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-IDB Invest and IFC launch the Amazon Financial Network to mobilize private investments for sustainable development
DUBAI, UAE, December 6, 2023 /PRNewswire/ -- During COP28, IDB Invest and IFC announced the launch of the Amazon Financial Network, which brings together financial institutions to increase investment flows, mobilize capital, promote financial inclusion, share knowledge about innovative financial solutions and generate synergies with the public sector. The initiative aims to generate a sustainable impact throughout the Amazon region.
This network is made up of 24 founding signatories from Bolivia, Brazil, Colombia, Ecuador, Guyana, Peru, Suriname, Spain, Switzerland and the United States, determined to play an important role in the economic development of the region and reduce poverty and inequality by supporting projects that can expand access to finance. One of the key objectives of the network will be to create employment opportunities through sustainable financing for micro, small and medium-sized businesses in the Amazon region.
"Globally, there are 100 trillion dollars in impact investors. The task is to create incentives for those investors to enter emerging markets. We are excited to join forces with IFC and all members of the Amazon Financial Network, to offer solutions innovative financial solutions and support a vibrant Amazon economy while protecting its natural resources," said James Scriven, CEO of IDB Invest, during the launch ceremony at COP28.
The joint initiative is a milestone in the innovative four-year partnership between IDB Group and the World Bank Group announced in August to drive stronger outcomes for people in Latin America and the Caribbean. Both organizations are combining expertise to support countries that share the Amazon region in the transition towards zero net deforestation through innovative financial instruments.
The Amazon Financial Network is part of IDB's Amazon Forever Program and will complement the group of public sector banks, the Green Coalition, to promote synergies between the public and private sectors.
Full list of founding members (see here).
About IDB InvestIDB Invest, a member of the Inter-American Development Bank Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social and environmental development. With a portfolio of $16.3 billion in assets under management and 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients across various industries.
Media contact:Ana Escuderoanaluciae@iadb.org
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