Cartagena de Indias will host the fourth edition of the Finanzas en Común Summit (FiCS), the world’s largest meeting of development banks, in which the participants will try to strengthen alliances with a view to a more sustainable future.
“The Summit will seek to strengthen the alliances and collaboration of the global network of PDBs (public development banks) to promote sustainable finance”promote development and contribute to the achievement of the United Nations Sustainable Development Goals (SDGs) and the Paris Agreement, as detailed by the organizers in a statement.
with the motto “Building new alliances for the next generation of financing for development”, the summit will focus on four themes: small and medium-sized enterprises (SMEs) and financial inclusion; climate and biodiversity; sustainable infrastructure, and the institutional strengthening agenda for the Public Development Banks.
funding gap
This will be the first time that this event is held in Latin America, which is organized by the Inter-American Development Bank (IDB), the Business Development Bank of Colombia (Bancoldex) and the Latin American Association of Financial Institutions for Development (ALIDE). .
In this sense, the meeting will bring together the main international and national development banks and also multilateral organizations to discuss, among other topics, how they can collaborate to reduce the financing gap.
According to data from the IDB, it is estimated that in order to comply with the SDGs and the Paris Agreement, global investments of between 3.3 and 4.5 trillion dollars would be necessary.
“We are realizing that we need more and more, not only for adaptation against climate change, in a continent heavily affected by disasters, but also for the demand for social changes in Latin America, which is very large”expressed in an interview with EFE the president of the IDB, Ilan Goldfajn.
Given this situation, he considered that “the role of institutions like the IDB is becoming more fundamental” and that events like the FiCS Summit are “a very big opportunity” so that there are changes that encourage development banks to be able to “have more impact”.
Source: EFE
Source: Gestion
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