Support to the African Education, Science, Technology & Innovation Fund (AESTIF)
Description of project
The project is focused on supporting the African Development Bank in the operationalization of the African Education, Science, Technology & Innovation Fund (AESTIF). AESTIF is a transformative initiative aimed at addressing the significant funding gap in Africa’s education, technical and vocational training, and research and innovation sectors. The project’s primary goal is to enable the fund to deliver high-quality, market-aligned skills development for African youth, reducing poverty, and promoting sustainable economic growth across the continent.
The assignment involved establishing the operational framework, governance structures, compliance mechanisms, and strategies required to implement the Fund. Additionally, the consultancy provides critical input into the roadmap for fundraising, including securing anchor investments from Development Finance Institutions (DFIs) and Regional Member Countries (RMCs).
Key components include developing operational guidelines, legal and ethical compliance frameworks, ESG policies, investor relations strategies, and impact assessment tools. The project also emphasizes capacity building to ensure sustainability and alignment with AfDB's strategic goals.
Services provided
Key Objectives of the Engagement:
- Operational Framework Development: Designed the Fund’s comprehensive operational manual, covering governance arrangements, roles, eligibility criteria, and implementation procedures.
- Governance Structure and Risk Management: Developed a governance structure defining the composition and functions of oversight committees, and prepared a risk management framework addressing risk appetite, appraisal, prevention, and monitoring mechanisms.
- Compliance and Ethics Policy: Established legal compliance frameworks adhering to AfDB’s standards, including anti-corruption, anti-money laundering, and anti-terrorism financing policies. Designed an Environmental, Social, and Governance (ESG) policy tailored to the Fund’s strategic objectives.
- Administrative and Reporting Protocols: Created accounting frameworks, performance metrics, reporting templates, and tools for evaluating financial, environmental, and social impacts.
- Operational Workflow Guidelines: Prepared a detailed handbook for deal screening, due diligence, investment execution, portfolio management, and exit strategies, emphasizing best practices and risk mitigation.
- Investor Relations and Fundraising: Developed an investor relations strategy and materials for securing anchor investments of $100 million from DFIs and $60 million from RMCs. Designed a fundraising roadmap, including investment memos and presentation materials.
- Capacity Building and Knowledge Transfer: Delivered training sessions and workshops to enhance stakeholders’ understanding of Fund operations and investment strategies, ensuring long-term sustainability.
