Progress and New Directions for the Finance in Common initiative and its stakeholders
The third edition of the Finance in Common Summit took place from the 18th to 20th of October 2022 in Abidjan, Ivory Coast. Co-organised by two major multilateral development banks (MDBs), the African Development Bank (AfDB) and the European Investment Bank (EIB), it took place in Africa for the first time and accomodated a large in-person participation (over 900 guests in person and more than 1000 remotely).
The summit focused on accelerating green and just transitions for a sustainable recovery, bringing together numerous public development banks (PDBs) as well as international organisations, regional networks of PDBs and Development Finance Institutions (DFIs), civil society, regulators and private sector operators. It highlighted PDBs key role in supporting the transition of economies and financial systems towards sustainability, while leaving no one behind and addressing the most vital and pressing needs of countries and vulnerable groups. The summit showcased a shared vision among FICS members in favour of a sustainable investment policy for development. In less than three years, FICS has become a unique global go-to platform for all public development banks, promoting increased coherence in their strategies and operations, by accelerating their convergence towards shared standards and best practices. Representing collectively more than 23 trillion US$ of assets and approximately 12% of total global investment each year, it brings together in a concrete and collaborative way key stakeholders from all over the world. Through multilateral fora such as the G20 and the COP, FICS contributes to transform the financial system towards climate, social and sustainability objectives.
The 2023 Summit will take place in Latin America, at the invitation of ALIDE and IDB.