Cartagena, 5 September 2023 (TDI): In a monumental gathering in Cartagena, Colombia, more than 520 public banks and development financial institutions have come together to pave the way for the next era of sustainable finance.
This assembly, marking the fourth edition of the Finance in Common Summit, is centered on global initiatives to ensure sustainable development, address climate change repercussions & foster innovative collaborations among global banking & financial entities.
The Summit’s primary objective is accelerating progress towards the Sustainable Development Goals (SDGs) outlined in the United Nations’ (UN) Agenda 2030 and the Paris Agreement.
These goals serve as the guiding light for these institutions in their quest to make a lasting impact. The Cartagena Convention Center will buzz with activity until September 6th.
It will host representatives from public development banks, multilateral organizations, private sector stakeholders, and regional associations.
These representatives are the driving force behind 12% of the global annual investment dedicated to development.
The Fourth Finance in Common Summit (FiCS 2023) started with a clear agenda: to strengthen global actions for sustainable development, devise strategies to counteract climate change & establish new, binding international financial agreements.
Esteemed representatives from leading development banks shared their vision for the summit. The summit, a first for Latin America, is built on four foundational pillars.
These are enhancing financial inclusion and supporting small and medium-sized enterprises globally, addressing climate change and biodiversity conservation, promoting dialogue on sustainable infrastructure, and highlighting the pivotal role of Public Development Banks.
Also Read: World Bank, IDB join forces to maximize development impact
Ilan Goldfajn, President of the Inter-American Development Bank (IDB), emphasized the importance of action over words, urging institutions to walk the path towards achieving the Sustainable Development Goals.
He highlighted the vast resources at the disposal of banks and the need for collaboration to bridge the financial gap.
Javier Díaz Fajardo, President of Bancóldex, accentuated the universal call to action required to combat extreme poverty, address climate change, and enhance the quality of life for millions.
Rémy Rioux, Director-General of the French Development Agency (AFD), expressed the summit’s commitment to mobilizing resources for climate, gender equality, and the SDGs, aiming to reform the global financial architecture.
Other notable voices, including Carolina España, Executive Vice President of the Development Bank of Latin America & the Caribbean (CAF) & Werner Hoyer, President of the European Investment Bank (EIB), shared their insights on the importance of collaboration, shared values & the need to prioritize climate change in all agreements.
The summit, hosted by Bancóldex in collaboration with several prominent institutions, will culminate on September 6th with a joint declaration.
This declaration will serve as a call to action, outlining the steps that development banks worldwide must undertake to expedite the realization of the 2030 Agenda.
