IDB Invest, IFC Launch the Amazon Finance Network
During the 2023 United Nations Climate Change Conference (COP28), IDB Invest, a member of the IDB Group, and IFC, a member of the World Bank Group, announced the launch of the Amazon Finance Network.
The network is an alliance that brings together financial institutions with the aim of increasing investment flows, mobilizing capital, sharing knowledge on innovative financial solutions, and generating synergies with the public sector. The initiative aims to generate a sustainable impact across the Amazon region.
This network is composed of 24 founding signatories from Bolivia, Brazil, Colombia, Ecuador, Guyana, Peru, Suriname, Spain, Switzerland, and USA which have the determination and capacity to play a major role in the economic development of the region and reduce poverty and inequality by supporting projects that can broaden access to finance. One of its key goals will be to create employment opportunities through sustainable financing for micro, small and medium-sized enterprises in the Amazon region.
“Globally, there are 100 trillion dollars of impact investors. The task is to create incentives for those investors to enter emerging markets. We are excited to join forces with the IFC, and all the members of the Amazon Finance Network, to deliver innovative financial solutions and support a vibrant Amazon economy while protecting its natural resources,” said James Scriven, IDB Invest CEO, during the launch ceremony at COP28. Nigeria Eurobond Slumps after CBN Resumes OMO Auction
The joint initiative is a milestone in the groundbreaking four-year partnership between the IDB Group and the World Bank Group announced in August to drive stronger results for people in Latin America and the Caribbean. As part of this agreement, both organizations are combining their expertise to support countries that share the Amazon region in the transition to net-zero deforestation, helping people pursue better livelihoods for the local population while preserving the ecosystem—including through innovative financial instruments.
“The stakes in the Amazon region are huge. We can’t have a green Amazon without prosperity in the Amazon. This new initiative with IDB Invest and the members of the Amazon Finance Network will focus on creating opportunities to generate substantial private sector-driven economic activity and create jobs in an inclusive and sustainable way as a catalyst for forest conservation and restoration.
“Together we can redouble our efforts to protect the Amazon and improve the livelihoods of millions of people that live in the region,” said Alfonso Garcia Mora, IFC Vice President for Europe, Latin America and the Caribbean.
The Amazon Finance Network is part of IDB’s Amazonia Forever Program and will complement the public sector bank group, the Green Coalition, to promote synergies between the public and private sectors. The creation of this network among financial institutions will be based on an appropriate governance structure, allowing for an effective deployment of available resources and efficient decision-making.
