This agreement will strengthen our collective ability to create innovative financial instruments and to do pioneering work in fighting climate change and other challenges Latin America and the Caribbean are facing.” IDB President Luis Alberto Moreno: “ The IDB wants to build strategic alliances with French development actors such as the AFD Group, which has become one of our most active co-financing partners.
I am glad today to open a new phase of this collaboration alongside President Moreno” said AFD CEO, Rémy Rioux. IDB and AFD teams have done great work over the last couple of years to scale up our cooperation on the ground. “ The partnership with IDB is crucial for us to support the region in its efforts to transition to a low carbon and resilient economy, in line with the Paris Climate Agreement. This finance is largely made up of (a) investments in financial intermediaries (like commercial banks, private equity firms, or other development funds), (b). The signing follows a public announcement by French President Emmanuel Macron pledging to increase France’s public development assistance from 0.38% of GDP in 2016 to 0.55% by the end of 2022, deepening the scope of financing opportunities in LAC in partnership with the IDB. It aims to deepen cooperation related to global public goods and efforts to fight climate change, which are joint strategic priorities for both institutions.īuilding upon an active track record of co-financing projects, the partners intend to help LAC countries translate climate objectives into national and regional planning strategies and implement them at the sector level in pursuit of the Sustainable Development Goals and the objectives of the Paris Climate Agreement. On behalf of the German Government, KfW provides concessional loans and grant funds to finance CAFs infrastructure programmes to.
These resources, which account for 30 of the Bank’s total annual approvals, are benefiting the. Last year, the Inter-American Development Bank (IDB) financed a record 4.5 billion in activities related to climate change, according to its 2021 Sustainability Report. This has led to a rise in leverage, as measured by debt-to-equity, from 2.8x at end-2019 to 3.3x as of end-September 2020. IDB Launches 2021 Sustainability Report Focused on Integrated Climate Action. In this new agreement, IDB and AFD commit to further mobilize both knowledge and financial resources for projects promoting sustainable development and poverty alleviation. In order to finance the increase in lending, the bank has also raised the funding programme for 2020 to USD27 billion (compared with USD20 billion in 2019).
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