin America’s economies and credit markets as the region faces a complex and evolving landscape in 2025: the credit outlook for sovereign and nonfinancial companies; the prospects for the sustainable finance industry; and the impact on the region of policy measures adopted by the United States.

Stable Outlook for Sovereign & Nonfinancial Companies

The region remains resilient thanks to adaptable economies, despite external challenges:

Upside: Declining borrowing costs and governments' efforts to shore up fiscal health are delivering benefits.

Downside: Modest growth prospects and uncertainty related to shifts in US trade policy.

Nonfinancial companies must balance growth opportunities with inherent risks influencing corporate credit quality worldwide:

Finding macro normal, geopolitical tensions, global transitions, and digitalization and disruption.

Adapting to these dynamics will be crucial to credit quality and sustainable growth.

Sustainable Finance Trends

Global sustainable bond issuance is expected to total $1 trillion in 2025, steady from 2024.

Europe will lead it, as it has done since 2017, although issuance may once again be flat given the maturity of the market.

Asia-Pacific will remain an important driver of sustainable bond volumes.

North America issuance will remain muted amid a retrenchment of environmental policies under a new US administration.

Emerging market volumes, especially in Latin America and the Caribbean, should rise as COP30 in Brazil approaches.

The design and implementation of government policies to reduce greenhouse gas emissions will be a slow undertaking in Latin America.

National oil companies in the region face intensifying demands to reduce emissions, but weak legislation, limited finances, and the need to focus on energy security to replace imported fossil fuels pose significant challenges.

Data centers are expanding in areas with the most demand for cloud computing and 5G networks, including Brazil, Mexico, Chile, and Colombia.

Upside: Low-cost, renewable power is widely available.

Downside: Economic volatility, policy uncertainties, water management risks and transmission bottlenecks threaten long-term returns on investment for new data center developments.

 What we’re tracking: Challenges and opportunities for Chilean renewable energy;  Mexico’s power sector and Brazil’s high interest rates.

Chile’s massive copper and lithium industries bode well for its long-term energy transition, but the short-term is less certain.

Snapshot: Mining companies will need to balance the need to expand production of future-facing commodities with the need to reduce carbon emissions from production processes with mandated decommissioning of carbon power plants. Network developments lagging the rapid expansion of renewables add further volatility to the power sector, increasing the risk of curtailment. Deployment of battery projects will play an important role in energy transition.

Mexico’s need substantial clean-energy investment to reach its ambitious energy transition goals. The new participation schemes offer private generators clear guidelines and options to grow, but the country’s weaking rule of law hurdles for investors.

Snapshot: New investment schemes will allow private companies to supply power, partnering with the state-owned utility CFE, or continue participating in the wholesale electricity market, with substantial government oversight and control.

Brazil’s contractionary monetary policy will reduce banks' credit growth and margins.

Snapshot: Brazil's increasing interest rates, persistent inflation and further currency depreciation will strain corporate cash flow and reduce profitability in 2025, limiting the financial room for companies to meet their financial obligations.

United States Policy Measures

Latin America and the Caribbean are exposed to changes in the United States’ trade  policies which drive both the resulting geopolitical dynamics between the United States and China, and financial market volatility.

Announced US tariffs would hit Mexico economy hardest given the amount of trade between the two countries. But goods that comply with the USMCA – about half of Mexico's exports, according to media reports – are not subject to tariffs.

Other countries in the region do not depend heavily on trade with the US for economic growth, but the US and China are the largest trading partners for many Latin American countries. While South America is less linked to the US than it once was, its trade and investment ties to China represent channels that indirectly expose them to policy changes in the US.

Nearly a third of Brazil’s exports and more than a third of Chile’s and Peru's total exports go to China, for example.

And Brazil and Argentina export steel and aluminum, which are subject to 25% tariffs, to the US.

Snapshot: Recently, China has played an expanded role as investor in some of those countries with its foreign direct investment increasingly going into infrastructure in addition to primary activities, i.e., mining.

An emblematic example is Peru's Chancay megaport that was built by Chinese companies and that will likely channel an important part of trade between Latin America and Asia.

US policies to counter Chinese influence in the region could entail increased investments by US companies or strategies targeted via multilateral development banks, which could result in opportunities for Latin American countries.

To learn more about how Moody’s Ratings can help decision-makers navigate risk, visit https://www.moodys.com/web/en/us/solutions/ratings.html


ATIDI: De-Risking Africa’s Growth Trajectory Through Innovation, Impact and Integration

As Africa’s leading provider of credit and investment insurance, the African Trade & Investment Development Insurance (ATIDI) continues to shape the continent’s economic trajectory. Under the stewardship of CEO Manuel Moses, the institution is harnessing the power of risk mitigation strategies, ESG integration, and regional partnerships to unlock capital flows and sustainable growth across the continent.

[caption id="attachment_27800" align="aligncenter" width="900"] AGM participants during our AGM held in Luanda Angola in June 2025[/caption]

A Clear Mission Backed by Strategic Objectives

ATIDI's mission is rooted in supporting sustainable economic growth across Africa by de-risking investment and promoting intra-African and international trade. The organisation’s strategy is guided by a robust framework that addresses the continent’s unique challenges while capitalising on its opportunities.

Among ATIDI's strategic priorities are the delivery of innovative insurance solutions that reduce both perceived and actual risk, thereby encouraging domestic and foreign investment. The organisation also supports trade expansion through credit insurance and guarantees, enabling companies to reach new markets. Infrastructure development, particularly in sectors such as energy and transportation, is another focus area, with ATIDI playing a vital role in backing projects that improve regional connectivity and community well-being.

[caption id="attachment_27803" align="aligncenter" width="900"] DFI of the year during this year’s Africa Bankers held in Abidjan[/caption]

The organisation further champions private sector engagement by creating an enabling environment for businesses, and aligns its initiatives with the UN Sustainable Development Goals (SDGs) to ensure a positive environmental and social impact. Strategic partnerships with governments, multilaterals, and private sector players enhance resource mobilisation and knowledge sharing, amplifying the impact of ATIDI’s work.

Robust 2024 Performance Amid Global Stabilisation

Against the backdrop of a stabilising global economy in 2024—marked by easing inflation, improved trade flows, and supportive monetary policies—ATIDI delivered a resilient performance.

ATIDI demonstrated strong resilience in its 2024 performance, while its 2023 transition to the IFRS 17 accounting standard introduced more robust methodologies and enhanced transparency in financial reporting.

Key financial highlights for 2024 include:

USD 158.9 million in insurance revenue (up 2%)

USD 59.5 million in profit (down 14%)

USD 29.8 million in investment income (up 45%)

USD 791.6 million in total equity (up 13%)

USD 8.9 billion in total exposure (down 7%)

This performance reinforces ATIDI’s role as a reliable and agile institution, capable of navigating global uncertainty while maintaining its commitment to Africa’s development.

[caption id="attachment_27801" align="aligncenter" width="643"] AGM Chair and Minister of Finance Angola (Vera Esperança dos Santos), during the AGM[/caption]

Mitigating Risk with Tailored Insurance Solutions

A core component of ATIDI’s offering is its suite of risk mitigation tools, designed to support investment and trade by addressing challenges such as political instability, currency inconvertibility, and breach of contract.

Political Risk Insurance offers protection against adverse government actions such as expropriation and nationalisation. This coverage is crucial for sectors like infrastructure, energy, and manufacturing, where long-term commitments are vulnerable to policy shifts.

Currency Inconvertibility and Transfer Risk Insurance allows investors to repatriate funds even amid financial or regulatory instability. This product plays a vital role for multinational firms engaged in cross-border transactions.

For investors working on public-private partnerships or government contracts, ATIDI offers Breach of Contract Insurance, which compensates for losses if public entities fail to fulfil contractual obligations. This ensures greater certainty for infrastructure and development initiatives.

Complementing these are Trade Credit Insurance and Surety Bonds, which protect against payment defaults and enforce contractual performance, supporting business growth and strengthening commercial trust across borders.

[caption id="attachment_27802" align="aligncenter" width="819"] CEO Manuel Moses during the AGM[/caption]

Driving Development Through Impact

ATIDI’s solutions have demonstrably supported economic development and job creation across its member states. One example is the 20 MW Ituka West Nile Uganda Ltd solar project, where ATIDI’s Regional Liquidity Support Facility (RLSF) de-risked the investment and ensured financial stability for the independent power producer. This resulted in expanded energy access, job creation, and economic stimulus in Uganda’s West Nile region.

Another notable intervention was in Benin, where ATIDI supported financing tied to the SDGs across key sectors such as healthcare, education, and energy. The risk mitigation provided by ATIDI enabled capital mobilisation for projects that deliver both social and economic returns.

By reducing investment uncertainty, ATIDI fosters financial inclusion, empowers local enterprise, and accelerates infrastructure delivery across the continent.

[caption id="attachment_27799" align="aligncenter" width="838"] Board Chair Professor Kelly Mua Kingsley delivering a speech during the AGM[/caption]

A Collaborative Structure for Scaled Impact

ATIDI’s effectiveness is amplified by its unique structure, which unites African sovereigns, multilateral lenders, and global insurers in a shared vision. This coalition enhances underwriting capacity and financial resilience while enabling risk-sharing across large-scale projects.

For member countries, the benefits are tangible. ATIDI’s strong credit ratings from S&P and Moody’s translate into improved sovereign credibility, facilitating access to international finance at more favourable terms. Membership also provides access to specialised risk mitigation tools including the RLSF and tailored insurance products for political and credit risk.

Crucially, ATIDI contributes to regional integration through strategic collaborations with institutions such as the African Union, European Investment Bank (EIB), KfW, NORAD, AfDB, the World Bank, and the West African Development Bank (BOAD), fostering collective economic resilience and coordinated development efforts.

Powering AfCFTA Through Confidence and Capital

The African Continental Free Trade Area (AfCFTA) marks a milestone in economic integration. ATIDI is supporting its implementation by mitigating the residual risks that remain even as tariffs and barriers are removed.

Trade Credit and Political Risk Insurance products are enabling companies to operate across borders with greater confidence, while ATIDI’s involvement in infrastructure development ensures that the necessary physical backbone — including ports, roads and energy networks — is in place to support seamless trade.

The institution also plays a vital role in supporting financial institutions. By de-risking lending, particularly to SMEs, ATIDI is helping banks extend trade finance and working capital more broadly. The organisation’s strong credit rating enhances investor confidence, drawing both African and international capital into ventures under the AfCFTA framework.

ESG at the Heart of Risk Management

Environmental, Social and Governance (ESG) considerations are embedded into ATIDI’s underwriting and portfolio management processes. Before taking on a project, ATIDI undertakes rigorous ESG assessments to identify potential risks related to climate impact, human rights, and governance practices.

The institution ensures that only projects aligned with responsible business conduct and long-term sustainability objectives receive coverage. Ongoing monitoring and due diligence reinforce ESG adherence throughout the project lifecycle.

ATIDI’s support of renewable energy projects via the RLSF exemplifies this commitment, as the facility improves bankability for clean energy developments by mitigating liquidity risks. In this way, ATIDI is actively contributing to Africa’s green transition while maintaining portfolio integrity.

Digital Transformation and Innovation

Technology is playing an increasingly central role in ATIDI’s operations. By leveraging digital innovation to streamline business processes, the organisation is enhancing both efficiency and service delivery.

From advanced data analytics used in risk modelling to digital platforms that streamline underwriting, the organisation is leveraging digital innovation to enhance efficiency and service delivery.

Cybersecurity measures have also been strengthened to safeguard sensitive client data, with encryption and multi-factor authentication tools forming a robust defence against potential breaches.

As Africa’s financial ecosystem digitises, ATIDI is ensuring that its solutions remain agile, accessible and secure, meeting the evolving expectations of clients and investors.

Building Capacity and Confidence

Beyond insurance provision, ATIDI plays a developmental role in strengthening institutional capacity and financial inclusion. Through instruments like the Portfolio Risk Sharing Agreement (PoRSA), ATIDI partners with financial institutions to extend credit to SMEs, boosting access to affordable finance.

Training programmes and workshops further build the capacity of public and private stakeholders, equipping them with the tools to better manage operational and regulatory risks.

This dual approach — offering both financial protection and institutional empowerment — ensures that businesses are not only shielded from risk but are also positioned to grow sustainably.

A Vision for the Future

ATIDI’s five-year corporate strategy (2023–2027) is focused on innovation, stakeholder engagement, and regional expansion. The organisation is actively pursuing new shareholders, diversifying capital sources, and strengthening ties with DFIs and ECAs to scale its impact.

Over the next decade, ATIDI aims to expand its footprint to include every African country. By enlarging its capital base and deepening partnerships, it seeks to play a central role in shaping Africa’s trade and investment future.

Guided by the SDGs and the African Union’s Agenda 2063, ATIDI is positioning itself as a Transformational, Reliable and Robust (#DTR2) partner. In doing so, it continues to drive Africa’s economic transformation, one risk-managed investment at a time.


Project Spark: Powering Southern Africa’s Future Through a Balanced Energy Mix

Namibia’s first gas-to-power plant aims to address the region’s chronic energy shortages through a pragmatic, balanced approach that blends innovation, natural gas, and regional cooperation.

Access to reliable electricity is often taken for granted in many developed economies. In Southern Africa, however—particularly Namibia, South Africa, Zambia, and the Democratic Republic of the Congo (DRC) in Central Africa—power is not just about lighting homes; it is about igniting industries, driving employment, and enabling long-term economic growth. With a combined population approaching 200 million, these countries continue to face persistent challenges in delivering dependable and affordable electricity to their citizens and businesses.

Amidst these constraints, a landmark initiative is emerging that could help change the game. Project Spark, a gas-to-power initiative co-developed by Ariya Capital Group, aims to introduce Namibia’s first combined cycle gas turbine (CCGT) power plant, offering 586 MW of reliable base-load power fuelled by re-gasified liquefied natural gas (LNG). In a region where energy security is a daily concern, this is no small feat.

The High Stakes: Why Reliable Energy Matters

Namibia’s projected electricity demand is expected to more than double over the next 15 years, from 8 TWh in 2025 to 18 TWh in 2040. This growth will be driven by increased industrialisation, urbanisation, and economic development. Energy-intensive industries—particularly mining, which forms a vital part of both Namibian and South African GDP—require continuous, stable power. Any disruption to supply results in production halts, equipment damage, and costly delays.

Yet today, Namibia’s electrification rate sits at just 50%. In 2021, electricity was the country’s third-most imported product, and in 2023, Namibia spent a staggering $5bn importing power—largely from South Africa, a country grappling with its own load-shedding crisis. These conditions present a significant barrier to industrial productivity, investor confidence, and sustainable development.

The Case for a Balanced Energy Mix

Africa’s natural endowments make it a potential global leader in renewable energy. Solar, wind, and hydropower resources are abundant across the continent. However, renewables alone cannot yet provide the scale, stability, and reliability required to underpin a modern industrial economy. Solar and wind are intermittent by nature, and utility-scale energy storage remains prohibitively expensive and technically underdeveloped in many parts of Southern Africa.

What the region needs is a balanced energy mix—one that maintains grid stability while allowing for decarbonisation and diversification over time. This calls for a pragmatic energy strategy: one that supports renewable deployment but is also anchored in reliable, cleaner scalable fuels such as natural gas.

Natural Gas: The Scalable Fuel of Choice

Natural gas offers a compelling solution to Southern Africa’s wide-ranging energy challenges, where many areas have no reliable energy sources while others need additional output to meet demand. Natural gas plants are scalable, modular, and cost-efficient, produce around 50% less CO₂ than coal, and can be deployed faster than nuclear or geothermal power. Critically, gas turbines can also ramp up and down quickly—making them ideal companions for intermittent renewables. They provide crucial back-up during periods of low solar or wind output and help maintain grid frequency and voltage.

In this context, Project Spark represents more than just a power plant—it is a strategic asset in Namibia’s energy architecture and the wider Southern African energy ecosystem.

"Project Spark highlights the expertise, innovation, and integrity that Ariya Capital Group and its co-development partners bring to launching large-scale energy infrastructure projects in Africa."

- Dr Herta von Stiegel CEO, Ariya Capital Group

[caption id="attachment_27813" align="aligncenter" width="591"] CEO of Ariya Capital Group: Dr Herta von Stiegel[/caption]

Project Spark: A Model for Abundant African Energy Supply

Located near the strategic port of Walvis Bay, the Nathaniel Maxuilili Power Plant (NMPP) will be fuelled by LNG supplied via the innovative Walvis GasPort. The project combines floating storage units with onshore re-gasification and a truck-loading facility to serve both the power plant and regional industrial users. The design will also allow LNG to be transported in 40-foot containers to inland mines, factories, and smaller power plants—expanding the reach and impact of the infrastructure.

With a 45% ownership stake, Ariya Capital Group brings not only capital but deep expertise in structuring and delivering high-impact energy infrastructure in emerging markets. Their innovative approach is at the heart of Project Spark, which is expected to turn Namibia from a net importer to a net exporter of power by stabilizing Namibia’s grid and supplying neighbouring countries that are integrated into the Southern Africa Power Pool (SAPP) with baseload power. Zambia, South Africa, and the DRC are expected to be anchor markets, enhancing regional stability and improving the plant’s commercial viability.

Regional and Economic Ripple Effects

The benefits of Project Spark are expected to extend well beyond the borders of Namibia. By providing a reliable supply of power and natural gas to both domestic and export markets, the project can help alleviate energy deficits, lower industrial costs, and unlock new opportunities for trade and investment.

For Namibia, the move towards domestic energy production represents a major step in showcasing Namibia as a preferred location for developing large-scale infrastructure projects in the region. For investors, the project offers compelling risk-adjusted returns grounded in solid fundamentals, a strong regional demand profile, and a strategic geographic location.

Building with Integrity

While large-scale energy infrastructure in emerging markets often comes with complexities—from licensing and land acquisition to environmental impact and community engagement—Project Spark is being developed with a commitment to transparency, sustainability, and regulatory compliance. Ariya Capital’s approach has prioritised collaboration with local authorities, environmental due diligence, and long-term stakeholder engagement.

This ethos is vital in a region where investor confidence is shaped not just by returns, but by the quality of governance and the resilience of institutions.

A Model for Africa’s Energy Transition?

Ariya Capital Group and their co-development partners expect imminent financial close for Project Spark, and this could serve as a blueprint for how Africa balances economic growth with environmental responsibility. By pairing renewables with transitional fuels like natural gas and investing in regional integration, governments and private sector partners can build more resilient, scalable, and sustainable energy systems.

As Namibia and its neighbours seek to industrialise and improve the quality of life for millions of citizens, energy will remain the central enabler. With a smart mix of technologies, innovative financing, and strategic partnerships, Africa has the opportunity not only to meet its power needs—but to lead the world in energy innovation.


The Janus-Faced Banker: Hjalmar Schacht and the Tragedy of German Economics

Hjalmar Schacht, a brilliant economist who rescued Germany from hyperinflation, ultimately became an enabler of Nazi atrocities. This profile explores the complexities of his legacy, examining his undeniable brilliance alongside his deeply troubling complicity with evil.

Hjalmar Schacht is one of the most paradoxical figures in modern economic history. Admired for his brilliance in rescuing Germany from economic collapse, he is equally condemned for his entanglement with the Nazi regime. His career is a cautionary tale — a story of economic genius and moral compromise, of saving a nation only to empower its darkest hour.

The Weimar Republic: A Nation in Turmoil

After World War I, Germany teetered on the brink of collapse. The punitive terms of the Treaty of Versailles plunged the country into an economic abyss. Hyperinflation gripped the nation, reducing the once-stable German Mark to near worthlessness. Ordinary Germans saw their savings evaporate overnight. Businesses folded, social unrest flared, and extremist ideologies began to thrive. The political centre could not hold.

Amid this crisis, the far left promised revolution, while the far right — particularly the emerging Nazi Party — offered nationalism and scapegoats. Into this cauldron stepped Hjalmar Schacht, an economist whose reputation for unorthodox thinking would soon reshape Germany’s future.

Schacht: The Saviour of the Mark

Appointed President of the Reichsbank in 1923, Schacht wasted no time. He introduced the Rentenmark, a new currency backed by tangible assets like land and industry rather than gold. It restored faith in the economy almost overnight. Inflation was halted, and stability slowly returned.

Beyond monetary reform, Schacht played a critical role in restructuring Germany’s reparation payments. He helped negotiate the Dawes Plan in 1924, securing crucial loans from the United States. The influx of foreign capital jumpstarted the economy, and by the late 1920s, Germany was enjoying the so-called “Golden Twenties.” Industry surged, unemployment dropped, and cultural life flourished. Schacht was hailed as a national saviour, the man who had pulled Germany back from the brink.

The Rise of Nazism and Schacht’s Dilemma

But the prosperity proved fragile. The German economy was overly dependent on foreign loans, and when the global depression struck in 1929, the collapse was swift. As social despair returned, so too did the allure of radical politics. The Nazi Party gained traction, and Germany’s political landscape shifted rapidly toward authoritarianism.

Schacht initially viewed Hitler with suspicion, but he also saw an opportunity. He believed he could moderate the Nazi regime from within — that his economic expertise could temper their radicalism. To him, it seemed possible to separate policy from ideology, to serve the nation without succumbing to the party's worst impulses. It was a fatal miscalculation.

Complicity and Contradictions

As Hitler consolidated power, Schacht became more entangled in the Nazi machinery. He was appointed Minister of Economics in 1934 and later returned to the presidency of the Reichsbank. While Schacht did not align with the racial and genocidal elements of Nazi ideology, he nonetheless played a pivotal role in rebuilding the German economy — not for peace, but for war.

He advanced the regime’s goal of autarky, making Germany economically self-sufficient in preparation for conflict. He designed a complex web of currency controls and state-monopolised trade, insulating Germany from international markets. Under his watch, Germany’s war machine was financed and equipped.

Though he privately objected to anti-Semitic policies, Schacht nonetheless attended meetings where the expropriation of Jewish businesses was planned — and he personally profited from those seizures. His early resistance melted away as he prioritised influence over principle. He knew what the regime was doing, including its plans for the extermination of Jews. But he remained silent, complicit through inaction.

The Indelible Stain of the Holocaust

Schacht's legacy is further darkened by his indirect yet undeniable contribution to the Holocaust. While he did not design the death camps or draft the laws, his economic frameworks enabled the Nazi state to function — and to kill. His financial policies provided the scaffolding upon which genocide was built.

Despite being eventually pushed out of favour by Hitler in 1939 due to policy disagreements, Schacht remained a powerful symbol of how technocratic brilliance can be bent to serve tyranny. He was arrested by the Nazis in 1944 for suspected involvement in a plot against Hitler but survived the war and was acquitted at Nuremberg — a verdict that remains controversial.

A Complex Legacy

Hjalmar Schacht’s achievements are undeniable. He stabilised Germany after hyperinflation, introduced sound monetary reforms, and negotiated international agreements that momentarily restored the nation’s economic health. His intellect and ingenuity were formidable, and his contributions to economic theory continue to be studied.

Yet the darker side of his legacy cannot be separated. He enabled a regime that would plunge the world into war and orchestrate the most systematic genocide in history. His policies made the Nazi war effort viable. He personally profited from the dispossession of Jews. And despite early objections, he ultimately failed to meaningfully resist or disengage from the horrors unfolding around him.

The Thin Line Between Service and Surrender

The life of Hjalmar Schacht is a study in contradiction. He was both a saviour and a collaborator, a genius and a moral failure. His story reminds us that brilliance does not absolve responsibility, and that technical skill, when divorced from ethical conviction, can be weaponised in service of atrocity.

As we assess his legacy, we are left with uncomfortable questions. Can one do good in one arena while enabling evil in another? Does economic salvation justify moral compromise? Schacht’s life doesn’t offer easy answers, but it offers a powerful warning: that the line between patriotism and complicity can be perilously thin — and that history rarely forgives those who try to walk it.


Sango Capital: Reframing Africa’s Investment Landscape for a New Global Cycle

As global capital seeks diversified growth and risk-adjusted returns, Sango Capital reaffirms Africa’s position as a compelling frontier. From shifting macro fundamentals to digital transformation, the continent is emerging as a strategic anchor for long-term investors—and Sango is leading the charge.

Reflections from 2021: Acceleration Amidst Adversity

In 2021, when Sango Capital was last honoured with a CFI.co award, the world was in the early stages of post-pandemic recovery. Africa, often underestimated in global forecasts, demonstrated notable resilience. The continent’s economic contraction in 2020 was a modest -1.7%—far better than anticipated—and by 2021, GDP growth rebounded to 4.5%, outperforming several emerging market peers.

At the time, Sango described this phenomenon as the “Covid acceleration effect.” Technology adoption surged across sectors, with mobile money usage increasing by 21% in active accounts. Legacy industries embraced digital delivery models, while capital markets matured—African debt issuance deepened, infrastructure spending picked up, and major currencies began to float, fostering transparency and resilience.

These were not anomalies; they signalled the beginning of a new structural phase. While others focused on fragility, Sango saw forward momentum. Yet the disparity between opportunity and capital inflow remains stark. Africa represents more than 18% of the world’s population and a $2.1tn consumer economy—but receives less than 0.5% of global private equity and just 0.1% of North American pension allocations.

Africa’s Time: A Strategic Case for Capital Rotation

The global investment climate is evolving. Amid trade uncertainty, macroeconomic recalibration, and rising geopolitical risks, investors are rotating parts of their portfolios away from US-centric assets toward global and emerging market opportunities. In June 2025, global fund flows shifted dramatically: allocations to emerging markets rose, while cash and US positions declined. According to a recent fund manager survey, 54% expect international (non-US) equities to outperform over the next five years—compared to just 23% favouring the US.

In this shifting context, Sango Capital’s conviction in Africa’s trajectory is more relevant than ever. The firm remains focused on delivering attractive returns by deploying disciplined, multi-platform strategies across the continent’s most promising sectors. Sango remains committed to tackling persistent misconceptions and demonstrating that Africa, approached thoughtfully and with operational depth, can be one of the world’s most dynamic investment frontiers.

Dispelling the Myths: Risk, Returns and Resilience

Currency volatility, governance concerns, and illiquidity are often cited as reasons to avoid African investments. But many of these concerns are overstated or based on outdated assumptions.

Moody’s Analytics found that African infrastructure debt experienced a loss rate of just 1.7% over 14 years—compared to 13% in Latin America and 10% in Eastern Europe. Fitch Ratings confirmed that sovereign defaults in Africa between 2020 and 2022 were lower than in Latin America. Meanwhile, net internal rates of return (IRRs) for African private equity funds have been on par with or outperforming many global peers when adjusted for volatility, according to the IFC.

Africa’s long-term growth story is underpinned by powerful demographic and structural forces. With a population of over 1.4 billion and the youngest median age globally (19 years), Africa’s urbanisation and workforce expansion are fuelling rising consumption. More than 600 million people now live in cities, driving demand across infrastructure, retail, finance, and digital services.

Annual household spending is projected to surpass $1tn. B2B consumption adds another $2tn annually. Retail penetration in major economies like Egypt and Nigeria remains low—presenting opportunities for exponential growth. Sango has invested successfully in the leading discount retailer in North Africa and top indigenous grocery chain in Nigeria—both poised to scale significantly. One investment has already delivered a timely and better-than-expected partial exit.

A Digitally Connected Future

Mobile technologies continue to leapfrog infrastructure gaps. Africans are banking, borrowing, and transacting via smartphones. Mobile broadband penetration is projected to exceed 90% in Nigeria, Ghana, and Côte d’Ivoire by the end of 2025. This sets the foundation for rapid growth in e-commerce, fintech, and cloud services. Meanwhile, data centre capacity is expanding, digital infrastructure exits are materialising, and African pension funds are becoming more active in yield-generating investments.

Strategic Platforms for a New Cycle

Between 2025 and 2028, Africa is forecast to be the world’s second-fastest growing region, with 40 countries projected to exceed their 2023 growth levels. For the first time in over two decades, key economies like Egypt and Nigeria have de-pegged their currencies. These reforms reprice over 45% of Africa’s GDP, enhance investor predictability, and echo Asia’s transition before its capital markets took off.

This is not a temporary trend—it is a structural pivot. Africa is emerging as a global consumption and investment engine. For capital allocators, the question is no longer if Africa is investable—it’s how to participate effectively.

Sango Capital provides one answer through its flexible, multi-platform strategy. The firm deploys capital across primary funds, co-investments, secondaries, special situations and direct co-investment opportunities. This model allows Sango to tailor exposure to context—backing tech-enabled growth, mid-market essential businesses, and innovative structures in areas overlooked by others. The team targets companies growing at 20–50% per year, at valuations significantly below global comparables.

The Road Ahead

Africa’s macro environment has shifted—but so has its investor base. Those with on-the-ground expertise, trusted networks, and adaptive capital structures are best positioned to capture outsized returns.

As global allocators rethink their strategies, Sango Capital remains focused on the principles that have guided it since inception: clarity, discipline, and long-term partnership. The African investment story is not one of speculation—it is one of conviction, strategy, and execution.

In 2021, Sango highlighted the beginning of a structural reawakening. In 2025, the momentum is undeniable. For investors seeking durable returns in a changing global cycle, Africa—and managers like Sango—offer a pathway to growth built on fundamentals, not forecasts.