African sovereigns raised about $20 billion in the capital markets in the first three quarters of 2021, including the landmark €500 million SDG Bond issued by Benin in July, and $4 billion in financing by Nigeria in September; bringing such issuances of African sovereigns to $175 billion over the last decade, with over $125 billion still outstanding. The COVID-19 pandemic’s adverse economic impacts heighten the necessity for a discussion on the role of global capital markets to advance SDG achievement for humanity and the planet, especially in developing economies.

The Sovereign Borrower’s Conference, organized by UNCDF at a time of falling credit ratings for sovereigns in SSA, aimed to increase the engagement, interaction, and dialogue among global capital market participants and developing countries (including the Least Developed Countries (LDCs)). Moderated by Mahesh Kotecha, Founder and CEO, Structured Credit International Corp (SCIC) and UNCDF Advisory Council Member, the conference provided a platform for institutional investors, rating agencies, and governments to discuss real and perceived risks as well as to design and enhance workable pathways for greater access to capital markets.