México City, July 22 nd , 2019. The Government of Mexico City and the International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets, signed a memorandum of understanding to collaborate in the development of projects oriented to face the main sustainability challenges of Mexico City.
The collaboration between the Government of Mexico City and IFC will cover four specific areas: waste management, water and sanitation, energy efficiency and sustainable transportation.
At the signing of the agreement, Claudia Sheinbaum, Head of Government of Mexico City, said: “As part of our economic development program in Mexico City, we have established an alliance with the International Finance Corporation (IFC), an organization linked to the World Bank, with whom we have been working on a series of projects to boost investment in Mexico City.” And she added: “The fundamental objective is to promote the development of the economy of México City through sustainability. We´ve been working together with IFC in projects, such as Ciudad Solar, consisting of installing photovoltaic panels in Central de Abastos. Now we hope to work in areas such as solid waste management, public transportation and mobility. This collaboration with IFC will help turn Mexico City into a cutting-edge front against climate change.”
Ary Naïm, Country Manager of IFC Mexico, stated: “We are excited about this opportunity to contribute to Mexico City Government’s vision to turn the capital into an inclusive, resilient and sustainable city that provides opportunities and raises the quality of life of its inhabitants. With this agreement, IFC offers its technical and financial capabilities to help structure innovative solutions to the sustainability challenges of Mexico City.”
According to Climate Investment Opportunities in Cities 2018 , a report elaborated by IFC, Mexico City has investment opportunities up to 2030 for US$37.5 billion in the green building sectors (US$18 billion), electric vehicles (US$7 billion) of dollars), water (US$6,000 million), renewable energy (US$3,000 million), public transport (US$2,000 million) and waste management (US$1,500 million).
Through our Cities Initiative we have forged strategic partnerships with cities around the world in which we take a holistic view of needs and offer solutions in urban transportation, water and waste management, street lighting, affordable housing, energy efficiency, and climate resilience. IFC can mobilize commercial financing for priority projects and offer expertise in sustainability—including environmental and social best practices—and can advise on technology and business model selection across multiple sectors.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than US$23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
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