The European Investment Bank together with the Agence Française de Développement (AFD) and KfW, the German promotional bank, launched the Clean Oceans Initiative (COI) in 2018.
The initiative identifies projects that reduce discharge of plastic waste in rivers, seas and on land, with a focus on riverine and coastal areas in developing countries. The goal is to provide €2 billion of financing by 2023. So far the COI has provided EUR 1.3 billion long-term financing. Most of the 21 projects signed are located in Africa, Asia and Latin America. Examples include improved sanitation in Sri Lanka, solid waste management in Togo, stormwater management and flooding in Benin, wastewater treatment in Egypt and South Africa, and green urban investments in China.
The Clean Oceans Initiative expanded in October 2020 with two new members joining, the Italian and Spanish promotional banks CDP and ICO.