Global Summit of Development Banks to lay the groundwork for post-COVID-19 sustainable recovery
August 16, 2020.- The development banking system, made up of roughly 400 institutions worldwide, has demonstrated an overriding importance in mitigating the economic and social impact of the COVID-19 pandemic, as well as in incentivizing the recovery process.
It is in this context that the Finance in Common Summit has convened a global summit of development banks for November 12, in order to assess the advances made in mitigating the pandemic and in moving ahead with the recovery process. An attempt will be made at the Summit to reach a consensus for channeling short- and long-term investments in a sustainable and resilient direction, in line with the international agendas like that of COP26 and the SDG.
But even more than that, the Summit will seek to establish a coalition with development players and to launch a collective initiative with the capacity to produce responses to the new challenges that have arisen. In promoting a global community with a greater capacity to take action, the Summit will contribute significantly to the accomplishment of United Nations agendas.
The participants will discuss issues concerning development bank efforts like mandates and governance; the classification of climate investments and those compatible with the SDG; business models and incentives; and financial architecture for integral, coherent and efficient global development.
The Summit will take place on November 12 in the framework of the Paris Peace Forum, an annual event focusing on promoting global governance. Under the sponsorship of the United Nations and the Office of the President of France, the Finance in Common Summit is an initiative of the World Federation of Development Finance Institutions (WFDFI) and the International Development Finance Club (IDFC).
The Summit is being convened by the French Development Agency (AFD) with the collaboration of multilateral banks, associations of financial institutions from different parts of the world –among them, ALIDE—and international organizations like UNEP, the OECD and the European Commission.
In addition to the Summit, the November 10 Finance in Common Summit will organize a videoconference at which well-known academic investigators will present studies and findings on long-term development bank financing.
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.