Amazonia Finance Network Expands Membership and Finances Pilot Projects for Sustainable Growth in the Amazon Region

MANAUS, Brazil, June 13, 2024 /PRNewswire/ -- For the first time, the Amazonia Finance Network (AFN) members convened in Manaus during IDB Invest's Sustainability Week, convening global leaders from business, government, and civil society to share best practices in sustainable business. AFN will add 22 new members for a total of 46 financial institutions and will finance pilot projects promoting sustainable investments in the Amazon.

IDB Invest and IFC launched the Amazonia Finance Network during COP28 to increase investment flows, mobilize capital, and promote financial inclusion across the Amazon region.

AFN members engaged in a "Tambaqui Tanque" to select innovative pilot projects. Thirty proposals addressed solutions in financial inclusion, SMEs, agribusiness and forestry, with a potential impact of 2.1 million beneficiaries, 1.2 million hectares of reforested land, and 6 million metric tons of CO2 sequestered by 2030.

Selected projects will gain access to expertise, resources and funding to help them scale to generate significant impact across the Amazon.

About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development 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 $21 billion in assets under management and 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory that meet the needs of its clients in a variety of industries.        

Contact: Ana Lucia Escudero, analuciae@iadb.org

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