This initiative joins efforts of 24 financial institutions from 10 countries to support sustainable growth in the Amazon region
DUBAI—During the 2023 United Nations Climate Change Conference (COP28), IDB Invest, member of the IDB Group, and IFC, member of the World Bank Group, announced the launch of the Amazon Finance Network, an alliance that brings together financial institutions with the aim of increasing investment flows, mobilizing capital, sharing knowledge on innovative financial solutions, and generating 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 USA which have the determination and capacity 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 its 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.As part of this agreement, both organizations are combining their expertise to support countries that share the Amazon region in the transition to net-zero deforestation, helping people pursue better livelihoods for the local population while preserving the ecosystem—including through innovative financial instruments.
"The stakes in the Amazon region are huge. We can't have a green Amazon without prosperity in the Amazon. 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. Together we can redouble our efforts to protect the Amazon and improve the livelihoods of millions of people that live in the region," said Alfonso Garcia Mora, IFC Vice President for Europe, Latin America and the Caribbean.
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. The creation of this network among financial institutions will be based on an appropriate governance structure, allowing for an effective deployment of available resources and efficient decision-making.
FOUNDING MEMBERS OF THE AMAZON FINANCE NETWORK (in Alphabetic Order)
| Name of the Bank | Country |
|
| 1 | Banco BTG Pactual S.A. | Brazil |
| 2 | Banco Cooperativo Sicredi | Brazil |
| 3 | Banco de Bogotá | Colombia |
| 4 | Banco de la Producción S.A. Produbanco | Ecuador |
| 5 | Banco de las Microfinanzas – Bancamía S.A. | Colombia |
| 6 | Banco de Machala S.A. | Ecuador |
| 7 | Banco Pichincha | Ecuador |
| 8 | Banco Santander (Brasil) S.A. | Brazil |
| 9 | Banco Solidario S.A. (BancoSol) | Bolivia |
| 10 | BBVA Microfinance Foundation | Spain |
| 11 | BlueOrchard Finance Ltd. | Switzerland |
| 12 | Bolivian Investment Management Ltd.-BIM | Bolivia |
| 13 | Centro Cooperativo Sicoob (CCS) | Brazil |
| 14 | CMAC Huancayo S.A. | Peru |
| 15 | COAC Jardin Azuayo | Ecuador |
| 16 | Corporación de Crédito – Contactar | Colombia |
| 17 | Demerara Bank Limited | Guyana |
| 18 | Finabank N.V. | Suriname |
| 19 | Financiera Confianza | Peru |
| 20 | Guyana Bank for Trade & Industry | Guyana |
| 21 | IDB Invest | USA |
| 22 | International Finance Corporation (IFC) | USA |
| 23 | Instituto Nordeste Cidadania (Inec) | Brazil |
| 24 | VINCI Partners Investimentos LTDA. | Brazil |
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 in the region. 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 a variety of industries.
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 in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
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About IDB Program Amazonia Forever
Amazonia Forever is an umbrella and holistic program that aims at protecting biodiversity and accelerate sustainable development in three lines of action: expanding funding, boosting knowledge exchange, and facilitating regional coordination among the eight Amazonian countries. The program is based on five pillars: (i) Combating deforestation and strengthening environmental control and security in the context of national governments; (ii) Bioeconomy, promoting alternative and sustainable economic activities; (iii) People, aiming at adequate access to quality education, healthcare, and employment; (iv) Sustainable cities and infrastructure and connectivity; and (v) Sustainable, low-carbon agriculture, livestock and forestry. In addition, the program focuses on promoting the inclusion of women, indigenous peoples, people of African descent and local communities; climate and forest conservation; and strengthening institutional capacities and the rule of law.
Contacts
IFC
Darcy Crowe
Darcy Crowe
dcrowe@ifc.org
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