Here’s the question that defined my time at the 8th
#GEFAssembly2026 in Samarkand last week: If local enterprises are building the solutions they need for climate resilience, why is capital still failing to reach them on the terms they need?
In Africa, 50% of enterprises are credit-constrained and face rigid collateral requirements, short loan tenors, high interest rates, limited credit history, and repayment structures that do not reflect how their businesses earn. Yet, we are counting on these same enterprises to strengthen food systems, expand clean energy access, and build resilience in communities exposed to climate shocks.
Having focused our work on supporting early-stage and high-potential businesses that commercial finance may not yet understand to become more investable over time, it was encouraging to see an ecosystem view reflected across the different sessions:
Alongside Jason Spensley, Alois Posekufa MHLANGA, Sanjay Wagle, and Qongqong Hoohlo, we discussed how community-driven solutions can move from grassroots innovation to investment readiness.
Alongside Cam Do, Ramzi Issa, Patricia Idrobo, Gregory Watson and Oliver Withers, we explored how blended finance can bridge the funding gap, and what it takes for public, private, and development capital to work together in ways that deliver real outcomes.
Alongside Matthieu Pegon, Aleksandra Liaplina, Eli Binder, Alex Mugabo and Sanjay Wagle, we went deeper into the practical question of how blended finance is structured, from outcome bonds to SME finance, and what this means for enterprises on the ground.
The takeaway from these sessions was clear: when blended finance is structured well, it does more than close a financing gap. It builds new markets by giving enterprises the capital, time, and support to prove their models. It can provide longer-tenor financing, bridge viability gaps, fund the investment-readiness gap, and signal credibility to investors who may otherwise view these businesses as too early or too risky.
The measure of success cannot only be how much private capital is mobilized. The real test is additionality - how much capital reached enterprises that commercial finance would not have served on its own? How many livelihoods have been improved, and did it build resilience and create opportunities for communities most exposed to climate and economic shocks?
My thanks to Jason Spensley, Avril Benchimol, Matthew Reddy, and Alois Posekufa MHLANGA for the thoughtful planning and for creating space for such practical and necessary conversations.
#GEFAssembly2026