What do you get when you gather representatives of over 500 public development banks in Cartagena, Colombia, that collectively invest some $2.5 trillion annually?
In the case of last week’s Finance in Common Summit, the outcome is a five-year plan to address challenges to providing effective and sustainable financing — including tackling foreign exchange risk, bolstering climate finance, and addressing debt. The final communiqué lays out that work, including operationalizing efforts to align finance with the Sustainable Development Goals and the Paris climate agreement.
• It covers climate finance efforts such as a new green bond initiative and a blue finance road map. Another goal is increasing cooperation and building up the structures of the Finance in Common group — which entails setting up an innovation hub to look at two key financing issues.
About the authors
Adva Saldinger@AdvaSal
Adva Saldinger is a Senior Reporter at Devex where she covers development finance, as well as U.S. foreign aid policy. Adva explores the role the private sector and private capital play in development and authors the weekly Devex Invested newsletter bringing the latest news on the role of business and finance in addressing global challenges. A journalist with more than 10 years of experience, she has worked at several newspapers in the U.S. and lived in both Ghana and South Africa.
Vince Chadwickvchadw
Vince Chadwick is a contributing reporter at Devex. A law graduate from Melbourne, Australia, he was social affairs reporter for The Age newspaper, before covering breaking news, the arts, and public policy across Europe, including as a reporter and editor at POLITICO Europe. He was long-listed for International Journalist of the Year at the 2023 One World Media Awards.
