On Monday, May 11, CaixaForum Madrid became the focal point for a timely and substantive conversation about the future of finance in Africa. Under the banner “Investing in Africa: Opportunities Across a Continent on the Rise,” we took part in a new edition of the AM Circles, organized by África Mundi, an event that deliberately moved beyond the standard panel format to foster a more collaborative exchange of ideas.
At SpainNAB, as the organization leading the impact investing ecosystem in Spain, this is exactly the kind of initiative we champion daily: ensuring that capital not only delivers financial returns, but also drives meaningful social and environmental change.
A space for honest dialogue
Held under the Chatham House Rule, the session created a rare environment of trust and openness. Rather than a sequence of formal presentations, it functioned as a true ideas lab, where participants from across sectors could challenge entrenched assumptions, share diverse perspectives, and collectively reshape the narratives around investing in Africa through critical and constructive dialogue.
The event unfolded across four parallel working groups, each exploring a key dimension of capital deployment on the continent.
ESG in context: aligning standards with reality
Our colleague, Amina El Bakkali, Impact Finance Analyst at SpainNAB, played an active role in Working Group 2, focused on “Impact Investing: ESG Criteria and Sustainability in African Contexts.”
It was a privilege to engage alongside such an experienced and diverse group of contributors, including Diego Uriel (Spanish Economic and Commercial Office in Côte d’Ivoire), Cecile Eveng (Amref Africa/UCM), Sara Bourehiyi ( Ecologistas en Acción and Conciencia Afro), and Adrián Landa Zambrano (Global Social Impact Investments – GSI), under the moderation of Soraya Aybar (África Mundi).
The discussion centered on a critical challenge: how to apply international sustainability standards without falling into greenwashing, social washing, or extractive practices—and without imposing frameworks that fail to reflect local realities. After an intense and thoughtful exchange, the group distilled a set of guiding principles for responsible, context-aware investment in Africa.
Three key takeaways stood out:
1. Prioritizing local capital: Lasting impact depends on strengthening domestic financial ecosystems, enabling greater autonomy and long-term resilience.
2. Backing locally driven solutions: Moving away from a model of “imported solutions” toward one that supports entrepreneurs and initiatives rooted in the continent, those best equipped to understand and address local challenges.
3. Contextualized innovation and technology: Digitalization and innovation must be tailored to real needs, ensuring that technological advances close gaps rather than deepen them.
Reframing the investment narrative
The event left us with both a strong sense of momentum and a clear path forward. For Africa to be seen not primarily through the lens of risk, but as the diverse landscape of opportunity it truly represents, we need more forums like the AM Circles, spaces where outdated assumptions can be dismantled and replaced with a more ethical, impact-driven, and locally informed approach to investment.
At SpainNAB, we remain committed to turning these reflections into tangible capital flows that support sustainable, inclusive, and equitable development across the African continent.
