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IDFC Roadmap to become an active platform on promoting Gender Equality & Women’s Empowerment towards the achievement of 2030 Agenda
The Generation Equality Forum (FGE) is the most catalytic global gathering for gender equality held in the last quarter century. Convened by UN Women and co-chaired by the Governments of France and Mexico, with the leadership and participation of youth and civil society, the Forum is a once-in-a-generation moment to advance global gender equality. The Forum was held in Paris and virtually from 30 June to 2 July 2021.
At the Generation Equality Forum “Public Development Banks Commit to Gender Equality”High Level Event, co-organized with the Agence Française de Développement (AFD), taking place on 1 July, the Turkish Industrial Development Bank (TSKB) CEO, Mrs. Ece Böru, recalled the main points of IDFC roadmap and action plan to meet the goals of the Generation Equality.
IDFC is developing a roadmap and action plan on gender equality that will establish IDFC as an active platform for promoting and advocating gender equality and women’s empowerment for the next years.
The Focus of this roadmap will be on Better access to economic opportunities, Strengthening gender mainstreaming both internally and in members’ operations and Fighting against all forms of gender-based violence. More specifically the following five priorities had been identified to structure the IDFC roadmap:
- Empowering women and girls through access to economic opportunities
- Strengthening Gender Mainstreaming into members’ operation and in priority on Climate and Biodiversity, on Infrastructure and on Education and Health;
- Fight against all forms of violence against women and girls,
- Making IDFC an active platform on promoting and advocating gender equality and women’s empowerment
- Supporting internal mainstreaming at Club members
Since 2018, IDFC has been engaging on Gender Equality, in particular through its Joint Statement on Gender Equality and Gender Equity released in 2019. These road map and action plan are the concrete implementation of this statement.
Besides 11 members confirmed their engagement by signing the Paris Development Banks Statement on gender equality and women’s empowerment signed by 26 Public Development Banks (PDBs), at the first Finance in Common Summit on 12 November 2020.
This approach will participate in the achievement of the 2030 Agenda on Sustainable Development and particularly Sustainable Development Goal 5 to empower women and girls.
IDFC launches its Operationalization Framework on Aligning with the Paris AgreementClimate
On Friday 4th June, 2021, IDFC Chairperson and Agence Française de Développement (AFD) CEO, Rémy Rioux, participated in the Green Swan Conference. The Bank for International Settlements, Bank of France, International Monetary Fund and Network for Greening the Financial System co-organized this global virtual conference on the theme “How in practice can the financial sector take immediate action against climate change-related risks?
The main objective of this conference was to showcase initiatives and particularly innovative solutions to achieve the Paris Agreement objectives. Its outcomes would serve as a global public good for other events ahead of COP26, and beyond. Rémy Rioux, voicing the involvement and activities of the Club, actively participated in the session on “How can Development Banks address the massively increased financing needs for green projects? What kind of innovative solutions can be developed?”
The IDFC Chairperson explained the key role of IDFC within the public development banks (PDBs) community through its work on defining sustainable investments and even pledged, in 2017 together with the Multilateral Development Banks (MDBs) to “align financial flows with the Paris Agreement.”
To go further in the perspective of COP26, and provide to the community of PDBs a clear guidance on how to reach a better alignment of strategies and operations with the requirements of the Paris Agreement, Rémy Rioux, on behalf of the IDFC Club, announced the publication of a practical framework which presents a “menu of options”, with recommendations, tools and processes designed to align any financial institutions’ vision with the goals of the Paris Agreement. This report was elaborated by the two think-tanks : the Institute for Climate Economics (I4CE) and the New Climat Institute (NCI) that provided a precious work that can offer inspirations for others institutions willing to align their operations and financing with the Paris Agreement.
Beyond, the club members are also joining efforts to contribute to the achievements of the SDGs and the objectives of the Paris Agreement, a prerequisite is to reinforce the mandate of PDBs so that they fully integrate climate and sustainable development.
This was the objective of the first edition of the Finance in Common Summit, gathering for the first time all PDBs of the world as well as their stakeholders (governments, regulators, other public and private financial institutions, academia and think tanks), to push for concrete transformation.
During the FICS, all PDBs signed a joint declaration, where they affirmed their determination to collectively shift strategies and operating modalities to contribute to the objectives of the Paris Agreement, including by working towards applying more stringent investment criteria, such as explicit policies to exit from coal financing in the perspective of COP26.
FICS Event for Africa’s Green & Resilient : a new engagement to boost all African PDBsInternational Event
An event under the leadership of the AfDB with the collaboration of AADFI and IDFC
On May 11th, 2021, the Finance in Common System Event was held online, under the leadership of the African Development Bank (AfDB) with the collaboration of Association of African Development Finance Institutions (AADFI) and the International Development Finance Club, in the framework of the Finance in Common Spring Meeting under the theme “Africa’s Green and Resilient Recovery : A Common Objective”
This event, in the sidelines of the Summit on Financing African Economies (SFEA), to be held in Paris on May 18th, hosted by President Macron, to gather African Leaders and institutions, as well as their key international Partners, is a unique opportunity to hear the voice of African PDBs and better understand their role in the financial architecture. The SFEA would emphasize the urgency of immediate resources for Africa’s recovery post-Covid 19 to ensure vaccine access and investment opportunities on the continent.
During the 11th of May event, opened and closed by Rémy Rioux, IDFC Chairperson and Agence francaise de développement (AFD) CEO and Dr. Akinwumi Adesina, AfDB President, African PDBs and their partners, expressed their willingness to do more for SDGs and Climate on the continent.
To watch again all the sessions of this event please click here
“Today, we have gone deeper into this issue: we have demonstrated the necessity to deepen the partnership between different types of actors, and at different scales of action. With only one objective: Africa’s Green and Resilient Recovery.” said Mr. Rioux. “African challenges, more than anywhere else, require us all to go seek coordinated responses and actions. In Africa, we certainly need to leave no one behind. Let’s Finance in Common and build a common story of investment in Africa.” He added.
During this event African public development banks, in a joint declaration, called for the heads of state and international organizations to support our role in the African financial system and provide us with the necessary means and incentives: a clearer mandate for climate and SDGs, additional capacity building, greater access to concessional resources as well as reinforcement of our capital bases, taking advantage of the expected SDRs issuance by the International Monetary Fund (IMF)
Along with other African and international institutions IDFC members, including the the Development Bank of Western Africa (BOAD) CEO, Serge Ekue, the Development Bank of Southern Africa (DBSA) CEO, Patrick Dlamini, the Eastern and Southern Trade and Development Bank (TDB) CEO Admassu Tadesse but also experts from the AfDB, AFD and KfW, participated as panelists in the different sessions focused on concrete proposals and innovative financial solutions to unlock the potential of African PDBs to promote sustainable development investments in Africa.
“African Public Development Banks have a key role to play to fully align with the Paris Agreement, foster Biodiversity inclusion & ensure a Just Transition for a sustainable future in Africa” said DBSA CEO Patrick Dlamini.
As AfDB CEO Dr. Akinwumi Adesina stated during the event: “Together, within the framework of Financing in Common, let us move forward boldly and strengthen institutional capacities, governance and financial capacity of public development Banks.As public development banks, we must deepen our ability to reach all parts of Africa. To ensure financial inclusion, especially for the unbanked, and expand access to finance, savings and insurance products and services, we need to work as one unified system.”
More to come under the Finance in Common movement !
UN Fin4Dev 2021 Report highlights the crucial role of PDBS in financing SDGsSDGs Achievement
IDFC is a proud member of the Inter-Agency Task Force on Fin4Dev in charge of the UN Report
The 2021 Financing for Sustainable Development Report (FSDR) of the Inter-agency Task Force (IATF) on Financing for Development led by the UN Department of Economic and Social Affairs (UN DESA) was launched on March 25th, 2021, with a focus on the financing of the sustainable recovery in the context of the Covid-19 crisis.
For the first time IDFC contributed to this report and one of the key statements was that the United Nations recognized the crucial role of Public Development Banks (PDBs) in reorienting global finance towards SDGs and even call upon the international community to strengthen the system of development banks, in the trend of the Finance in Common Summit.
On the top of the 26 mentions of the term “Public Development Banks”, now officially recognized by the UN, the report is clearly recommanding in its introduction a call for PDBs as such in the financing of sustainable development investments :
“ The international community needs to better leverage public development banks (PDBs) as a tool for sustainable development investment. In many countries, PDBs were instrumental in supporting the COVID-19 crisis response, including those newly established by countries of the South. Well-managed PDBs can allow for a more transparent accounting of both public liabilities and associated assets—in essence they can ringfence assets and borrow against them……..The international community can help strengthen the system of development banks; for example, cooperation between national and multilateral banks can help banks build capacities while also leveraging local knowledge; continued research on appropriate capital, risk management and SDG reporting frameworks can support PDB governance and risk-informed lending for SDG investments”
Moreover, in its press release UN DESA is emphasizing on this recommendation by inviting to ” better use the PDBs as a investment toll in sustainable development”
This recognition is a great achievement for the Club’s efforts in advocacing for Sustainable Development Investment and the IDFC leading role in the Finance in Common Summit that is now become the Finance in Common Systems, positionning itself, more and more strongly within the development finance community.
2021 FDSR full report here
UNDESA Press Release here
IDFC Members explore how the Covid-19 crisis affected their Business ModelsCovid19
A CDG Capital led report shows how IDFC members came up with solutions to address the short-term economic damage of the crisis
The major transformations observed at the level of the IDFC members’ business model following the covid-19 crisis, are essentially linked to the additional mobilization of resources and the use of financial instruments, innovations, the implementation of a new risk approach and the digitization of operations.
In a report supervised by the Moroccan institution CDG Capital, the private sector arm of IDFC member Caisse de Dépôt et de Gestion (CDG), the survey of 15 IDFC members demonstrate that, through quantitative and qualitative inputs, and case studies, IDFC members were able to quickly came up with solutions to address the short-term economic damage and the health crisis by mobilizing private resources and blending them with their own capital, and by designing new financial instruments, fast track approval processes and digital tools.
A new approach to risk management is being developed with a focus on integrating ESG and climate risks in the credit appraisal. Most relevant to the question of cooperation, the survey indicates that the covid-19 crisis has accelerated the partnership with all stakeholders mainly with the state and regional state authorities, other development banks, commercial banks, the private sector and NGOs.
For more also have a look at CDG Capital Sustainable Development Director, Laila MIKOU’s op-ed (French version)
IDFC, leader of PDBs Coalition, celebrates the Paris Agreement 5th AnniversaryClimate
IDFC voices the Public Development Banks Coalition Commitment to align with the Paris Agreement Objectives
At the occasion of the 5th Anniversary of the Paris Agreement & the Climate Ambition Summit
IDFC highlighted the unprecedented PDBs Climate Commitments
12 December 2015 – 12 December 2020, for the Paris Agreement 5th Anniversary’s celebration, IDFC the largest provider of public development and climate finance globally, spearheading the alignment with the Paris Agreement objectives since its creation, reiterated its engagement as a Club but also, for the first time, presented, as co-organizer of the Finance in Common Summit, the launch of the global Coalition of all the Public Development Banks (PDBs), with a strong focus on climate action.
At the invitation of the French President Emmanuel Macron to a Green and Climate Finance event under the main theme of “Climate finance, carbon neutrality perspective 2050” celebrating both the Paris Agreement but also the 3rd One Planet Summit (OPS) Anniversary at the Elysée, the French Presidency Palace, along with head of states, international organizations and MDBs, Rémy Rioux, IDFC Chairperson reported on the joint declaration of the Summit with a focus on climate action, in line with the OPS core mandate.
Along with Mr. Rioux, Mrs. Antonella Baldino, Cassa de Depositi & Prestiti (CDP) Chief International Development Finance Officer, participated in the event, to support, as IDFC member, the benefits for national development banks, such as CDP, to belong to the club and beyond to the PDBs coalition to foster the public banks efforts, at the local and international level, in boosting climate action and align their activities with the Paris Agreement objectives.
Moreover, IDFC, through the voice of its Chairperson Rémy Rioux, had the opportunity to share the PBDs commitments towards the Paris Agreement Alignment with the organizers and participants of the Climate Ambition Summit 2020. Co-hosted by the United Nations, United Kingdom and France, in partnership with Chile and Italy, the Climate Ambition Summit 2020 is a monumental step on the road to the UK-hosted COP26 next November in Glasgow.
The PDBs commitments to align their activities with the Paris Agreement are concrete. It would be reflected in means supporting the definition and implementation of ambitious NDCs, adaptation plans, and long-term strategy while also making sure that every project financed provides a positive contribution to our climate goals.
Read Remy Rioux full speech shared with the Climate Ambition Summit here.
Finance in Common Summit: A great success with major IDFC contributionsInternational Event
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
IDFC & GCF join forces to support PDBs in financing the green transitionClimate
Launch of a joint IDFC – GCF Publication on Public Development Banks’ potential for a green recovery & Release of the 2020 IDFC Green Finance Mapping Report Figures
The IDFC, the international network of leading national and regional development banks, and the Green Climate Fund (GCF), the world’s largest dedicated financer of climate action in developing countries, have today launched a joint report titled “A strategic alliance to realize the full potential of public development banks in financing the green transition” examining how Public Development Banks (PDBs) can unlock their potential for a green, low carbon and resilient future.
Speaking from Songdo during the virtual press conference, Yannick Glemarec, GCF Executive Director, stated:
“While climate finance has grown steadily over the past 10 years, the current pace is too slow to achieve the Paris Agreement goals. GCF’s partnership with 30 Public Development Banks, including the 13 members of IDFC that are GCF accredited project partners, can play a critical role in increasing climate finance for developing countries. The paper we are launching today sets out the vision of IDFC and GCF for collaboration to unlock the potential of Public Development Banks to finance low-carbon, climate-resilient development pathways. It highlights some of the transformative initiatives that can be co-financed by GCF and IDFC members, as well as the challenges for such synergies to materialize. To address some of these challenges, GCF will contribute to the IDFC Climate Facility to support IDFC members enhance their capacities to scale up climate action. This will come from the GCF Readiness fund allocations of Panama, Peru, Brazil, Morocco and South Africa. ”
The press conference sheds light on the role and active participation of PDBs in climate finance, while also releasing the 2020 IDFC Green Finance Mapping Report Key findings. Elaborated in collaboration with the Climate Policy Initiative (CPI), this edition of the IDFC flagship report confirms the leading role of the Club in supporting climate finance, with green finance commitments of US$ 197 billion in 2019, including US$ 187 billion for climate and 3 times more financing for adaptation finance since 2015.
Rémy Rioux, IDFC Chairperson and CEO of the Agence Française de Développement (AFD), joining from Paris, underlined the importance of PDBs in supporting a green post-COVID 19 recovery and invited all to join the upcoming Finance in Common Summit, the first global Summit of all Public Development Banks:
« There are about 450 Public Development Banks around the world, operating at sub-national, national, regional, international and multilateral levels. They represent a staggering 10 percent of the total amount invested in the world every year by all public and private sources combined. With their public mandates and counter-cyclical roles, combined with deep roots in local economic and social fabrics, Public Development Banks are more relevant than ever to contribute to the reconciliation of economic recovery and sustainable development. They represent a “visible hand” that can help mobilize and direct the finance we need for the future we want. In this regard, I am convinced that the partnership between the Green Climate Fund (GCF) and the International Development Finance Club – which gathers the largest 26 PDBs – can contribute to support PDBs in contributing to supporting a green recovery as well as building long-term Paris Agreement-aligned development pathways. This alliance paves the ways to the upcoming Finance in Common Summit (FICS), gathering for the first time all the PDBs of the world.»
ALIDE 2020 General Assembly on the path to FICSInternational Event
ALIDE General Assembly will evaluate the response of Latin American Development Banks to the COVID-19 crisis
October 7, 9, 13 & 15, 2020
On the path to the Finance in Common Summit
The Latin American Association of Development Financing Institutions (ALIDE) General Assembly will be held n October 7, 9, 13 and 15 and is made up of a series of digital events.
Co-organized by renowned international development financing institutions such as the Inter American Development Bank (IDB), the International Development Finance Club (IDFC), Agence française de développement (French Development Agency) and the Development Bank of Minas Gerais (BDMG), the event will establish the position of the banks of Latin America and the Caribbean for economic recovery, in preparation for the Finance in Common Summit (FICS), the first-ever global gathering of all Public Development Banks. The IDFC Chairperson, Rémy Rioux, will participate in the ALIDE General Assembly opening session on October 7 to set the objectives and the ambitions of the Summit. The FICS, taking place during the Paris Peace Forum in November 2020, will address our common need to build new forms of prosperity that take care of the living (people and planet) in a resilient manner.
To register to the ALIDE General Assembly please use this link.
The ALIDE General Assembly will bring the Development Bank System of Latin America and the Caribbean to evaluate in a digital meeting the performance in mitigating the COVID-19 crisis and the path to economic recovery. High level representatives fromthe financial institutions will discuss the various experiences faced during the pandemic, seeking to establish a balance.
Within the framework of the General Assembly, the position of the Latin American Development Bank System in the international debate on the COVID-19 crisis will be established. In this way, the meeting is framed in the context of Finance in Common Summit.
“From Pandemic to Recovery” Online Conference hosted by VEB on the way to FIC Summit !Covid19
The First Event in preparation of the FIC Summit to highlight the role of Development Banks in a Sustainable & Resilient Global Recovery
On the 9th of September 2020 the National Development Corporation of Russia (VEB.RF) and the IDFC organized an Online Conference “From Pandemic to Recovery” aligned with the First Global Summit of Public Development Banks “Finance in Common” that will take place in Paris on the 110h-12th of November, 2020.
Being planned at the height of the global socio-economic crisis, the Conference aimed to highlight the significant role of development banks in searching the right balance between short-term incentives and long-term vision supporting national economies in this turbulent period.
High level représentatives from the UN system, including UN Secretary General, Antonio Gutteres and Deputy SG, Amina Mohamed, from the Multilateral Development Banks, the Regional association of DFIs such as ALIDE & ADFIAP, IDFC Chairperson & French Development Agency CEO, Rémy Rioux and IDFC CEOs including the host of the event Igor Shuvalov, VEB Chairman, the recently appointed CEO of the Development and Investment Bank of Turkey (TSKB) , Ece Börü, but also the Development Bank of Southern Africa (DBSA) CEO, Patrick Dlamini and Islamic Corporation for the Development of Private Sector (ICD) CEO, Ayman Sejiny participated in this important event. The Development banks join forces to respond to the effects of the pandemic in its urgency while foreseeing long-term and sustainable solutions its socioeconomic consequences and the underlying environmental crisis. In other words, finance SDGs and leave no one behind.
This first event is the first step to the FIC Summit, hosted by the Paris Peace Forum in November, to have the chance to rethink our common need and build together new forms of prosperity that take care of the living (people and planet) in a resilient manner, with Alignment with the Sustainable Development Goals as a fundamental guide.
FIC Summit : 7 IDFC members projects selected by the Paris Peace Forum !Covid19
Seven IDFC members initiatives selected out of the 100 #SolutionsforPeace Projects
100 days before the First Global Meeting of all Public Development Banks
10-12 November 2020
On August 3rd, 2020 the Paris Peace Forum, that will host, during its third edition, the First Finance in Common (FIC) Summit, co-initiated by IDFC and the World Federation of DFIs (WFDFI) and convened by Agence Française de Développement (AFD- French Development Agency) in Paris but also virtually, revealed the 100 Selected Projects to participate from 11 to 13 November 2020. Among those seven projects are from IDFC members including the IDFC Climate Facility, first operational instrument of the Club !
The Paris Peace Forum (PPF) was created to respond to this crisis of multilateralism, which is not new but has sharply increased in 2020. Given the scale of the challenges before us, the Forum will devote its third edition to projects and initiatives from around the world aimed at providing immediate responses to the Covid-19 crisis, improving our resilience in the medium term, and rebuilding a more sustainable world.
The third edition of the Paris Peace Forum will be the first event on the international calendar focused on constructing a better world post-pandemic. As the Paris Peace Forum convenes actors of change from around the world to discuss global governance and multilateralism, the Finance in Common (FIC) Summit will be one of the main highlights of the third edition, gathering a new community comprised of more than 450 Public Development Banks (PDBs). The FIC Summit will address our common need to build new forms of prosperity that take care of the living (people and planet) in a resilient manner.
The objective of the Finance in Common Summit is twofold :
- to build a new and powerful coalition of all 450 public development banks to promote cooperation among them and;
- to bring together the financial community, both public and private, to give us the means to take collective action against COVID-19 and in favor of climate and SDGs.
The IDFC, one of the key actors in this event, which objectives are closely in line with the Club mandate and vision, is heavily involved in the preparation of the FIC Summit, through also its members operational experiences, demonstrated by they strong response to the PPF Call for Projects.
The PPF Call for Projects launched in March 2020 received more than 850 applications – a record since the creation of the Forum – from all types of actors: NGOs, companies, international organizations, states, local authorities… This is a sign that, despite the pandemic, there remains an astounding reservoir of international cooperation and a willingness to respond to the crisis collectively.
Among the 100 projects selected as Solutions to bounce back from Covid-19 crisis 11 are led by Public Development Banks and among them 7 are IDFC members projects, including the IDFC Climate Facility!
Congratulations to our colleagues from the Agence Française de Développement (AFD), Cassa de Depositi e Prestiti (CDP), Development Bank of Southern Africa (DBSA), the Indonesia Infrastructure Development Bank PT SMI and the Russian Development Bank (VEB) for this great acknowledgement. More details on the selected projects available at https://bit.ly/3fw4Orv.
UN High-Level Event on Financing for Development in the Era of COVID-19 & BeyondCovid19
Remy Rioux, IDFC Chairperson Intervention
May 28th, 2020
The IDFC Chairperson and Agence française de développement (AFD) CEO, Rémy Rioux, talked on May 28th, 2020 during the United Nations (UN) High-Level Event on Financing for Development in the Era of COVID-19 and Beyond convened by the Prime Minister of Canada, H.E. Mr. Justin Trudeau, the Prime Minister of Jamaica, H.E. Mr. Andrew Holness, and UN Secretary-General António Guterres, the virtual event aims to advance concrete solutions to the development emergency caused by the COVID-19 pandemic.
Mr. Rioux intervened alongside heads of states, CEOs of international organizations and leaders of CSOs underlined that public development banks in financing SDGs should leave no one behind. He added that, particularly in time of crisis there is need to create new, innovative and comprehensive international coalitions, instilling hope, building momentum and strongly supporting multilateralism.
This is the reason why the IDFC is strongly involved in the “Finance in Common Summit”, on 12th November 2020, in partnership with the Paris Peace Forum, during which all 450 Public development banks in the world will gather for the first time, with all willing stakeholders and with the support notably of UN DESA and UNDP. The public development banks already represent 10% of total annual global investments. They are already playing a countercyclical role nowadays and are eager to do more.
Along with the World Federation of DFIs, colleagues from Multilateral Development Banks and the regional associations of Public Banks, the IDFC members are working together to forge a global response to the COVID-19 development challenges in the future. Read the full speech.
IDFC is building a Collective Response to Covid-19 CrisisCovid19
IDFC combating Covid-19 by stepping up efforts towards building more resilient economies for people & planet
As the world is facing an unprecedented crisis caused by COVID-19, IDFC members have been mobilizing their full set of instruments and financial capacity.
IDFC is committed to capitalizing on its members respective experiences to respond to the crisis with the view to structure the most adequate collective answer to support a sustainable and inclusive economic and financial recovery.
IDFC members actively respond to the situation with a full set of measures with the view to structure the most adequate collective answer to support a sustainable and inclusive economic and financial recovery. All these initiatives are attached to this press release and will be regularly updated on IDFC website.
NDBs: Building bridges between Public & Private climate action at OECD PF4SD Conference in ParisClimate
National development banks: Building bridges between Public and Private Climate Action
OECD Private Finance for Sustainable Development (PF4SD) Conference
On January 28, 2020 the Organisation for Economic Co-operation and Development (OECD) hosted in Paris the 2020 Private Finance for Sustainable Development (PF4SD) Conference. It was the occasion for the International Development Finance Club (IDFC) to demonstrate how National and Regional development banks are poised to play a key role in aligning private finance with the SDGs and the objectives of the Paris Agreement.
The OECD, IDFC and the Overseas Development Institute (ODI) jointly organized this side event to discuss the role of development banks, to collate evidence on challenges to unlock their potential, and explore opportunities to address these challenges. While the assets under management in development banks dwarf multilateral development bank financing in many developing countries, their transformative potential goes beyond the sheer volumes of finance provided. Their unique value added lies in the ability to support policy makers and market creation, the provision of local currency financing and their role in intermediating international climate finance.
Moderated by Jonathan Coony, Senior Climate Finance Specialist, World Bank, benefitting from the crossed remarks by Jorge Moreira da Silva, OECD Director for Development Co-operation Directorate and Rémy Rioux, IDFC Chairperson and AFD CEO, the discussion drew on key messages of the OECD report ‘Scaling up climate-compatible infrastructure: Insights from national development banks in Brazil and South Africa’ and the launch of a new ODI report ‘Securing climate-smart investment through national development banks’ presented by Samantha Attridge, ODI Financial Markets Director. Astrid Manroth, Director for the Finance Strategy of the European Climate Foundation (ECF), pointed out the comparative advantages of development banks in climate finance.
Several IDFC members, such as Admassu Tadesse, President and Chief Executive, Eastern and Southern African Trade and Development Bank (TDB), Nabil Moura Kadri, Head of Department, Environment and Amazon Fund, Brazil Development Bank (BNDES), Mohan Vivekananda, Development Bank of Southern Africa (DBSA) Group Executive for Client Coverage & Origination and Refik Akıncı, Turkiye Sinai Kalkinma Bankasi (TSKB)’s Sherpa for IDFC and Director of IDFC Climate Facility Coordination Unit were participating in the side event illustrating the role of their institution with concrete examples and explained their strategy in raising ambition within the Framework of the Paris Agreement on climate change.
IDFC is at COP25 in Madrid, Spain !Climate
Join IDFC Pavilion at COP 25 !
2-13 December 2019, Madrid, Spain, IFEMA, Hall 8 – In front of Spain Office
For the first time this year IDFC will have its own pavilion at COP25 !
The IDFC Pavilion will be located at the IFEMA Convention Center in Hall 8 just in front of Spain Office. The IDFC Pavilion will be inaugurated on Tuesday 3rd December by Rémy Rioux, IDFC Chairperson and Agence Francaise de Developpement (AFD) CEO. On the same day, the IDFC team will also present the first operational instrument of the Club the IDFC Climate Finance Facility. We invite you all to join us at the Press Conference and the Cocktail that will joyfully end this day.
The IDFC Pavilion will host IDFC members and partners Side Events throughout the two weeks of the COP25 to exchange on Development Finance Institutions alignment on the Paris Agreement, Climate and Biodiversity, role of development banks in Climate Action. Consult the full IDFC Pavilion Programme of Events.
See below the list of our Day by Day Side-Events :
Tuesday 3rd of December
15:30 to 16:00 : Inauguration of the Pavilion in presence of Rémy Rioux, IDFC Chairperson and Agence Francaise de Developpement CEO
16:30 to 18:00 : Kick Off IDFC Climate Facility
18:00 onwards : IDFC Cocktail
Thursday 5th of December
15:00 to 17:30 : Development Bank of Latin America (CAF) : Expert Dialogue on Bioenergy and Climate Ambition
17:30 onwards : CAF Cocktail
Friday 6th of December
11:30 to 13:30 : Development Bank of Latin America (CAF) : Climate finance for the new sustainable economy
14:00 to 15:00 : Japan International Cooperation Agency (JICA) : Multi-Stakeholder Dialogue for Southeast Asian Cities on the Rise
18:30 onwards : AFD Adapt’Action Facility Cocktail
Saturday 7th of December
17:00 to 19:00 : IDFC Closed door session – Alignment & Green Finance Mapping Worskhop (open to IDFC members only)
19:00 onwards : IDFC Cocktail
Monday 9th of December
13:30 to 14:45 : World Resources Institute (WRI) : Enhancing Climate Ambition and Social Justice in 2020 revised NDCs
15:00 to 17:00 : Development Bank of Latin America (CAF) : Building resilience in the vulnerable coastal cities in Latin America within the Adaptation Fund Regional Programme
Tuesday 10th of December
17:30 to 19:30 : Development Bank of Latin America (CAF) : Climate Change : The new evolutionary challenge for the Galapagos
19:30 onwards : CAF Cocktail
Wednesday 11th of December
11:00 to 12:00 : Development Bank of Latin America (CAF): Cities and Climate Change LAIF Program – Readiness GCF Program
17:30 to 18:30 : IDFC Climate Facility : What’s Up ?
18:30 onwards : IDFC Cocktail
IDFC Annual Meeting 2019 : Rémy Rioux Reelected as Chairperson of an extended ClubGeneral
IDFC 2019 Annual Meeting in Washington D.C.:
Accession of two new members
Reelection of IDFC Steering Group and Rémy Rioux as IDFC Chairperson
A second term focusing on setting Development Banks at the core of International Development Architecture while reinforcing IDFC operational capacity
At its 2019 Annual Meeting held in Washington D.C. on October 20th, the members of the Club officially elected its Steering Group and Rémy Rioux, Agence Française de Développement (French Development Agency CEO, for a second term as IDFC Chairperson. Rémy Rioux presented his roadmap for this new term with a strong focus on putting Development Banks as core actors in aligning finance with Paris Agreement and Sustainable Development Goals while giving the Club a stronger operational capacity to deliver on its mission.
“ I am also committed to unleashing the full potential of public national and regional development banks to best deploy and facilitate increased investments towards low-carbon and resilient trajectories; advancing the needed sectorial and national transitions to sustainable development; and making a systemic contribution to the achievement of the objectives of both the Paris Agreement and the 2030 Agenda of Sustainable Development.” Rémy Rioux said. “In practice, we propose that, under UN sponsorship, a Summit of Development Banks be organized in 2020, ahead of COP 26, to mobilize all development finance institutions worldwide as well as the broad spectrum of their stakeholders, with a view of further tapping their decisive potential” Rémy Rioux added.
On this occasion IDFC members also reelected and extended its Steering Group – chaired by the French Development Agency (AFD) and co-chaired by the Development Bank of Brazil (BNDES), the Latin American Development Bank (CAF), the China Development Bank (CDB), the Moroccan Caisse de dépôt et de gestion (CDG), the Development Bank of Southern Africa (DBSA), the Islamic Corporation for the Development of the Private Sector (ICD), the Japan International Cooperation Agency (JICA) and the German Development Bank (KfW)– by allowing the Industrial Development Bank of Turkey, TSKB, to join the decision-making group of the Club.
The Annual Meeting was also the venue to welcome officially two new members: the Argentine development bank, Banco de Inversión y Comercio Exterior (BICE) mainly focusing on SMEs and private sector development and PT Sarana Multi Infrastruktur (Persero) (PT SMI), the Indonesian public bank for infrastructure development.
The Annual Meeting offered the opportunity to review IDFC Work Program reflecting the commitments towards the Sustainable Development Goals. In particular, IDFC released a Joint Statement on Gender Equality and Gender Equity highlighting IDFC members’ commitment via both internal and external policies for gender equality and gender equity issues, which are key catalysts for sustainable development.
In the view of fostering and deepening cooperation, IDFC released for the first time its Cooperation for Development Report assessing the level and quality of the cooperation among members and highlighting opportunities to reinforce it. IDFC also produced a report providing an Overview and benchmark of Blended Finance and a Panorama of Sustainable Investments Initiatives and Networks.
Read the full press releases on :
IDFC & the World Federation of Development Financing Institutions jointly call for a Summit of Development BanksGeneral
The International Development Finance Club (IDFC) and the World Federation of
Development Financing Institutions (WFDFI)
jointly call for a Summit of Development Banks to fully tap the potential of Development
Finance institutions towards the Paris Agreement and SDGs agendas
For the first time, the WFDFI, the World Federation of Development Financing Institutions, regrouping the Continental Associations of Development Finance Institutions in Africa, Asia-Pacific, the Middle East, Latin America and the Caribbean, and IDFC, the international group of 26 leading national and regional development banks, invited each other to participate at their respective Board of Governors Meeting (WFDFI) and Annual Meeting (IDFC), both held in Washington, D.C. on October 18 and 20, to bundle the potential of all development banks worldwide to promote and leverage sustainable development investment.
IDFC releases its Contribution to UN Climate Action Summit 2019Climate
On the occasion of the UN Climate Action Summit, IDFC reaffirms its role as a major stakeholder and solution provider in the financing for sustainable development and IDFC strengthens its quantitative and qualitative contributions to low carbon and climate resilient development.
The Club can act as the major promoter of the redirection of financial flows towards climate and sustainable development investment.
IDFC delegation in New York composed of IDFC Chairperson and AFD CEO Rémy Rioux, DBSA CEO Patrick Dlamini, CAF Secretary General Victor Rico, and KfW Development Bank Head of Energy and Climate Peter Hilliges conveyed IDFC’s messages in front of journalists on the sidelines of UN Climate Action Summit.
You can find the full Communiqué here
IDFC at the UN High-level Political Forum (HLPF) on Sustainable Development, NYCClimate
For the first time an IDFC delegation composed of Rémy Rioux, IDFC Chairperson & French Agency for Development (AFD), Patrick Dlamini, Chief Executive Officer and Managing Director of the Development Bank for Southern Africa and Ayman Sejiny, Chief Executive Officer of the Islamic Corporation for Development of Private Sector attended the United Nations High-Level Political Forum (HLPF) for Sustainable Development from 15th to 18th of July 2019.
On this occasion, the delegation had the great honor to meet with Antonio Gutteres, UN Secretary General to exchange on the IDFC role on Climate Action and SDGs attainment.
On the perspective of the forthcoming UN Climate Action Summit, the delegation shared with the UN SG and also with Amina Mohammed, UN Deputy Secretary General
and with Luis Alfonso de Alba UN SG Special Envoy for the Climate Summit 2019
On the margin of the HLPF, during the Green Climate Fund High Level Side Event on “Strengthening Synergies : the role of the GCF in implementing the Paris Agreement & the 2030 Agenda”, the delegation reiterated its support to the GCF institutionalized by the recent signing of the GCF-IDFC Partnership Statement.
Patrick Dlamini, DBSA CEO, noted that GCF replenishment is needed for developing countries to meet the Paris Agreement goals. “If more and more countries come forward to replenish GCF, we’ll have a much better chance of achieving and successfully implementing the Paris Accord as well as making sure that SDGs are achieved”
Rémy Rioux also praised the successful GCF replenishment :”GCF is the main and only multilateral fund that is open to us. It is a place of innovation because of its flexibility. It has capacity that is very unique. IDFC members are the strongest advocate for the Fund and we hope for strongest possible replenishment” Read the full Press Release on the GCF Replenishment for more details.
Overall, a great collective IDFC mission to fulfill our mission in advocating for Sustainable Development Investment and Climate Finance support.
IDFC & the GCF sign a Statement of Partnership to join forces in fighting Climate ChangeClimate
On the occasion of the IDFC 2019 Steering Group Meeting, hosted by its Moroccan member the Caisse de Dépôt & de Gestion (CDG Group), Rémy Rioux, IDFC Chairperson and CEO of AFD and Yannick Glemarec, GCF Executive Director, signed an IDFC-GCF Partnership Statement establishing a framework for collaboration to strengthen climate action and the promotion of joint initiatives, in the following areas:
- Sharing knowledge for climate finance and action
- Integration of climate considerations within financial institutions
- Facilitation of access to GCF resources with co-financing from IDFC members and support to capacity building activities
- Outreach and awareness raising
You can also read the full Partnership Statement here.
Conference on National Development Banks: Supporting the SDGs & Structural Transformation, Beijing, ChinaSDGs Achievement
On May 28th, 2019 the Institute of New Structural Economics at Peking University (INSE), the Research Institute of China Development Bank and the French Agency for Development (AFD) , co-organized this conference. This one day event gathered Chinese and international scholars, think tanks and members of the development finance community, including members of IDFC, from all continents. The Conference was opened by Rémy Rioux, AFD CEO and IDFC Chairperson, Yong Liu, China Development Bank (CDB)’s Chief Economist and Dean of Research Institute and Justin Yifu Lin, INSE Professor and Dean. “‘Thinking globally and acting locally : National Development Banks are key to achievement of the SDGs” said Rémy Rioux.Hamid Tawfiki , CEO of CDG Capital, member of the CDG Group, Mutsuya Mori, JICA Vice President, Michael Hillary, DBSA Group Director, Financing Operations, Dr. Wolfram Erhardt, Director of KfW Beijing office, Leonardo Botelho, BNDES Head of the Cooperation and International Relations Department and Carlo Segni, Gruppo CDP Head of Cooperation and Development participated in panel discussions to delve deeper into the nature and role of national development in addressing SDGs and Climate Finance, their function in promoting economic structural transformation. Together with experts, scholars, policy-makers, practitioners, and other stakeholders in the field of DFIs this event fostered the reinforcement of a vibrant community of DFI research and practice. The event was also be the opportunity to present and discuss the latest analytical pieces of work produced by the Institute of New Structural Economics, the China Development Bank and the Center for Global Development study on IDFC and SGDs.
View the China Global Television Network Video on the conference (French)
IDFC at 49th ALIDE General Assembly in Madrid, SpainInternational Event
At the invitation of Instituto de Crédito Oficial (ICO), Casa de América in Madrid, Spain was the venue for the Forty-ninth Regular Meeting of the Latin American Association of Development Financing Institutions (ALIDE) General Assembly, that took place from Monday through Wednesday, May 20 – 22, 2019. This is the summit meeting of the Latin American and Caribbean development banking system where key aspects and trends affecting the region’s development and its financing, together with the role of those institutions, are analyzed. This year theme was : Experiences and Financial Cooperation Europe-Latín America
IDFC members representatives including Alexis Bonnel, IDFC Sherpa from AFD, Johannes Scholl, in charge of the Energy division & Latin America Financial Sector at KfW and Javier Diaz Fajardo, President of Bancoldex, actively participated in the event and discussed best practices to help aligning all financial flows with the Paris agreement and promote sustainable development investment with Javier Manzanares, Deputy Executive Director, Green Climate Fund (GCF), Jeannette Ruiz, President, Banco Nacional de Costa Rica, Eric Usher from UNEP FI and Justine Leigh-Bell, Director Market Development, Climate Bonds Initiative
The Latin American Association of Development Financing Institutions (ALIDE) is the international organization that represents Latin American and Caribbean development banking. It was created in 1968 and, at the invitation of the Government of Peru, established its permanent headquarters in Lima, Peru’s capital city.The programs, projects, activities and services the Association promotes and carries out are aimed at fostering the unity and strengthening the joint action and coordinated participation of the development banks and financial institutions in the region’s socioeconomic progress.
IDFC at One Planet Summit Africa’s Pledge in Nairobi, KenyaClimate
IDFC at the One Planet Summit in Nairobi: Africa Pledge
The One Planet Summit, since its first edition in 2017 mobilizes the International Development Finance Club. For this first regional edition of the One Planet Summit, the unique role of Africa will be highlighted as a global partner facing both challenges and opportunities, in particular in the field of innovative solutions for adaptation and resilience. The Summit will bring together high-level officials, CEOs and inspiring voices from youth, and civil society to showcase concrete achievements and breakthrough initiatives, and trigger new coalitions and commitments. Designed as a full day of High-Level conversations and Coalition building for Climate and Environmental action in Africa, the event will start just before the opening of the high-level segment of UNEA-4, in a dedicated venue on the UN Compound in Nairobi, on March 14, from 9 am to 5 pm. See the full programme here
During the Summit, the Trade Development Bank (TDB), member of IDFC, regional development bank operating in East Africa, based in Nairobi is representing the Club. TDB President Admassu Tadesse will speak as keynote speaker at the opening of the « Sectorial Deep Dive Accelerating the Transition for All – Alignment of Development Bank with the Paris Agreement and Long Term Sustainable Financing in Africa ». This session of Deep Dive, from 14:00 to 15:00 on March 14, will aim to continue the discussions initiated during the COP 24 on the operationalization of the alignment with the Paris Agreement for development banks, especially in the African context, as well as the different tools, processes, methodologies and actions of financial institutions to accelerate climate finance in Africa. In addition to TDB, high-level stakeholders and a variety of institutions, including from the private sector, will be represented, including the Green Climate Fund, fellow IDFC member the Development Bank of Southern Africa (DBSA), the African Development Bank (AfDB), the European Investment Bank (EIB) and the Kenya Commercial Bank (KCB).
Aligning financial flows in Africa should help seize the enormous, yet still largely untapped, renewable energy potential of the continent, and more generally support pathways for low-carbon and resource-efficient growth. No continent will be struck as severely by the impacts of climate change as Africa, given its geographical position, the vulnerability of African populations and the reliance of economies on natural resources. For this reason, aligning financial flows with adaptation and resilience imperatives is of paramount importance for Africa. IDFC, as the largest provider of climate finance globally, could play a pivotal role in this aim for this promising and growing continent.
Press Release : IDFC and TDB Convene DFIs at the One Planet Summit in Nairobi
IDFC Sherpa Meeting in Paris, FranceInternational Event
IDFC Sherpa meeting at AFD: the first edition!
On February 21st and 22nd, the IDFC sherpa meeting was held for the first time at Agence Française de Développement (AFD), president of the Club and especially for the first time in Paris since the creation of the Club in 2011! A record participation as 20 of the 24 member institutions were present from German KfW to China Development Bank through Colombian Bancoldex or Japanese JICA. Another first, the participation, as observers in anticipation of becoming officially members of the club at the next annual meetings in October 2019, the Indonesian infrastructure development support bank PT SMI and the Argentine National Development Bank , BICE.
During these two days, marked by the intervention of the AFD’s CEO and President of IDFC, Rémy Rioux, and under the sign of the reinforcement of the cooperation and the collaboration between the members of the club
IDFC is at COP 24 in Katowice, Poland!International Event
Since their 1st edition in 2015 at COP21 in Paris, and then in Casablanca in 2016, the IDFC Climate Finance Fora have been investigating the multiple processes, tools, approaches, methodologies and institutional set-ups that make it possible to concretely design, finance and implement climate-smart action in developing countries at the required scale.
This year’s IDFC Climate Finance Forum will take the form of a series of events co-organized by IDFC members at COP 24 in Katowice, Poland. Have a look at the programme.
IDFC seeks to contribute to the international green finance agenda. Have a look at this year key milestones: