Browsing: IFC

Thirty-eight emerging market economies, including five countries in Africa, have initiated key banking reforms to drive development and fight climate change, according to the second Global Progress Report of the IFC-facilitated Sustainable Banking Network (SBN).

The SBN Global Progress Report shows that regulators and banking associations in countries in Africa are adopting national sustainable finance policies and voluntary principles as well as advancing green bond markets and innovative green lending policies.

“African countries will be among the hardest hit by climate change and Africa already faces daunting challenges around job creation and inequality,” said Kevin Njiraini, IFC’s Regional Director, Southern Africa & Nigeria. “Advancing sustainable finance is critical to help the region build competitive and resilient financial services that support inclusive economic development.”

In addition to providing practical resources for countries undertaking sustainable finance reforms, the report also highlights the knowledge shared by SBN members – a hallmark approach of …