Muhammad: Problem solving approach key to fast track projects

Faruq Muhammad, the Global Head of Development and Agency Finance at Standard Chartered Bank, recently shared his insights at the Africa Investment Forum hosted by CNBC Africa. Muhammad emphasized the importance of leveraging stakeholders to finance and scale sustainable development solutions, highlighting the need for a problem-solving approach to accelerate project timelines. He emphasized that follow-through on boardroom discussions is crucial for the success of these initiatives. Standard Chartered Bank, a key player in the infrastructure sector in sub-Saharan Africa and North Africa, has been collaborating closely with the African Development Bank on various projects. Muhammad commended the forum for bringing together key stakeholders to address critical projects, not only in infrastructure but also from a sustainable development perspective. One of the key themes emphasized by Muhammad was the imperative of scale in advancing Africa's industrialization and development agenda. He stressed the need for more large-scale projects to be expedited to unlock the continent's full potential. By convening diverse stakeholders to collaborate and adopt problem-solving strategies, Muhammad believes that projects in challenging markets, particularly in sub-Saharan Africa, can progress more efficiently. The forum serves as a platform to crowd in stakeholders and foster closer partnerships for project execution. A major highlight of the event was the significance of following through on the discussions and commitments made during the forum. Muhammad underscored the importance of translating ideas into actionable plans to drive tangible outcomes. While acknowledging the unique challenges of operating in complex markets, Muhammad reiterated the value of persistence and execution in delivering successful projects. Reflections on the boardroom discussions revealed key insights into project bankability and financing. Muhammad stressed that while there are viable projects in the pipeline, refinements in the financing structures are essential to enhance bankability. He noted the pivotal role of export credit agencies and development financial institutions in facilitating project funding and enabling successful transitions. Muhammad's team at Standard Chartered focuses on engaging the private sector to enhance project bankability, recognizing the pivotal role of private participation in driving sustainable development. In conclusion, Muhammad's participation at the Africa Investment Forum underscored the critical importance of collaborative problem-solving and stakeholder engagement in fast-tracking development projects. By leveraging the expertise and resources of diverse stakeholders, Africa can accelerate the implementation of transformative projects and drive sustainable growth in the region.