Africa: AfCFTA and AfDB Mandate Domestic Capital Market Integration to Mobilize Local-Currency Infrastructure Finance — 非洲大陆自贸区与非洲开发银行要求整合本土资本市场以撬动本币基础设施融资

Wasim Tahir, Senior Advisor at ODI Global and former director at British International Investment, argues in the RootsToFoods Capital Series that financing Africa at scale requires deepening domestic capital markets rather than relying solely on external development finance. African Development Bank (AfDB) methodology confirms the continent faces an annual infrastructure financing gap of $130 billion to $170 billion, a shortfall that the bank—backed by 81 shareholder nations—says external DFI flows alone cannot close.

ODI Global相关顾问、英国国际投资（BII）前总监Wasim Tahir在RootsToFoods Capital Series访谈中指出，为非洲提供规模化融资需要深化本土资本市场，而非仅依赖外部发展融资。非洲开发银行（AfDB）的方法论证实，非洲每年面临1300亿至1700亿美元的基础设施融资缺口，这家拥有81个股东国的银行明确表示，仅靠外部开发金融机构的资金流入无法弥合这一缺口。

The African Continental Free Trade Area (AfCFTA) has been signed by 54 of the African Union’s 55 member states, creating a single market with a combined GDP of $3.4 trillion, per the AfCFTA Secretariat. To channel domestic savings into long-term projects, AfDB and the African Union Commission are implementing standardized bond frameworks, central securities depository linkages, and local-currency special-purpose vehicles.

非洲大陆自由贸易区（AfCFTA）已获得非盟55个成员国中的54个签署，依据AfCFTA秘书处数据，形成了合计GDP达3.4万亿美元的单一市场。为引导国内储蓄进入长期项目，AfDB与非洲联盟委员会正在实施标准化债券框架、中央证券存管机构互联以及本币特殊目的载体。

African pension funds and insurance pools hold assets exceeding $400 billion, yet shallow secondary markets and regulatory caps keep much of this capital in short-term government paper or offshore instruments. AfDB’s strategy now targets rule changes that allow these institutional investors to purchase local-currency infrastructure bonds directly.

非洲养老金和保险资金池持有资产超过4000亿美元，但浅薄的二级市场和监管上限使大量资本滞留于短期国债或离岸工具。AfDB当前战略正针对规则调整，使这些机构投资者能够直接购买本币基础设施债券。

Nigeria and Kenya have already operationalized AfDB-compliant local-currency bond listing channels on the Nigerian Exchange Group and Nairobi Securities Exchange. South Africa’s JSE and Egypt’s EGX are preparing interoperable settlement systems that will enable cross-border secondary trading of local infrastructure bonds under the unified AfCFTA framework.

尼日利亚和肯尼亚已分别在尼日利亚交易所集团和内罗毕证券交易所开通符合AfDB标准的本币债券上市通道。南非约翰内斯堡证券交易所和埃及交易所正筹备互联互通结算系统，将在统一的AfCFTA框架下实现本地基础设施债券的跨境二级交易。

- Step 1: Incorporate a local holding company in an AfCFTA priority hub—Nigeria, Kenya, Egypt, or South Africa—and secure domestic Tax Identification Numbers plus formal registration with the national capital markets authority, such as Nigeria’s Securities and Exchange Commission or South Africa’s Financial Sector Conduct Authority. This legal status qualifies the issuer for withholding-tax exemptions on local bond coupons.

- Step 2: Structure the fundraising under AfDB-approved local-currency bond templates that match project cash flows, and engage a local primary dealer licensed by the national exchange to underwrite the issuance before marketing directly to domestic pension fund managers.

- 第一步：在AfCFTA核心枢纽（尼日利亚、肯尼亚、埃及或南非）设立本地控股公司，取得国内税务识别号及该国资本市场监管机构（如尼日利亚证券交易委员会或南非金融部门行为监管局）的正式注册资格，以获得本地债券票息的预扣税豁免。

- 第二步：依据AfDB认可的本币债券模板设计匹配项目现金流的融资结构，聘请由国家交易所授权的一级交易商承销发行，再面向国内养老金管理人直接推介。

Companies should first verify whether their sector—renewables, logistics, or affordable housing—appears on the AfDB’s eligible-project list for domestic market financing. Second, they should pre-qualify with at least two local pension-fund managers before filing the bond prospectus, because domestic institutional investors are now the primary buyers under the new AfDB-AU market-integration guidelines.

企业应首先确认其所在领域（可再生能源、物流或经济适用房）是否列入AfDB本土市场融资合格项目清单；其次，应在递交债券招股说明书前与至少两家本地养老金管理人进行预沟通，因为在AfDB与非洲联盟的新市场整合指引下，国内机构投资者已成为主要认购方。