Washington, D.C, April 21, 2018 – IFC,
a member of the World Bank Group, signed an agreement today with the government
of Switzerland to support the creation of new markets for climate finance
in emerging markets.
The Swiss State Secretariat for Economic
Affairs (SECO) will provide up to $7.5 million to IFC for implementing
IFC’s Green Bond Technical Assistance Program to support the creation
of robust green bond markets. The program will contribute to developing
green bond policies, providing training programs for bankers, and facilitating
the adoption of the Green Bond Principles and international best practices
in emerging markets.
“Switzerland has been supporting reforms
to improve market standards for sustainable finance in emerging markets
for many years. Green Bonds are an excellent tool to unlock much needed
private funding for climate-related projects. This new collaboration with
IFC is unique in its scale and the partnership approach with the private
sector”, said Swiss Federal Councillor Johann N. Schneider-Ammann.
“The global market for green bonds
has continued to rapidly expand, totaling more than $160 billion in 2017,
but few banks in developing countries have issued such bonds. SECO’s contribution
to this technical assistance program will be instrumental in supporting
local financial institutions to issue green bonds and building local green
bond markets in emerging countries. The program strategically complements
IFC’s long-term partnership with Switzerland”, said IFC CEO Philippe
The IFC-managed technical assistance program
will also support and complement the Amundi Planet Emerging Green One fund
– the world’s largest targeted green bond fund focused on emerging markets.
The fund, closed in March 2018 with IFC as a key investor, is expected
to significantly increase the scale and pace of climate finance in emerging
markets by crowding in capital from investors and creating new markets.
SECO is one of the largest partners to IFC
Advisory Services. Cooperation between SECO and IFC Advisory Services first
started in 1989.
SECO is Switzerland’s competence center for all core issues relating to
economic policy. SECO’s economic development cooperation strives to achieve
inclusive sustainable growth and poverty reduction. Its activities aim
to create more and better jobs, to enhance trade and competitiveness, to
support effective institutions and services and to foster climate resilient
economies. For more information, visit www.seco-cooperation.admin.ch
IFC—a sister organization of the World Bank and member of the World Bank
Group—is the largest global development institution focused on the private
sector in emerging markets. We work with more than 2,000 businesses worldwide,
using our capital, expertise, and influence to create markets and opportunities
in the toughest areas of the world. In FY17, we delivered a record $19.3
billion in long-term financing for developing countries, leveraging the
power of the private sector to help end poverty and boost shared prosperity.
For more information, visit www.ifc.org.