Basseterre, January 31, 2022- International Finance Corporation (IFC), a member of the World Bank Group, announces the Eastern Caribbean Central Bank (ECCB) as a new member of the IFC-facilitated Sustainable Banking and Finance Network (SBFN), making the ECCB the first partner of the SBFN from the English-speaking Caribbean.
IFC's experience working with small island economies like Fiji and Maldives, as well as Latin American and Caribbean countries, will be key in supporting this Caribbean monetary union with climate risks 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 in capacity-building and in developing national sustainable finance frameworks.
"We must address the paucity of climate finance to our region with great urgency. The ECCB's decision to become the Caribbean's first and currently sole regional partner of the SBFN in the Caribbean emanates from our relentless commitment to pursue climate action not merely in respect of supervisory frameworks for climate risk management but especially in respect of sustainable banking and finance. As a small but leading central bank, it is only right and proper that we set an example for banks and financial institutions in our region to consciously and actively promote sustainability" affirms ECCB Governor, Timothy Antoine.
SBFN members now include 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 Council of Superintendents of Banks, Insurance and Other Financial Institutions (CCSBSO), the Association of Supervisors of Banks of the Americas (ASBA), and now the Eastern Caribbean Central Bank (ECCB).
"IFC is a proud partner of the ECCB in promoting several initiatives in financial inclusion, and their participation in the SBFN demonstrates their strong commitment to promoting sustainability in the OECS, which we anticipate will have a demonstration effect on other countries in the region," said Judith Green, IFC's Regional Manager for the Caribbean.
She added that "one of IFC's priorities in the Caribbean is to promote sustainability, and we've seen how promoting green initiatives, beginning with the banking sector, can have a trickle-down effect in other sectors. We, at IFC, look forward to deepening our relationship with the Bank of Jamaica, along with the SBFN, to support the Bank in its sustainable journey to promote greener, more sustainable banking in Jamaica."
Marcela Ponce, the IFC Climate Finance Lead and SBFN Regional Coordinator for Latin America and the Caribbean, echoes this sentiment in her remarks: "We're proud to welcome ECCB in our efforts to promote greener, more sustainable banking in the Caribbean region through its membership in the SBFN. Their participation in the Network will be essential in achieving the SBFN's twin 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 address the existential threat posed by climate change especially to Small Island Developing States (SIDS).
SBFN's support will leverage comprehensive research and case studies from SBFN's 3rd Global Progress Report, just released – Accelerating Sustainable Finance Together: Evidence of Policy Innovations and Market Actions across 43 Emerging Markets. Download at www.sbfnetwork.org.
SBFN and IFC look forward to supporting ECCB as it assist its member countries to lead on national and regional approaches to sustainable finance.
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 2021, IFC committed a record $31.5 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 the COVID-19 pandemic. For more information, visit www.ifc.org.
About the Eastern Caribbean Central Bank (ECCB)
The Eastern Caribbean Central Bank (ECCB) was established in October 1983. It is the monetary authority for a group of eight island economies namely - Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia, and St Vincent and the Grenadines.
The Agreement establishing the ECCB as the monetary authority for the eight ECCB participating governments, was signed on 5 July 1983 in Trinidad and Tobago. The ECCB was officially commissioned on 1 October 1983, replacing the Eastern Caribbean Currency Authority (ECCA) which was established in March 1965. The primary objectives of the ECCB are to maintain the stability of the Eastern Caribbean Currency and the integrity of the banking system.
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