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Switzerland,United States : IFC and Switzerland Sign Agreement to Create New Markets for Climate Finance
Publish Date : 25-Apr-2018
IFC, a member of the World Bank Group, signed an agreement 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 IFCs 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. SECOs 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 IFCs long-term partnership with Switzerland, said IFC CEO Philippe Le Hourou.
The IFC-managed technical assistance program will also support and complement the Amundi Planet Emerging Green One fund the worlds 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.
