From 8-10 October, UNDP co-hosted an Experts Meeting on Credit Ratings in partnership with African Peer Review Mechanism (APRM), United Nations Economic Commission for Africa and the African Development Bank Group in Cairo, Egypt. The dialogue brought together 90 participants, including representatives from development banks, international organizations, domestic credit rating agencies, central banks and ministries of finance. The focus of the discussions was to share best practices for improving credit ratings in African countries and to develop a roadmap for establishing an independent and credible African Credit Rating Agency (#AfCRA). Participants shared that African countries are often underserved by global credit rating agencies, and that a lack of tailored assessment approaches results in debt mispricing driven by external perceptions. Here are three key recommendations 👇 1. Greater transparency and collaboration among African governments, credit rating agencies and global stakeholders is crucial for reforming the credit rating process and supporting Africa’s economic transformation, in line with #Agenda2063 and #Agenda2030. 2. We need long-term, development-friendly approaches to areas often overlooked by rating agencies, such as sustainable infrastructure and green transitions. This can improve the fairness of ratings assessments for African countries. 3. Strengthening domestic, regional and international partnerships is key to reforming the global financial system and ensuring affordable financing access for Africa. 💡 To learn more about UNDP's capacity building initiative on credit ratings, visit: go.undp.org/CreditRatings #AfCRA #CreditRatings #CreditRatingsAfrica #DevelopmentFinance
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