Mozambique’s Gapi acclaimed for compliance and fiscal responsibility in development finance best practice

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Mozambique’s Gapi acclaimed for compliance and fiscal responsibility in development finance best practice

1:23 CAT | 16 Feb 2018

The Association of African Development Finance Institutions (AADFI), has again awarded Gapi top marks. Gapi, Mozambique’s Development Finance Institution (DFI), was measured against its peers in Africa and awarded a rating of A for the second consecutive year.

Gapi joined the AADFI in 2011 and this rating is awarded for achieving 85% of suitability and compliance with established management and sustainability standards. This classification is made through the system designated by Prudential Standards, Guidelines and Rating System (PSGRS). This system assesses affiliated institutions in three key areas, namely: Governance, Finance and Operations. This assessment is scrutinised by internationally recognised external audit firms.

The AADFI has a membership of 60 financial institutions involved in finance for the development of Africa. The association was formed in March 1975 under the sponsorship of the African Development Bank (AfDB). In 2008 its members approved the PSGRS as a model and instrument for evaluating the performance of financial development institutions. The AfDB, as a pan-African financial development institution (DFI), supports the AADFI to implement the PSGRS.

Further, Gapi was recently nominated by the SADC subcommittee of DFIs to serve on the Board of Trustees of Development Finance Resource Centre (DFRC). Represented by Gapi’s chief executive officer (CEO), Francisco António Souto, Mozambique will have a seat on the Board of this institution that will define and regulate policies related to development finance in the southern African region. In addition to Mozambique, this board includes South Africa (Board Chair), Botswana, Mauritius, Zimbabwe, Swaziland and Namibia, and will serve for two years (ending in 2019).

“This appointment honours us as a Development Finance Institution. Being nominated to be part of the Board of Trustees of an institution with the prestige of DRFC and being able to take the experiences of Mozambique in the debates on subjects relevant to the economic and sustainable development of the SADC region is a reflection of the recognition and reputation that Gapi has won in the last 28 years.” – said CEO Souto.

The DFRC is a subsidiary institution of SADC established in July 2003 to act as a regional centre of excellence, strengthen the network of DFIs and increase their capacity to fulfil their mandates, contributing to economic growth, job creation and relief of poverty. This network is currently composed of 41 members from 15 SADC countries.

Source: GAPI / Press Release