This alliance, consisting of 24 founding signatories from countries such as Bolivia, Brazil, Colombia, Ecuador, Guyana, Peru, Suriname, Spain, Switzerland, and the USA, aims to increase investment flows, mobilise capital, promote financial inclusion, share knowledge on innovative financial solutions, and generate synergies with the public sector. However, the primary objective is to create a sustainable impact across the Amazon region.
The signatories intend to play a significant role in the economic development of the region by supporting projects that enhance access to finance, with a specific focus on sustainable financing for micro, small, and medium-sized enterprises in the Amazon region. According to IDB Invest, employment generation through such financing is a key goal of the network.
Representatives from IDB Invest emphasised the need to incentivise the USD 100 trillion impact investors globally to engage in emerging markets. The collaboration with IFC and the members of the Amazon Finance Network aims to deliver new financial solutions, supporting a vibrant Amazon economy while safeguarding its natural resources.
This initiative represents another step forward in the four-year partnership between the IDB Group and the World Bank Group. As part of this agreement, both organisations are leveraging their expertise to assist countries in the Amazon region in transitioning to net-zero deforestation, employing new financial instruments.
Representatives from IFC highlighted the significance of creating private sector-driven economic activity and jobs as catalysts for forest conservation and restoration in the Amazon region. The Amazon Finance Network, part of IDB’s Amazonia Forever Program, will collaborate with the Green Coalition, promoting synergies between the public and private sectors. The network's establishment among financial institutions will be governed by an appropriate structure for effective resource deployment and decision-making.
IDB Invest, a member of the Inter-American Development Bank Group, is committed to promoting economic development in Latin America and the Caribbean through the private sector.
IFC, a member of the World Bank Group, is a large global development institution focused on the private sector in emerging markets. Committed to creating markets and opportunities in developing countries, IFC committed USD 43.7 billion to private companies and financial institutions in developing countries in fiscal year 2023.
Amazonia Forever is a comprehensive programme aimed at protecting biodiversity and accelerating sustainable development in the Amazon region. The programme focuses on combating deforestation, improving access to education and healthcare, developing sustainable cities and infrastructure, and fostering sustainable agriculture, livestock, and forestry. Additionally, the programme focuses on the inclusion of women, indigenous peoples, people of African descent, and local communities, as well as climate and forest conservation, and strengthening institutional capacities and the rule of law.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now