EBRD/UCL Research Clinic: Innovative Financing Instruments in Sub-Saharan Africa

About EBRD

The European Bank for Reconstruction and Development (EBRD) works across three continents to support the transition to successful market economies. The EBRD’s focus is on delivering prosperity by enabling a well-run and sustainable private sector. This is done with a unique business model, combining financing, advice and policy reform.

A clearly defined set of standards governs all EBRD’s work as it strives to build a healthy investment climate and promote environmentally and socially sound and sustainable development. The EBRD uses a range of instruments to provide capital and know-how for sustainable finance in various types of financial institution, including banks, microfinance institutions, collective investment vehicles, such as funds, and non-banking financial institutions, such as leasing firms, stock exchanges and insurance companies. 

For more about EBRD’s work, visit this page.

About the EBRD/UCL Research Clinic: Innovative Financing Instruments in Sub-Saharan Africa 

Summary 

EBRD offers a different range of financing instruments, including direct financing, intermediated financing, equity, guarantees, and others, while engaging with clients from most industries, as well as SMEs. Among these instruments, intermediated financing channelled through a wide range of eligible financial intermediaries (FIs) is a key instrument in promoting sustainable development and sustainable financial markets. 

In 2025, EBRD’s shareholders decided to launch investments in Sub-Sararan Africa. The EBRD will bring its distinct private-sector focused, locally based business model to unlock access to finance, promote local businesses and foster sustainable and long-term growth - contributing to the transformation of these economies.  

In the context of such expansion, students involved in the EBRD/UCL Research Clinic will collect insights into some of the legal and policy related questions concerning the use of innovative financing instruments and policy and regulatory interventions in Sub-Saharan Africa and their alignment with national policies and priorities, which can inform some of the upcoming work in the region. Students will consider emerging local initiatives, including local taxonomies and sustainability standards, which may influence EBRD’s offerings and products in the region. Among other sources, students will consider the experience that EBRD already has in North Africa, including in countries such as Egypt, Jordan, Morocco, and Tunisia.

The core anticipated output from the clinic (to be produced in/around April 2026) will be a student-led policy brief, addressed to EBRD.

Role and Responsibilities 

This research clinic will take place in Term 2. Activities (subject to confirmation) will include the following: 

1. Research exercise 1, 22 January to 12 February 2026: Students will undertake background reading and prepare a briefing memo on set questions regarding development finance in the SSA context.
2. Workshop 1: in/around 12 February 2026: Students will discuss research findings with Vesselina Haralampieva (Head, Sustainable Finance, Governance and Regulation, EBRD and Honorary Professor of Practice, UCL) and Dr Pedro Schilling de Carvalho (Lecturer in Financial and Environmental Law).
3. Research exercise 2, 12 February to 4 March 2026: Students will undertake further research regarding the selected sets of countries/markets to start a landscaping study. Students will produce their first policy brief with some of their findings. 
4. Workshop 2: in/around 4 March 2026: Students will discuss research findings with Vesselina Haralampieva (Head, Sustainable Finance, Governance and Regulation, EBRD and Honorary Professor of Practice, UCL) and Dr Pedro Schilling de Carvalho (Lecturer in Financial and Environmental Law).
5. Research exercise 3, 4 to 22 March 2026: Students will undertake further research regarding the laws and regulations that could serve as enablers or barriers to the deployment of financing instruments.
6. Workshop 3: in/around 22 March 2026: Students will discuss research findings with Vesselina Haralampieva (Head, Sustainable Finance, Governance and Regulation, EBRD and Honorary Professor of Practice, UCL) and Dr Pedro Schilling de Carvalho (Lecturer in Financial and Environmental Law).
7. Final Deliverable: April 2026: Each group will produce their final policy brief regarding the selected sets of countries/markets.  

The suggested activities and timeline are indicative only and subject to change ahead of the project start date. The specific schedule will be subject to progress, outcomes, and feedback regarding the content. 

Each student enrolled in the clinic will partake in the suggested programme above. Students will be split into small groups and requested to coordinate and then feedback regarding the research exercises jointly. 

Throughout the clinic, students will usually meet in-person once every two weeks. These meetings will typically take place on Wednesday in the early evening (this is to be confirmed). Between these meetings, students will be expected to conduct 2-4 hours of research. The aim will be for meetings to involve as much group discussion as possible.

For more information on how this clinic will be structured and what outputs may look like, students may wish to consult the outputs of the UCL/ClientEarth Research Clinic. Students who are enrolled in the clinic will especially benefit from close research mentorship from law and policy professionals and will have the chance to engage with experts in the field in the preparation of their deliverables. 

Eligibility 

This opportunity is open to Year 3 LLB and LLM/MLF students. 

The main period of commitment will be in Term 2 (January-April) though additional tasks may be available following the exam period.

Any background in, or initial understanding of, any of the following subjects would be helpful: climate change, climate policy and sustainable finance, the financial sector (in particular, debt markets), financial regulation, energy market regulation, company law.

The clinic may focus especially on Kenya, Nigeria, Senegal, Benin, and Iraq - any language capabilities / work experience related to those jurisdictions would also be a bonus. 

How to Apply  

To apply, please complete the online application form. Please note you will need to upload a written piece of work, and a one-page CV. Applications close on 3rd November 2025, 11:59pm.  

When applying, please make sure you have completed the CAJ Equality and Diversity Monitoring Questionnaire. You only need to complete this once per academic year.   

Please note the Centre for Access to Justice strongly discourages use of artificial intelligence in applications. Use of content generated by artificial intelligence in your application may affect your chance of success.   

Should you have any questions, please contact Annika Melwani at annika.melwani@ucl.ac.uk