• • At the end of the event, the European Investment Bank (EIB) and the European Commission signed a Contribution Agreement for the benefit of COFIDE, the development bank of Peru.

  ---

  November 10, 2021- In the framework of COP26, the European Investment Bank (EIB), the Latin American Association of Development Financing Institutions (ALIDE) and the Development Bank of Minas Gerais (BDMG), debated in a round table the relevance of the international financial cooperation for the implementation of projects in favor of climate action.

  In particular, this event analyzed how the joint action of the EIB and the Latin American development bank allows the extraction of important lessons on the process of international financial and technical cooperation.

  With special interest, it was discussed which are the main success factors in the implementation of resources from international sources of financing and cooperation for climate action, as well as their contribution to the green transformation of financial institutions and the development of financing ecosystems. that facilitate the leveraging of resources for clean investments with the private sector.

  The session featured a message from the President of the EIB, Werner Hoyer, who highlighted the long history of EIB financing in the region, especially in support of climate action projects.

  Meanwhile, EIB Vice President Ricardo Mourinho stressed that the EIB is committed to financing projects in Latin America that facilitate the region’s sustainable climate transition. He added that «no one should be left behind, and this is of utmost importance to the European Union» and the EIB as its bank.

  Likewise, Mourinho indicated that for his institution the most important thing is the impact, beyond using the money. «The people we protect, the infrastructures that become resilient, the jobs that are created, all of this is very important,» said the EIB representative.

  During the debate on the challenges and opportunities of cooperation for the allocation of resources for the benefit of sustainability and in support of the Sustainable Development Goals (SDG), the director for Latin America, the Caribbean and Relations with territories and countries Jolita Butkeviciene, from the Directorate General of International Associations of the European Commission (INTPA), stressed the importance of working together and forming alliances to achieve the SDGs.

  “The partnership between COFIDE, the EIB and the European Commission, and what this project represents will allow us to support Peru on its way to achieve the Sustainable Development Goals (SDG). I am sure that this project is just the beginning of a very productive association that will allow to stimulate the participation of the private sector, «said Butkeviciene, referring to the Contribution Agreement for a line of credit for the benefit of the Peruvian development bank.

  The experience of BDMG was also valued, which unlike COFIDE, has the implementation of its loan granted by the European Investment Bank at a different stage.

  In this sense, the president of the BDMG, Sergio Gusmao highlighted the achievements and benefits obtained with the support of the EIB. «It has been a line that helped us from the point of view of counter-cyclical programs and at the same time encouraged us to solve our climate financing problems,» said Gusmao, who considered the practice of cooperation between development banks at a global and local level a essential vector to accelerate investments that will lead to a sustainable economic transition, in line with global agendas and the challenges discussed at COP 26.

  On his side, the president of COFIDE- The Development Bank of Peru, Carlos Linares, shared the importance of collaboration with the EIB, and considered it the return of his institution to cooperation with international development banks.

  «This collaboration is very important, not only because it is the first we do with the EIB, but also because of the impact it will have both on the management of the corporation and on the achievement of achievements as a country,» said Linares, who also emphasized how relevant the technical cooperation that COFIDE would have will be to contribute to its objective of being recognized as a green bank.

  In the final part of the event, the European Commission and the EIB signed a Contribution Agreement in donation by the EU-Latin America Investment Facility (LAIF) in support of the credit line that will benefit COFIDE (Peru).

  The ambassador of the European Union in Peru, Gaspar Frontini, reaffirmed his commitment to cooperation for the benefit of COFIDE and commented that energy efficiency, circular economy and sustainable economy are at the center of this cooperation.

  It should be noted that working with networks such as the Latin American Association of Financial Institutions for Development (ALIDE) has contributed to promoting international financial cooperation. In addition, it allowed to share the lessons and experiences to put them in value, so that they constitute an important reference.

About EIB

The European Investment Bank (EIB) is the long-term financing institution of the European Union whose shareholders are its Member States. The EIB provides long-term financing for sound investments to help achieve EU policy objectives. www.eib.org

About ALIDE

ALIDE is the community of financial institutions that generates banking solutions for the development of Latin America and the Caribbean. Founded in 1968, its main objective is to contribute to the economic and social development of the region, through good practices in development financing that it promotes among its associates. It is made up of 85 member institutions with a presence in more than 20 countries in Latin America and other regions of the world.

About BDMG

BDMG is a financial institution that is part of the economic system of Minas Gerais, the 3rd state with the highest GDP in Brazil. Founded in 1962 and with around 29 thousand clients in its portfolio, the bank offers credit to private companies of all sizes, also operating in municipal financing and project structuring. BDMG’s strategy is connected with the Sustainable Development Goals (SDG), in the continuous search to generate a positive socio-economic impact. In this sense, the actions to encourage the green economy, small businesses, innovation, female entrepreneurship, urban infrastructure, among others, stand out.

Contact

Andrea Villafranca
Communications Unit of ALIDE
Phone: +511-203-5520 |: Ext: 227
comunicaciones@alide.org, comunicaciones2@alide.org
www.alide.org