Lion’s Head Global Partners acts as the International Financial Advisor to the Republic of Angola. In September 2020, Lion's Head supported the Ministry of Finance through the successful completion of the IMF's Third Review of the Extended Fund Facility arrangement, through which the Angolan authorities will get access to further disbursements of funds to support them through the challenges created by the Covid-19 pandemic, and enable important structural reforms designed to improve the economic growth of the country as a whole.

Through our Asset Management activities, Lion's Head have worked with hydro power producer Honde Hydro Power Consolidated (HHPC) in Zimbabwe on the financing of a number of hydro mini-grids. We have worked on the execution of the financing, including due-diligence and cross-currency swaps.

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The Carter Center and United for Global Mental Health has engaged LHGP to conduct a fiscal space analysis for mental health, and a mental health investment analysis, to inform their strategy. Lion's Head will assess the financial sustainability of the Liberian mental health programme and provide recommendations on improving financial sustainability around mental health programming moving forward.

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Lion's Head is currently supporting the Bill & Melinda Gates Foundation to coordinate CEPI's resource mobilisation in response to the ongoing Covid19 global pandemic. Lion's Head has conducted vaccine demand forecast modelling and advised CEPI's approach to vaccine production and governance.

In July 2020, Lion's Head Global Partners supported the Jordanian Ministry of Finance and Central Bank of Jordan in issuing a double-tranche Eurobond to help the country cope with the economic fallout of the coronavirus pandemic. A tranche of $500 million at 4.95% over five-year maturity, and another $1.25 billion at 5.85% over 10-year maturity were oversubscribed more than 6 times. This transaction represents the largest international Eurobond offering for the Kingdom and marked their first return to the debt capital markets since 2017. It re-established new benchmarks in the Kingdom’s first dual-tranche offering, and with the orderbook surging to peak at $6.25bn, marked the largest order book for the Kingdom.

Lion’s Head is responsible forthe financial structuring of the Vision Catalyst Fund, an innovative financingvehicle pursuing a holistic approach to eye care to address preventableblindness.

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Conducted ten in-depth macroeconomic analyses of focus countries across West and East Africa Lion's Head mapped the governments’ national development priorities, attitudes and policy approaches to the private sector and examined the challenges and opportunities of overall private sector development, including deep-dive studies into infrastructure, energy, financial, corporate and agricultural sectors. Furthermore, LHGP analysed data on MDB and DFI activities in the focus countries providing a landscape of ongoing development sector-related activities and how MDB’s and DFI’s could support countries in overcoming private sector development challenges.

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Lion’s Head was mandated by the GGGI to develop the Government of Jordan’s ability to access finance for Climate Change and Green Growth development projects, towards which capital raised from the Green Climate Fund (GCF) could be directed. The main output was a realistic, costed and evidence-based project pipeline of climate change and green growth projects, with accompanying GCF Concept Notes and Project Preparation Facility (PPF) applications for submission to the GCF.

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In 2019, UnitedGMH contracted Lion's Head on a new phase of work to create a more sustainable mental health care system in Lebanon. Working closely with the World Health Organisation (WHO) and Ministry of Public Health (MOPH), LHGP developed an investment case for the scale-up of donor and domestic mental health funding and services in Lebanon.

Lion’s Head, along with CHAI, assessed the challenges of moving from control of malaria to elimination, and proposed innovative programmatic and financing options to facilitate malaria elimination in targeted geographies.

Lion's Head acted as financial advisor to Renergen Ltd, a South African JSE and ASX-listed integrated natural resources company, securing a USD 40 million loan from OPIC (since renamed US Development Finance Corporation) for the expansion of the company's Phase I Virginia Gas Project involving the construction of a helium and LNG liquefaction plant. Helium will be sold on international markets, while Renergen will be the first domestic producer of LNG which will be supplied to the heavy-vehicle trucking industry as a cleaner and more efficient diesel replacement fuel.

Advised the AfDB in understanding the current landscape of African Financial Centres to guide the AfDB's policies towards Financial Centres on the continent. Activities included both a pan-African analysis as well as an in-depth examination of 6 African focus countries alongside over 120 in-person interviews with a broad range of stakeholders.

Provided market scoping, financial structuring and implementation advice for Global Parametrics, an innovative $200m facility to provide hedging and insurance for financial inclusion sectors in developing countries.

Supported DFID and PwC to assess some capital market instruments that could mobilise capital from institutional investors in the UK and deploying the funds into impact oriented sectors in Africa and other emerging and frontier markets. Lion's Head also interviewed asset managers of key vehicles to understand how their vehicles meet the client and project objectives.

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Advised Gavi on the structure of a guarantee facility to enable greater financial efficiency through a more effective leverage of its financial position, to extend capacity and flexibility in undertaking market shaping activities.

Lion’s Head has been engaged by the World Bank to operationalise the Rwanda Mortgage Refinance Company. RMRC will provide long term funding to Rwandan financial institutions to lend to mortgage borrowers at market rates but with longer tenors and lower repayment amounts that will be affordable to a larger segment of the population.

Lion’s Head has been mandated to assess the feasibility of Gender Bonds in SSA by providing a detailed review of the global experience in gender bonds. The results will be applied to SSA by reviewing market contexts in selected countries and holding stakeholder interviews to validate findings. These two phases aim to provide FSDA with an overview of the degree of the feasibility of a Gender Bond – and the associated level of interest – in the selected countries (KE, Nigeria, SA). The project involves stakeholder interviews drawn from International, South African, Nigerian and Kenyan potential investors and issuers.

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Lion’s Head has been engaged by KfW to conduct a detailed analysis of the green bond market in South Africa and review recent developments in the infrastructure and energy sector including project eligibility for green financing. Lion’s Head will also design a special purpose vehicle for the green bonds program.

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Oragroup is a pan-African financial service provider with operations in 12 countries across francophone West and Central Africa; with a historical SME focus. Proceeds will support Oragroup’s business growth in Gabon and Chad, and to facilitate entry into Cameroon and Congo. The bond will target the CEMAC investor community, helping to diversify funding sources and match the currency of Oragroup’s loans. This is Oragroup’s first time issuing a bond in the CEMAC region where it is only the third known corporate bond issued in the past decade.

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Advised on the feasibility of Local Currency offshore bond markets in five key DFID target countries. Accessing local currency investment is important both for governments and corporates, as it reduces the FX mismatch between revenues and liabilities and hence reduces risk to the borrower in times of local currency devaluation.

The IFC and World Bank engaged Lion’s Head and its partners to carry out an assessment of local currency funding options available to IFC in both Sierra Leone and Liberia. Lion's Head reviewed the current status of the Debt Capital Markets, the level of development, size of the potential investor base, an assessment of available Local Currency Financing options and identified potential beneficiaries of local currency loans. Lion’s Head also reviewed the existing regulatory environment with a view to identifying enabling legislation and suggesting measures to facilitate local currency financing and lead to a robust capital market development.

Assessed the feasibility of establishing an investment fund to support the development of drugs and diagnostics to combat AMR, including developing the financial model and proposed capital and governance structures.

Developed a range of financing mechanisms to increase funding for global mental health service delivery in low- and middle-income countries and propose a practical plan for implementation.

Cabo Verde aims to source 100% of its electricity from renewable energy sources by 2025 and sought to promote Electric Vehicles (EV) to use their batteries to store generated renewable energy not captured by power demand and reduce fossil fuel reliance. The NAMA Support Project looked to incentivise the uptake of EVs through grants and leverage local private and public funding. Lion’s Head reviewed the business model and advised on the Financial Support Mechanism.

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Lion's Head evaluated financing mechanism for six NAMA programs in Mexico

Advised the Mozambique state-owned National Hydrocarbons Company, ENH, on the refinance of its US$ 1.5bn carry for equity stake associated with the development phase of the Area 1 LNG Rovuma Basin Project. The project reached FID in June 2019 with a total cost of USD 24 billion.

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Advised Kenya’s National Treasury on the operationalisation of the Kenya Mortgage Refinance Company including carrying out a survey of the housing loans in the country, developing a business plan and financial model for KMRC, and developing policies and procedures for the company.

Within the INVEST Programme (helping USAID mobilise private capital to drive inclusive growth) Lion's Head was mandated to conduct an evaluation of corporate venture capital activities in emerging markets and develop future USAID partnership models. LHGP conducted a landscape evaluation of corporate venture capital activities in emerging markets resulting in 5-7 effective case studies. Subsequently, LHGP identified, developed and recommended potential partnership models for USAID engagement or co-development. The study was feeding into an overarching report to support USAID's Private Engagement Policy.

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Mandated by USAID as part of the INVEST Project to evaluate a range of CSR models to strengthen USAID’s Private Sector Engagement policy and help mobilise private capital for development. As part of the assignment, Lion's Head worked extensively with the USAID Tunisia Mission to design and structure five investment facilities that would invest in renewable energy projects and attract foreign capital to the country, grow the economy and create jobs.

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Advised IHS in structuring and raising capital from institutional investors globally for two vehicles, in South Africa and Kenya, which seek to address a shortage in the affordable rental housing space.

Acted as financial advisor to the Angolan Sovereign Wealth Fund (Fundo Soberano de Angola, FSDEA) on issues including the valuation and transfer assets within its various portfolios, to develop a long-term, sustainable investment strategy for the fund.

Senelec is the Senegalese power utility responsible for the production, transport, distribution and sale of electricity. The company has been raising funds through the local market to support improved power supply/services; including the integration of renewable energy in the power supply. The ALCBF invested in what was the first corporate bond since 2003.

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Developed a feasibility study including a financial model for the TAMCO-Kibaha Special Economic Zone. Assisted the Government to sound out investors and operators, providing recommendations on the investment structure and strategy to be adopted to operationalize the EPZ.

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Advised state-owned power project developer on forecasting financing needs for greenfield investments and refinancing of $200m existing debt incorporating World Bank partial guarantee product.

Acted as co-transaction advisor for the African Export-Import Bank (Afrexim) to raise $165m in new class of equity from investors in Kenya and other East African countries.

Advised the World Bank and Cote d’Ivorian Government on the establishment and structuring of a new financing vehicle, providing feasibility assessment and implementation planning for IP4VF - a financing vehicle that will support the preparation and development of PPPs in Cote d’Ivoire.

Advised the structure and execution of a new financing mechanism to support countries transitioning out of concessional financing institutions (such as IDA, GAVI, and The Global Fund for AIDS, Tuberculosis and Malaria) and into commercial rate financing (both from MDBs and through accessing capital markets), to ensure that their social sector spending remains funded.

Advised a Nama Support Project sponsored by GiZ in Mexico, focused on creating a market for Energy Efficiency across Mexico’s SME sector. Lion's Head provided structuring advice on the financing mechanism, which includes a guarantee facility to stimulate lending by banks to SMEs for EE projects, as well as TA activities. Lion's Head carried out a market study and used this to create a structure suitable to the specific context of Mexico’s hurdles to both EE and SME lending.

Advised KBA and the Kenyan Government on the structure and establishment of a pooled, blended finance facility to aggregate loans into green bonds issued in the local capital market, accessible to institutional investors.

Mandated by KfW to assist in the structuring of a new infrastructure investment vehicle that focuses on equity investments pre-financial close. We worked with the Fund Management team in setting up the vehicle and defining key policies and procedures.

The Children’s Investment Fund Foundation (CIFF) engaged Lion's Head to provide due diligence support as the Foundation considered investment, through its Programme Related Investments, in an early stage Carbon Capture and Storage company that had developed a carbon negative electricity and lime production process to license to industries.

Worked with the AFDB and NDF to structure and raise capital for the Off-Grid Energy Access Fund, a $100m debt fund targeting the off-grid energy access sector, which is now managed through LHGP Asset Management.

Conducted an assessment across 12 Sub-Saharan and North African markets to support the development of a power-focused investment strategy for AP Moller Capital, a recently closed private equity infrastructure fund. The end product was a strategy paper for allocating a significant portion of the fund to create a regional platform of operating and development projects, achieving operating synergies across the portfolio.

CRRH is a mortgage refinancing facility operating across the UEMOA region. The facility provides long-term funding to mortgage banks with the objective of facilitating the development of the regional mortgage market. In 2017, CRRH introduced a secondary facility in partnership with international organizations to develop a dedicated credit line for supporting affordable housing finance.

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Advised on feasibility study for the Global Investment Fund for Water (GIFFW), a $3bn annual financing facility to provide safe, affordable domestic water and sanitation by levying one cent per litre from all bottled water sold globally.

Acted as financial advisor to Pivot Works, reviewing its business model and potential municipal financing sources for its waste-to-fuel plants in Sub-Saharan Africa, currently being piloted in Kigali.

Lion’s Head undertook an independent assessment of the risk, financial capacity and sustainability of the AfDB's Private Sector Credit Enhancement Facility. This included proposing  strategic and financing options for the evolution of the PSF beyond its pilot period.

Lion's Head was lead the advisor to the UK Government’s Review on Antimicrobial Resistance, including analysis of potential structures for new funding mechanisms, leading to the establishment of the £50m Global Antimicrobial Resistance Innovation Fund (GAMRIF) for which, Edge is the Chair.

As advisor to GCC, Lion's Head sourced, negotiated and structured three investments in neglected tropical diseases and maternal health, including two innovative products for Zika control and a PPP for the supply of medical gasses in East Africa.

On behalf of the Rockefeller Foundation, Lion's Head developed the Carbon Yield a Green Bond GHG impact metric with technical assistance from South Pole Group and buy-side input from Affirmative Investment Management. The metric was launched in 2017 as an open-source methodology, available to the market as a whole.

The Climate and Carbon Finance Unit at the World Bank created the Pilot Auction Facility (PAF) to efficiently allocate public funding for the reduction of greenhouse gas emissions in developing countries. Lion’s Head assisted the PAF team in identifying additional avenues of applicability for the Auction Facility beyond the Methane and NOx space. LHGP carried out sector scoping and feasibility assessments for the auction instrument across a number of sectors including agriculture, nutrition, healthcare and other GHG-related sectors.

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The World Bank Group hired Lion’s Head on behalf of the Government of Rajasthan to assess investment potential in key value chains in the State. This mandate is part of a larger initiative called “Accelerating the Impact of Transport Infrastructure Investments in India Through Market-Led Approach”. Lion’s Head undertook investment assessments on two value chains in the district of Kota, Rajasthan (Spices and horticulture).

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Acted as transaction advisors in a consortium to assess the feasibility of an integrated solid waste management PPP in Nakuru County, focusing particularly on the financial modelling and financial viability.

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Advised the World Bank on operationalisation of the Down Stream Window of the GIF. LHGP advised on the facility’s structural establishment taking into considerations the effect that this would have on the products provided: credit enhancement to infrastructure projects.

Supported CDC to explore options for how the UK DFI could deploy funds allocated parallel to its core balance sheet under a “DevCap” envelope. We advised the team on general parameters for new funding lines, including interaction with the core operations and potential strategic and management impacts and factors.

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Advised the Rwandan Development Bank (BRD) on internal credit risk policies and thirty party debt raising for up to $40m.

Advised the East African Development Bank (EADB) on updating their credit and portfolio management processes to increase internal capacity for infrastructure lending and increase the EADB’s investment in regional markets.

LHGP was contracted by the UK’s Foreign and Commonwealth Office to advise on potential avenues of engagement with the private sector in the development of infrastructure in Africa.

Provided strategic advice to the South African Reserve Bank and the World Bank on how RSA could position itself as the financial hub in Africa, conducting stakeholder interviews and benchmarking other regional financial hubs (Dubai, Mauritius, Singapore).

Advised and raised funding for an innovative start-up focused on vector control, working with developing country ministries of health on dengue and malaria interventions, including financing mechanisms and grant procurement.

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Advised on Kenya Pooled Water Fund to issue bonds in the local capital market and on-lend to water service providers, designed and modelled the SPV financials, structured credit enhancements, prepared the investment pipeline and supported the issuance process.

Conducted a study on the financial sustainability of medicines regulatory harmonisation in the East African Community, responsible for soliciting feedback from key stakeholders, and creating a financial model as well as a political roadmap and advocacy plan.

From 2016-2019 Lion’s Head has worked to support the Kingdom of Jordan develop a new macroeconomic strategy with a focus on reducing foreign currency challenges and boosting competitiveness and growth.

Worked with the Rwandan government to privatise the maize seed sector. This involves: (i) a concession for a processing plant; (ii) an irrigation PPP for hybrid production; and (iii) designing purchase contracts to increase market certainty.

The IFC and the World Bank engaged Lion’s Head and its partners to carry out an assessment of local currency funding options available to IFC in both Sierra Leone and Liberia as well as to undertake a review of the capital markets in these respective countries, benchmarking to international practices. We carried out a review of the current status of the Debt Capital Markets, the level of development, size of the potential investor base, an assessment of available Local Currency Financing options and identification of potential beneficiaries of local currency loans.

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Lion's Head was engaged by the infrastructure developer, Rotan Energy in Ghana, to raise capital for a 660MW integrated LNG to Power Project in Takoradi. The project combines a power plant ensuring its own LNG import infrastructure. Lion’s Head led an engagement with investors and informal roadshow to funders, developers and strategic investors.

Advised the UK government on their transition from making grants to investing in returnable capital. The focus areas of this work are the renewable energy sectors, distributed energy, agriculture and financial services.

Advised on the structure and fundraising for an innovative financing instrument to fund the roll out and catch up campaigns of a vaccine program targeting dengue fever in middle income countries.

The Rockefeller Foundation and Open Society Foundations funded Lion's Head to design a Debt Relief Facility for Jordan to facilitate increased concessional lending, and to assess the feasibility of establishing a new permanent capital vehicle to support pro-growth and pro-employment investment beneficial to the Jordanian population and migrants, and that would, over time, issue shares on the Amman Stock Exchange.

Advised the Government of Ghana on the governance structure, investment model and asset allocation strategy of the Ghana Infrastructure Investment Fund (GIIF).

Chaired a taskforce for the financial structuring of the Coalition for Epidemic Preparedness Innovations (CEPI), working closely with the Norwegian Government, alongside partners including GSK, J&J, Sanofi and the EIB; CEPI launched in 2017 with $460m.

Advised the Kenya Wildlife Service (KWS) with World Bank Group support on a potential $50m  financing in the local market by issuing a development impact bond.

Acted as financial advisor and lead arranger to SA Taxi, a specialist South African lender in the public transport sector, raising a $200m asset-backed SPV from US development and impact investors, led by OPIC, New Island Capital, Microvest and the Calvert Impact Capital.

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Advised Africa GreenCo on the feasibility of an intermediary power purchaser strategy in Africa, assessing the basic trading model, financial viability, capitalisation requirements and sources of funding, and impact on IPPs, utilities and local sovereigns.

Lion's Head advised the Kenyan National Housing Corporation on the structuring of a debt issuance in the local market to finance construction of more than 15,000 units of affordable housing.

LHGP Asset Management is the Fund Manager of the African Local Currency Bond Fund (ALCBF), a local capital markets development fund seeded by KfW and which now has $150m under management including contributions from IFC, FMO and OPIC. The Fund recently expanded into Green Bonds, and through the Technical Assistance Facility, LHGP has been working with a number of firms in SSA on first-time Green Bond issuances, into which the Fund will subsequently be an investor. The team has been assisting first time Green Bond issuers with the full issuance process including Frameworks drafting and engagement with third parties for verification.

Advised the Kampala Capital City Authority on its financing. This includes executing a shadow credit rating, educating market participants and other sub-national entities on executing bond programs as well as a roadshow for KCCA Bonds.

Advised TMEA and the Government of Kenya on strategies to finance transport infrastructure through accessing new funding sources and innovative revenue allocation, including review of the regulatory framework and capital raising.

Advised TradeMark East Africa on demand for and supply of infrastructure finance in East Africa and developed a business plan for a catalytic fund to finance trade-enhancing infrastructure in the EAC region.

Co-CEO, Christopher Egerton-Warburton has been a board member and advisor in the design and execution of the TEAM Fund (Transforming Equity and Access in Medtech), an investment vehicle focusing on medical devices for the bottom of the pyramid.

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Appointed by the World Bank and ESCOM Malawi to provide a shadow credit rating for the utility and led an educational road show among the local investor base as ESCOM sought to tap capital markets for debt financing in the medium term.

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Advised on a financial plan and investment strategy for the Lusaka Water and Sewerage Company, and the attainment of a shadow credit rating, reviewing working capital rationalisation, and financing options in preparation for local issuance.

Led a consortium appointed by the Federal Government of Nigeria (FGN) to provide transaction advisory services for the concession and privatisation of Federal Ministry of Agriculture and Rural Development silo complexes in Nigeria through a $200m PPP.

Financial advisor to Tilda Rice Uganda, including negotiation of a PPP with the Government and Islamic Development Bank to invest in infrastructure including processing, bulk water and power generation.

Lion's Head provided market scoping, financial structuring and implementation advice for Global Parametrics, an innovative $200m facility to provide climate risk hedging and insurance for financial inclusion sectors in developing countries.

Advised the Kenya Roads Board (KRB) on the structure and implementation of $300m (equivalent) financing in the local capital markets through a bond to be issued under new Kenya's ABS law using securitisation of the fuel levy.

Developed a portfolio of market-based interventions including insurance and financial inclusion to improve climate resilience in rural Ethiopia with Farm Africa and Mercy Corps under DfID’s BRACED (“Building Resilience and Adaptation to Climate Extremes and Disasters”) programme.

Advised the AfDB on the structuring of the African Domestic Bond Fund, a $500m vehicle designed to purchase bonds issued by African Governments in local currency or guaranteed by African Governments to improve local capital markets transparency and liquidity.

The ALCBF provided finance to Alios Finance Gabon which provides leasing finance and micro-loans to SMEs and corporates and individuals (public and private sector employees). Leasing products are largely for the utilisation of moveable productive assets including heavy equipment and vehicles.

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Assessed innovative financing options for the Global Partnership for Education (GPE) to pilot and implement, particularly with reference to loan buy-downs and credit guarantees incorporating emerging market development banks.

Worked alongside Goldman Sachs and Standard Bank to assist the Nigerian Debt Management Office in assessing market demand and structuring options for $500m bond issued to raised funds from the Nigerian Diaspora in the US and Europe.

Worked with local investment bank NIC Capital to assist the Bank of Tanzania and Mortgage Refinancing Company (TMRC) in a debut bond issue in the capital markets. This is an innovative approach to expanding the funding available to domestic financial institutions to fund mortgages and promote greater financial inclusion.

Advised FSDA on the potential for onshore financial centres in Africa, including an in-depth analysis of several regions based on their economic, regulatory and social potential to become a viable and scalable financial centre.

Provided structured finance expertise to help Sida develop their strategy for innovative finance, including a market survey recommending options for different instruments and structures based on lessons from other donors and DFIs.

Advised the CGIAR on developing and implementing an innovative finance strategy to double funding from $1bn to $2bn, in particular through an evergreen Returnable Capital Fund within the World Bank Group

Advised the Global Alliance for Improved Nutrition on the design of nutrition-sensitive agribusiness venture capital incubators in Mozambique and Tanzania, assessing the funds’ business models and implementation options given the local market context.

Lion's Head advised the PIDG on its strategy to finance agricultural infrastructure in Africa, including “value chain” projects (such as storage, logistics, cold storage, processing and distribution) as well as irrigation and feeder roads.

Led the design and structure of the Power of Nutrition initiative to unlock innovative finance to address malnutrition and related issues for the Children’s Investment Fund Foundation, through a partnership of investors, donors and industry.

Advised the African Development Bank on the design and execution of the $200m African Renewable Energy Fund (AREF), developing the investment strategy, fund structure and running the procurement process to select and appoint Berkeley Energy to act as fund manager.