Two multilateral development banks, the European Bank for Reconstruction and Development, or EBRD, and the Asian Infrastructure Investment Bank, or AIIB, are considering investing in Brazil’s Tropical Forest Forever Facility, or TFFF, the forest fund that earned $5.5 billion in pledges last week, sources from both banks told Devex.
“TFFF is a remarkable plan and we hope it will be a success, securing the buy-in from governments and financial institutions,” Gianpiero Nacci, EBRD’s managing director for climate strategy and delivery, told Devex. “Most of our new sub-Saharan member states are eligible. We’re currently considering participation and we will be able to tell you more once we have spoken with our countries.”
AIIB’s chief economist, Erik Berglöf, told Devex that they are “very supportive of the TFFF” and that while they haven’t made a commitment yet, they are “looking into it.”
About the author
Jesse Chase-Lubitz
Jesse Chase-Lubitz covers climate change and multilateral development banks for Devex. She previously worked at Nature Magazine, where she received a Pulitzer grant for an investigation into land reclamation. She has written for outlets such as Al Jazeera, Bloomberg, the Organized Crime and Corruption Reporting Project, and The Japan Times, among others. Jesse holds a master’s degree in Environmental Policy and Regulation from the London School of Economics.
