• The 23 new members represent diverse regions and include the Caribbean

MANAUS, Brazil – For the first time, the Amazonia Finance Network (AFN) members convened in person in Manaus during IDB Invest's Sustainability Week, a flagship event that convenes hundreds of global leaders from business, government, and civil society to share best practices in sustainable business trends. AFN announced it will add 23 new members for a total of 47 financial institutions and will finance pilot projects promoting sustainable investments in the Amazon region. 

The 23 new members represent diverse regions and include the Caribbean and other global regions: Aqua Capital, Banco Fie, Banco Internacional S.A., Bemol, Caja Los Andes, Ceape, Ciderural, Citi, COOPAC KORI, Compartamos, Cresol, DAI Capital, Finance in Motion, Hakrinbank, Impact Earth ABV, KPTL, Microvest Capital Management, Mov Investimentos, Omni, Patria Investments, StoneCo, Visa, and Visionamos.

IDB Invest, a member of IDB Group, and IFC, a member of the World Bank Group, launched the Amazonia Finance Network during the 2023 United Nations Climate Change Conference (COP28), bringing together financial institutions with a common goal. This alliance aims to increase investment flows, mobilize capital, promote financial inclusion, share knowledge on innovative financial solutions, and generate synergies with the public sector, to achieve sustainable impact across the Amazon region. The Amazonia Finance Network is part of the IDB’s Amazonia Forever Program.

During the meeting, AFN members engaged in what was called “Tambaqui Tanque” to select innovative pilot projects. A total of 30 proposals addressed solutions in financial inclusion, small and medium-sized enterprises, agribusiness and forestry, carbon finance, innovative finance and product design, outreach and partnerships, and public-private partnerships. 

The potential impact from these include over 2.1 million potential direct beneficiaries, 1.2 million hectares of reforested and conserved land, and 6 million metric tons of CO2 sequestered by 2030. 

The selected projects will embark on a transformative year-long journey with the Amazonia Finance Network, gain access to expertise, resources and funding which will propel them to reach the necessary scale to generate significant impact across the Amazon region.

About IDB Invest

IDB Invest, a member of the Inter-American Development Bank Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $21 billion in assets under management and 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.    

About Amazonia Forever

The Amazonia Forever is a holistic umbrella program that aims at protecting biodiversity and accelerating sustainable development in three lines of action: expanding funding, boosting knowledge exchange, and facilitating regional coordination among the eight Amazonian countries.  The program is based on five pillars: Combating deforestation and strengthening environmental control and security in the context of national governments; Bioeconomy and creative economy, promoting alternative and sustainable economic activities; People, aiming at adequate access to quality education, healthcare, and employment; Sustainable cities and infrastructure and connectivity; and Sustainable, low-carbon agriculture, livestock and forestry. In addition, the program focuses on promoting the inclusion of women, indigenous peoples, people of African descent and local communities; climate and forest conservation; and strengthening institutional capacities and the rule of law.

About IFC

IFC - a member of the World Bank Group - is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.