The Multilateral Investment Fund, a member of the Inter-American Development Bank, and the Nordic Development Fund have launched an innovative scheme that will help microfinance institutions in Latin America and the Caribbean develop green financing instruments.
The $7 million Ecomicro Program will run for four years. It will support training to MFIs to create sustainable green finance instruments, modify their risk management policies to incorporate climate change risk, and integrate climate impact in their internal policies and operations.
Overall, according to MIF project team leader Gregory Watson, the program aims to fill the lack of green finance for smaller private sector actors such as small and medium-sized enterprises.
Read more development aid news online, and subscribe to The Development Newswire to receive top international development headlines from the world’s leading donors, news sources and opinion leaders — emailed to you FREE every business day.