FIC Summit : 7 IDFC members projects selected by the Paris Peace Forum !4 August 2020
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.