DUBAI – The Italian Ministry of Environment & Energy Security (MASE) and the Spanish Agency for International Development Cooperation (AECID) made substantial contributions to boost the Amazonia Forever Program donor funds led by the Inter-American Development Bank (IDB) in the Amazon region.
Italy, through MASE, committed EUR 5 million to the IDB's Amazon Bioeconomy and Forest Management Fund. Launched in 2021 with contributions from Germany, the Netherlands, Switzerland, and United Kingdom, this trust fund supports non-reimbursable technical cooperation and investment grant operations in the Amazon region.
Aligned with the IDB's Amazonia Forever program, the Fund addresses sustainable agriculture, livestock, forest management, and bioeconomy. Italy's contribution reinforces the long-standing collaboration between the IDB Group and MASE, and it’s a testimony of Italy’s dedication to environmental protection and to the sustainable development of the Amazon and its people. Moreover, this contribution also extends the operational life of the Fund, fostering collaboration with the IDB Group in the Amazon region.
Spain’s AECID pledged EUR 2 million to support the "Amazonia Bonds" initiative led by the IDB and the World Bank. Announced jointly in August 2023, "Amazonia Bonds" is an innovative capital markets solution to fund a regional sustainable development program for the Amazon. Focused on Brazil, Colombia, Ecuador, and Peru, this groundbreaking initiative addresses the complex challenges the Amazon region faces.
AECID's contribution will focus on building institutional and technical capacity for potential issuers engaging with investors, standard setters, and regulators. The initiative aims to develop a methodological framework, address institutional capacity gaps, and provide training for market participants. The ultimate goal is to create a roadmap for Amazon bond issuance and strengthen the institutional capacity of various ecosystem actors. This new contribution strengthens Spain’s firm commitment to the Amazon region, as it had supported earlier in the year IDB’s Amazonia Forever umbrella program through the Ministry for Economy, Trade and Companies.
Italy and Spain's substantial contributions are critical in empowering the IDB to advance Amazonia Forever Program’s objectives of sustainable development and foster environmental stewardship in the Amazon region and reflect the commitment of European shareholders towards these goals. These collaborative efforts are instrumental in tackling the intricate challenges confronting one of the world's most critical ecosystems.
(From left to right) Roberta Ronzitti, Deputy Director General for European and International Affairs at Italy's Ministry for Environment and Energy Security and Matias Bendersky, Manager of the IDB's Office of Outreach and Partnerships, during the signature of the agreement at COP28.
(From left to right) Matias Bendersky, Manager of the IDB's Office of Outreach and Partnerships and Antón Leis García, Spain’s AECID Director, during the signature of the partnership at COP28.
About Amazonia Forever
Amazonia Forever is a holistic umbrella program that aims to protect biodiversity and accelerate sustainable development on three fronts: expanding funding, boosting the exchange of knowledge, and facilitating regional coordination between the eight Amazonian countries.
The program is based on five pillars: combating deforestation and strengthening environmental control and security in the context of national governments; the bioeconomy, boosting alternative and sustainable economic activities; people, aiming for adequate access to quality education, health and employment; sustainable cities and infrastructure and connectivity; and sustainable and low-carbon agriculture, livestock and forestry. In addition, it focuses on promoting the inclusion of women, indigenous peoples, Afro-descendants and local communities; climate and forest conservation; and strengthening institutional capacities and the rule of law.
Latin America and the Caribbean at COP28
The countries of Latin America and the Caribbean are a critical part of the solution to global climate change challenges. In the IDB Pavilion of the Americas, the Bank is hosting more than 30 events with international leaders and experts to showcase initiatives on climate action, from cutting-edge financial instruments to the conservation and sustainable use of natural resources, the Amazon, a just economic transition, and more. Journalists covering COP28 on site are welcome to visit the pavilion, with no registration required. Consult the event schedule here. For journalists covering COP28 remotely, register to access broadcasts of selected events.
Location: IDB Pavilion of the Americas at Blue Zone Pavilion, Opportunity District (OA04G2)
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public- and private-sector clients throughout the region. Take our virtual tour.
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