ALIDE, the Latin American Association of Development Financing Institutions, honored the eco.business Fund with a special prize at the ALIDE Awards ceremony on May 31, 2018.
The representative body of development banking in Latin America and the Caribbean, ALIDE has been promoting social and environmental responsibility and best practices in the region for 50 years. Members include local and regional banks as well as international financial institutions from all over the world, such as German development bank KfW. The ALIDE Awards recognize particularly outstanding contributions to the field of development banking, with categories covering such topics as financial products; technological management and modernization; and information, technical assistance and social responsibility.
For the ALIDE Awards 2018, a special category was created for projects originating outside Latin America which provide innovative solutions to combat climate change and adapt to its effects. To apply, eligible initiatives needed to demonstrate innovative and effective activities for minimizing environmental risks and promoting the adoption and application of environmental management and sustainable development practices.
The eco.business Fund was named the winner of this prize, which was presented to the fund’s main sponsor and co-initiator, KfW. Fund Chairperson Dr. Jens Mackensen congratulated the team, remarking that “This award represents a confirmation of all our efforts and dedication. Since its establishment, the eco.business Fund has been deeply committed to embedding sustainable practices among our partners and enhancing awareness of how ecological and economic solutions not only complement, but even enhance each other’s success. We are honored by ALIDE’s special recognition.”
Find out more about the ALIDE Awards 2018 here.
About the eco.business Fund
The eco.business Fund is spearheading the promotion of business practices that contribute to the preservation of biodiversity, the sustainable use of natural resources, and climate change mitigation and adaptation through private enterprises. By providing financing for business practices that conserve nature and foster biodiversity, the fund seeks investments with both financial and environmental returns. The fund mainly provides loans to qualified local financial institutions that lend the money to eligible borrowers, which include holders of recognized certifications or those making improvements in line with conservation and biodiversity goals. The fund supports sustainable operations in the sectors of agriculture, fishery, forestry and eco-tourism.
The eco.business Fund leverages contributions from donors, multilateral organizations, and development finance institutions with funding from private investors to maximize outreach and impact. Seed capital was provided by the German Federal Ministry for Economic Cooperation and Development, with German Development Bank KfW acting as main sponsor. Finance in Motion, a leading impact investing company, is also an investor.
Operating hand-in-hand with the eco.business Fund, the eco.business Development Facility provides high-impact technical assistance at the sector level to local lending institutions and final borrowers.
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