eco.business Fund Development Facility unleashes COVID-19 response package for partners in Latin America and Caribbean
The eco.business Fund Development Facility has initiated a COVID-19 response package to assist partner financial institutions in Latin America and the Caribbean in managing the challenges of the COVID-19 crisis. The diverse set of technical support measures aim to bolster the institutions’ ability to maintain operations, thereby continuing to finance business and consumption practices that contribute to biodiversity conservation, the sustainable use of natural resources, and mitigating and adapting to climate change.
The project involves providing rapid, tailor-made advisory services to partner institutions to help them address the challenges imposed by the COVID-19 crisis on a variety of operations. These include, but are not limited to, portfolio management and loan restructuring, credit risk management, and adaptation of product offering in response to the crisis. By supporting these institutions’ ability to react to the effects of the pandemic in a swift and sustainable way, the eco.business Development Facility and its partners aim to strengthen and stabilize the funding base for sustainable business practices during this tumultuous time.
Ms. Susanne Berghaus, Chairperson of the eco.business Development Facility, stated: “The eco.business Fund Development Facility is committed to delivering environmental and social impact and ensuring continuity of our operations, despite the global crisis the world finds itself in. With the launch of this COVID-19 response program, we are able to provide partner institutions with the resources needed to strengthen their operations, so that together we can continue our mission to support sustainable environmental practices in Latin America and the Caribbean.”
About the eco.business Fund
The eco.business Fund aims to promote business and consumption practices that contribute to biodiversity conservation, to the sustainable use of natural resources, and to mitigate climate change and adapt to its impacts. By providing financing for business practices that conserve nature and foster biodiversity, the fund seeks investments with both environmental and financial returns. The fund mainly provides loans to qualified financial institutions that on-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 (including aquaculture), forestry and tourism.
The eco.business Fund was initiated by Germany’s KfW Development Bank and Conservation International with financial support from the German Federal Ministry for Economic Cooperation and Development (BMZ). It has received further donor support from the European Commission. The fund’s additional investor base comprises the U.K. government’s Department for Environment, Food and Rural Affairs, Dutch development bank FMO, Austrian development bank OeEB, IDB Invest, and institutional investors such as sustainable banking institution ASN Bank, German ethical bank GLS Bank, Calvert Impact Capital, and Raiffeisen Bank International. 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 to financial institutions and final borrowers.
For more information please visit www.ecobusiness.fund and follow us on Twitter @ecobusinessfund.