DUBAI, UAE, Dec. 5, 2023 /PRNewswire/ -- During COP28, IDB Invest and IFC announced the launch of the Amazon Finance Network, bringing together financial institutions to increase investment flows, mobilize capital, promote financial inclusion, share knowledge on innovative financial solutions, and generate synergies with the public sector. The initiative aims to generate 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 the US, with the determination 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 the network's 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.
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. Both organizations are combining expertise to support countries that share the Amazon region in the transition to net-zero deforestation through innovative financial instruments.
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.
Full list of founding members (see here).
About IDB Invest
IDB 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 in several industries.