IDB Invest and IFC team up to launch the Amazon Finance Network
IDB Invest, a member of the Inter-American Development Bank Group, and IFC, a World Bank Group member, have come together to launch the Amazon Finance Network.
The announcement was made at COP28 in the UAE
The duo announced the project at the ongoing COP28 conference taking place in Dubai, UAE.
The Amazon Finance Network aims to bring together financial institutions from around the world to help support sustainable growth across the Amazon region through increased investment, access to capital, and knowledge sharing on “innovative” financial solutions.
With 24 founding signatories from 10 countries including Bolivia, Brazil, Colombia, Ecuador, Guyana, Peru, Suriname, Spain, Switzerland, and the USA, this network hopes to alleviate poverty and inequality in the region and boost its economic development by increasing access to finance.
One of its main goals is to create more employment opportunities by providing “sustainable financing” for micro, small and medium-sized enterprises (MSMEs) in the region. In addition, both IDB Invest and IFC intend to leverage their expertise to help countries in the region transition to net-zero deforestation.
“The stakes in the Amazon region are huge. We can’t have a green Amazon without prosperity in the Amazon,” comments Alfonso Garcia Mora, IFC vice president for Europe, Latin America and the Caribbean.
“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.”
