ECLAC, IDB and ALIDE agree to exchange knowledge on green financing
- The creation of a Community of Practice made up of development banks from Latin America and the Caribbean is the first initiative announced as a result of the agreement that will facilitate access to different data banks through the Green Financing Platform.
September, 24- 2021- The United Nations Economic Commission for Latin America and the Caribbean (ECLAC), the Inter-American Development Bank (IADB) and the Latin American Association of Financial Institutions for Development (ALIDE) signed a Cooperation Agreement to facilitate the region’s development banks have access to different data banks, through the Green Finance Platform (Green Finance for Latin America and the Caribbean – GFL) created by the IADB.
The agreement seeks to promote dialogue and exchange of experiences between representatives of the public and private sectors in order to promote the development of innovations in financial and capital markets, particularly in support of technological and sustainable development. The agreement is part of the IADB’s initiatives to increase green financing, supporting mitigation actions and sustainable business models through development banks.
The agreement was signed by Alicia Bárcena, ECLAC Executive Secretary, Moisés Schwartz, IADB Manager of Institutions for Development, and Edgardo Álvarez, ALIDE Secretary General.
«The development of a Community of Practice around the challenges posed by the financing of sustainable and inclusive development in Latin America and the Caribbean will undoubtedly make it possible to leverage the existing stock of knowledge in development banking in the region,» said Bárcena.
“In recent years, the ALIDE network of banks has made significant progress in the field of sustainable financing in Latin America and the Caribbean. The Community of Practice and the signed agreement will strengthen this important work of the banks with knowledge, best practices and cooperative work. Without a doubt, it is an exceptional initiative ”, explained Edgardo Alvarez.
“As IADB within the framework of Vision 2025, we have identified the great potential of partnering with ALIDE and ECLAC so that, among the three entities, continue to promote the exchange of knowledge, promote dialogue and exchange of experiences in relation to financing sustainable development in Latin America and the Caribbean, through the development of this community of practice, ”said Moisés Schwartz.
A first result of the agreement is the creation of an innovative Community of Practice, the first of its kind, made up of development banks in Latin America and the Caribbean, announced during the ALIDE General Assembly last May. Known as “LAC Development Banking,” the new digital community will function within the IDB’s GFL platform, developed to respond to the information demands of national development banks, private sector financial institutions, and other market players.
The Community of Practice was described during its presentation as a space destined to catalyze the flow of knowledge to strengthen the capacities of its members and, through them, the institutions to which they belong. Among its functionalities are the operation of a secure access space where its members can interact, share and debate ideas. They will also be able to call and schedule virtual meetings and webinars, in addition to doing bilateral consultations.
During the announcement of the Community of Practice, Edgardo Álvarez, Secretary General of ALIDE, highlighted its importance to enhance synergies between the three institutions that signed the agreement through a single source. Speaking on behalf of the IADB, Juan Antonio Ketterer, Head of the Connectivity, Markets and Finance Division, reiterated the multilateral entity’s commitment not only to financing the green sector, but also to the creation and dissemination of knowledge, which reinforces mutually to the three institutions.
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 the good practices in development financing that it promotes among its associates, about 90 institutions with a presence in more than 20 Latin American countries and other regions of the world.
The Inter-American Development Bank – BID is an international financial organization based in the city of Washington DC (United States), and created in 1959 with the purpose of financing viable projects of economic and social development and institutional and promote regional trade integration in the area of Latin America and the Caribbean. It is the largest regional development financial institution of its kind and its origin dates back to the Inter-American Conference of 1890. Its central objective is to reduce poverty in Latin America and the Caribbean and promote sustainable and lasting growth.
The Economic Commission for Latin America and the Caribbean (ECLAC) is the agency dependent on the United Nations Organization responsible for promoting the economic and social development of the region. Created in 1948, ECLAC is dedicated to economic research.