Experts will analyze sustainable finance in Ecuador in a forum with multilaterals

The first edition of the Sustainable Finance Forum of Ecuadororganized by the Association of Private Banks of Ecuador (Asobanca), will bring together Quito to experts from the sector and from multilateral organizations that have financing lines for this area.

The Forum, which will take place next Wednesday, is the first of its kind in Ecuador, and will promote debate and analysis of trends, opportunities and challenges to promote sustainable financing that contributes to the fight against the climate crisis and development sustainable of the country.

Commitments to environmental protection, financing to stop the climate crisis, thematic bonds in Latin America and the Caribbean, trends in Sustainable Finance and Circular Economy, gender-smart banking models, and the role of digitalization for inclusion financial, are some of the topics that will be addressed during the Forum.

Representatives of private and public banks, cooperatives and international development banks will attend the meeting.

Likewise, businessmen, non-governmental organizations, students, civil society, among others interested in building a more sustainable Ecuador.

The event will feature the participation of experts from multilateral organizations such as Frouke Hoekstra, Regional Representative for Latin America and the Caribbean of the Dutch Development Bank (FMO).

Additionally, Gabriela Mera, director of the Andean Region of IDB Invest, and Frida Ruiz, Advisory Leader on Inclusion, Financial and Digital Innovation of the International Finance Corporation (IFC).

Likewise, Laura Díaz, Banking Social Impact Leader of the Financial Initiative of the United Nations Environment Program, as well as Stefan Blum, director of the Andean Region of the German Investment and Development Corporation (DEG) and his manager Senior Financial Investments Officer, Sebastián Guevara,

Additionally, Antonio Wills, Project Manager in Technical Assistance at Finance in Motion; Mauricio Velásquez, Principal Executive of the Environment and Climate Change Unit of the Development Bank of Latin America and the Caribbean (CAF) and many more.

Commitments

The meeting is part of the work carried out by banks to build an ecosystem that promotes sustainability in the country.

One of the milestones in this effort was the renewal of the Asobanca Sustainable Finance Protocol by 14 private banks, on June 20, the organizers recalled in a statement.

With this voluntary agreement, the commitment to lead, develop and execute strategies, projects, policies and products that aim to combat climate change and inclusive social development was ratified.

As a result of the work in terms of sustainability under international standards, private banks have received US$1,655 million in financing from multilateral organizations between 2019 and June 2023.

The figure includes the issuance of eight thematic bonds for 589 million dollars, resources that are intended for the financing of green and social credits, especially for sustainable construction projects.

Likewise, to women’s businesses; to recycling and waste management; to promote cleaner production; to the development of agriculture, aquaculture and sustainable manufacturing projects; to the acquisition of hybrid and electric vehicles, among others.

Financing

Financing from abroad, and strategies for the creation of new products, have allowed the sustainable financing portfolio of private banks to reach US$3,199 million in 2022, a growth of 64% regarding 2021.

The sustainable portfolio represents the 8.3% of the banks’ total portfolio as of December 2022.

Source: EFE