On March 4 and 5, the Cité des Sciences et de l’Industrie in Paris was bustling with energy and excitement. It was the stage for The Marketplace on Innovative Financial Solutions for Development, a major international event bringing together innovators and innovative development finance ideas from all corners of the world. The Agence française de dévelopopement, the World Bank Group and the Bill & Melinda Gates Foundation jointly organized the Marketplace which gathered workshops, case studies presentations and technical advice provided by experts and the final stage of a competition of innovative ideas and projects..

More than 1,200 participants from 70 countries attended the event, which was opened by the French Minister of Foreign and European Affairs, Bernard Kouchner, with welcome messages from Bank Group President, Bob Zoellick and French Minister for the Economy, Industry and Employment, Christine Lagarde, and a keynote speech by his Highness the Aga Khan.

A Platform for Cutting-edge Policy Debate

The program was structured around policy plenary sessions, 20 policy and technical workshops, and a Marketplace to help connect innovators with financiers. Some 250 participants were involved in moderating, debating, or making presentations and advising on financial innovation in one-on-one sessions during the two days of intense activities.

The three plenary discussions brought together decision-makers, development finance specialists and practitioners to debate the challenges and opportunities associated with innovative finance. The opening plenary discussed the achievements and challenges of innovative finance. A second plenary addressed the challenges in using financial innovation to combat climate change. The closing plenary featured among others World Bank Managing Director Ngozi Okonjo-Iweala, AFD Director-General Jean Michel Severino, and Bill & Melinda Gates Foundation Managing Director. Geoffrey Lamb This debate, which was televised by France 24, focused on how innovative approaches can help address development challenges in low and middle-income countries and on the role of development finance institutions. René Carron, Chairman of the Crédit Agricole SA made some concluding remarks in the name of European Financial Institutions.

Innovation Meets Financial Opportunity

Twenty finalists from the 800 applicants to the competition on Innovative Financial Solutions for Development were invited to Paris to present their projects at the Marketplace. Their selection was based on evaluations by 110 experts. A jury of leading development finance experts selected the five winning teams, who were announced at the closing session and received grants of US$100,000 each to implement their proposals.

The Marketplace offered the finalists a chance to connect with successful innovators, public and private financiers, policy makers, civil society representatives, academics, and other experts from around the world.

“All of us are benefiting from the exchange of new ideas—not only between the finalists but with the workshops, the case studies, the experts. It’s like having a whole education compressed,” said Michael Gold, Managing Director of Crimson Capital, from one of the finalist teams.

Eyob Meherette, Deputy Chief Executive Officer of the Nyala Insurance Company, Ethiopia, one of the winners of the competition, summed it up when he said: “This was a very worthwhile event. The opportunity to interact with other people from the insurance industry, and to discuss and exchange ideas has been as valuable as the prize itself.”

For further informations, please contact: info@fininnov.org / http://www.fininnov.org