April 26, 2022
The leaders of more than 15 Development Finance Institutions (DFIs) gathered to affirm their commitment to transparent and sustainable private sector investment in priority sectors essential to development. The group of DFI leaders reiterated their support for an initiative first announced at the Carbis Bay G7 Summit last year that contributes to achieving the shared objectives of the DFI community to meet the infrastructure needs of low and middle-income countries.
The leaders also agreed to collaborate to deploy high-value standards, diversify sources of critical goods and supply chains, and maximize development impact through their investments. Convened by U.S. International Development Finance Corporation (DFC), the participating G7 and European DFIs included BII, DEG, FinDev Canada, CDP, Simest, Proparco, JBIC, JICA, Norfund, Swedfund, BIO, COFIDES, Finnfund, IFU, OeEB, SIFEM, and SOFID.
Each DFI brings its unique financial tools and mandate to this collaboration—offering emerging markets a powerful and diverse array of financing instruments to support economic growth. Shared priorities include climate, health, gender equality, and digital connectivity. Moving forward, the DFIs agreed to share collective progress in advancing private sector investment in these areas, tracking the transformative development outcomes this collaboration will yield.
“Working together, DFC, EDFI, and our partner development finance institutions will provide truly transformative financing, boosting private sector engagement in international development,” said DFC CEO Scott Nathan. “Collaboration with our partners will be key to our collective success in supporting innovative financing transactions that boost quality infrastructure in emerging economies.”
“We welcome the meeting of DFIs today to reiterate our shared international priority to meet sustainable infrastructure needs of low and middle-income countries. European DFIs greatly value the collaboration with DFC and other G7 DFIs, which will help us to increase the impact and visibility of our financing activities, and to unlock more private sector investment,” said Soren Andreasen, EDFI CEO.
“Finnfund’s newly adopted strategy supports the goals of this commitment”, says Finnfund’s CEO Jaakko Kangasniemi. “We have expressed our ambition to join efforts with other investors and the roundtable discussion with more than 15 Development Finance Institutions showed that collaboration is key in order for us to generate lasting impact.”