ECCB joins sustainable banking and finance network facilitated by IFC

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The International Finance Corporation (IFC), a member of the World Bank Group, announces the appointment of the Eastern Caribbean Central Bank (ECCB) as a new member of the IFC-facilitated Sustainable Banking and Finance Network (SBFN), making of the ECCB the first SBFN partner in the English-speaking Caribbean.

IFC’s experience working with small island economies like Fiji and the Maldives, as well as countries in Latin America and the Caribbean, will be key to supporting this Caribbean monetary union with climate risk management and climate finance within the group of eight island economies, namely: Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines, helping them build their capacity and develop national sustainable financing frameworks.

“We must urgently address the scarcity of climate finance in our region. ECCB’s decision to become SBFN’s first and currently only regional partner in the Caribbean emanates from our relentless commitment to pursuing climate action not only with respect to climate risk management monitoring frameworks, but especially with regard to sustainable banking and finance. As a small but leading central bank, it is only fitting that we set an example for banks and financial institutions in our region to consciously and actively promote sustainability,” said ECCB Governor, Timothy Antoine.

SBFN membership now includes 19 financial sector regulators and industry associations from 13 countries in the Latin American region, as well as four regional financial sector bodies: the Federation of Latin American Banks (FELABAN), the Central American Board of Superintendents of Banking, Insurance and Other Financial Institutions (CCSBSO), the Association of Banking Supervisors of the Americas (ASBA) and now the Eastern Caribbean Central Bank (ECCB).

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“IFC is a proud partner of the ECCB in promoting several financial inclusion initiatives, and their participation in SBFN demonstrates an admirable pioneering effort on the part of the ECCB, as well as a strong commitment to promoting sustainability in the region, which we anticipate will have a ripple effect to the rest of the Caribbean countries,” said Judith Green, Regional Manager for the Caribbean.

Marcela Ponce, IFC’s Climate Finance Manager and SBFN Regional Coordinator for Latin America and the Caribbean, echoed this sentiment in her remarks: “We are proud to welcome the ECCB in our efforts to promote greener and more sustainable banking services in the Caribbean region through SBFN membership. Their participation in the Network will be key to achieving SBFN’s dual goals of improving the management of environmental, social and governance (ESG) risks, including climate change risks, as well as increasing capital flows to activities with positive environmental and social impacts, including climate change mitigation and adaptation.

SBFN and IFC look forward to supporting the ECCB as it builds the skills and knowledge of local financial institutions to manage ESG risks and develop financial products and services that help achieve the Sustainable Development Goals (SDGs). ) and to deal with the existential threat posed by climate change, in particular. small island developing states (SIDS).

SBFN’s support will draw on in-depth research and case studies drawn from SBFN’s just-released 3rd Global Progress Report – Accelerating Sustainable Finance Together: Evidence of Policy Innovations and Actions market in 43 emerging markets. Download from www.sbfnetwork.org.

SBFN and IFC look forward to supporting the ECCB as it helps its member countries lead national and regional approaches to sustainable finance.

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