Finance in Common Summit: A great success with major IDFC contributions
The IDFC members joined all the Public Development Banks in a coalition for a sustainable, greener and more inclusive post-covid recovery
All together aligned with the SDGs and the Paris Agreement objectives
The Finance in Common Summit held in a total digital platform from 9 to 12 November was an unprecedented success, thanks to the strong involvement and commitment of the IDFC members and their partners, other Public Development Banks (PDBs), multilateral development banks and associations of DFIs.
IDFC, co-organizer of the event, played a triggering role in the dynamic of the Summit. A role strongly acknowledged as well as its vision of aligning finance with climate and Sustainable Development Goals (SDGs) and leadership within the PDBs community.
A great success with great figures :
• 2000 people attended the Plenary session & more than 10 000 participants in total attended the Summit
• 12 thematic High Level Events related to the main SDGs have been organized and,
• 10 Declarations among which the Joint Declaration of all PDBs and additional statements endorsed by IDFC or its members, including :
– IDFC Statement on Climate & SDGs: Together for a Sustainable & Resilient Global Recovery, advancing the Paris Agreement & Sustainable Development Goals
– IDFC Common Position Paper on Biodiversity
– Paris Development Banks Statement on Gender Equality & Women’s empowerment – signed by 12 IDFC members
– Letter of intent for the launch of a Sport for Development Coalition of PDBs and Partners – signed by 5 IDFC members
The FIC Summit was also a great opportunity to showcase IDFC achievements and new partnerships such as :
– On SDGs Alignment: Aligning finance with the SDGs: IDFC contribution to the sustainable recovery and the 2030 Agenda
– On Climate finance: The International Development Finance Club, largest provider of climate finance in the world, strengthens its commitment to meet the Paris Agreement Goals
– On Biodiversity finance: Members of the International Development Finance Club are combining forces to make Finance work for Nature
– On support to refugees & displaced people : The International Development Finance Club releases its first report on the role of PDBs in supporting refugees & forcibly displaced people
– Announcement of the partnership with the World Federation of DFIs (WFDFI): IDFC and the WFDFI sign a Statement of Partnership to support the alignment of financial flows with the Sustainable Development Goals
– Reinforced partnership with the Green Climate Fund with the launch the GCF-IDFC joint publication: The IDFC and the Green Climate Fund join forces to support Public Development Banks in financing the green transition
As a preamble to the Summit, the 14th AFD International Research Conference on Development, the Visible Hand: Development Banks in Transition, was also a great achievement thanks to IDFC members contributions. During the conference, the Institute of New Structural Economics (INSE) at Peking University and the Agence française de développement (AFD) released the first comprehensive database on development banks.
All the sessions, déclarations and press releases are available on the FICS website. Moreover, all High Level Events as well as the plenary session are available on replay on the FICs youtube channel.
IDFC members are proud to have been a cornerstone to the FIC Summit that gives a strong and unified voice to the PDBs community, much needed in this unprecedented context. Looking forward to another edition of the Summit for a stronger PDBs coalition !
IDFC Contribution to the 14th AFD International Research Conference on Development
The Visible Hand : Development Banks in Transition
The 14th AFD International Research Conference on Development, The Visible Hand: Development Banks in Transition has taken place in the framework of the Finance in Common Summit. In the context of the severe crisis affecting the world following the Covid-19 disruption, this conference focused on development banks’ key contribution to the SDGs, and to paving the way to rebuild our economic systems in a more responsible and sustainable way. The conference unfolded in two parts: Academic Days from November 3-5, and Open Discussion Days on November 9 and 10, 2020.
During the Academic Days, the findings of the International Research Initiative on Public Development Banks (PDBs) working groups, which brings together 28 researchers from 20 institutions around the world, were presented through 16 research papers. This initiative is part of a research program launched by the Institute of New Structural Economics (INSE) at Peking University, sponsored by IDFC alongside the French Development Agency (AFD)and the Ford Foundation.
The Open Discussion Days gathered renowned economists, researchers, Public Development Banks representatives and other stakeholders. High-level speakers included IDFC représentatives:
- Rémy RIOUX, IDFC Chairperson & CEO of the Agence française de développement (AFD)
- Admassu TADESSE, President and Chief Executive of the Eastern & Southern Africa Trade & Development Bank (TDB)
- Serge EKUÉ, President of the West Africa Development Bank (BOAD)
- Lavinia BARROS DE CASTRO, Manager of the Risk Division at the Brazil Development Bank (BNDES)
- Fritzi KÖHLER-GEIB, Chief Economist of the German KfW Group
The main outcomes of the conference served as a basis for the Finance in Common Summit
- An original database on Public Development Banks (PDBs) which provides, for the first time, a comprehensive mapping of more than 450 public development banks worldwide, and groundbreaking material on PDB’s current state of alignment with Agenda 203
- 16 research papers, shedding light on previously unexplored topics, such as the inclusion of Development Banks in the global financial architecture, the characterization of SDG-compatible investments, the regulatory frameworks and governance of PDBs
- 10 policy recommendations for decision makers on Public Development Banks which focus on:
- Developing the framework of their action, scaling up their means, and adapting the regulations
- Building a coalition bringing them together, to inspire change and lead other stakeholders to follow suit.
- The aim of reasserting and strengthening PDBs’ crucial role as the forefront for transitions towards low-carbon, resilient and equitable socio-economic models