IDFC plays a leading role in making Public Development Banks key actors for sustainable development. Their collective objective is to fulfill the SDGs and the Paris Agreement objectives while responding to the Covid-19 crisis. IDFC was a co-organizer of the Finance in Common Summit in November 2020, which gathered all the Public Development Banks for the first time.
What is IDFC?
AFD was one of the founding members of IDFC in 2011. This network brings together 26 national, regional and bilateral development banks, including TSKB (Turkey), PT SMI (Indonesia), CDG (Morocco), Bancoldex (Colombia), CDB (China), KfW (Germany) and JICA (Japan).
What makes IDFC special, is that the vast majority of its members are institutions from developing and emerging countries.
Unparalleled capacity for action
With US$ 4 trillion in accumulated assets and more than US$ 600 billion in annual financing, IDFC is the top provider of public funds for development.
IDFC represents five times the size of all the multilateral banks put together.
IDFC members join forces as a platform to speak with one voice on principal international discussions on development and climate financing. IDFC thus fully embodies the form of partnership action that stems from the major international commitments of 2015, including the important UN conference on Financing for Development in Addis Ababa.
The development banks in developing and emerging countries combine the advantages inherent to development banks with those related to their local presence, and they enjoy considerable technical and financial capacities. That’s why they’ve been called on to play a leading role in achieving the Sustainable Development Goals (SDGs) and in implementing the Paris Climate Agreement.
What’s special about IDFC is that the vast majority of its members are institutions from developing and emerging countries.
A shared vision
The IDFC members also share common goals: that of consolidating the position of these banks as the third pillar of development financing—alongside the multilateral banks and the private sector—and that of increasing their contribution to financing more low-carbon and resilient paths of development.