Businesses in the Caribbean will soon have access to a new green microfinance programme, intended to boost access to clean energy and energy efficiency technology:
The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB) Group, is partnering with the Nordic Development Fund (NDF) to launch a pioneering $7 million program to pilot green microfinance products for both mitigation and adaptation to climate change in Latin America and the Caribbean.
The four-year project, known as the “Ecomicro Program,” is the first to pilot microfinance products related to climate change products and businesses in the region and it will be implemented regionwide. The program will provide training to microfinance institutions to develop sustainable green finance instruments; adjust their risk management models to include climate change risk; and incorporate climate impact into their internal policies and operations.
By providing the tools and know-how to these institutions, the program seeks to increase access to clean energy, energy efficiency technology and adaptation products to micro, small and medium-sized companies.
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The program comes as many Latin American and Caribbean countries are establishing favorable policies toward clean energy installations and CO2 emission reductions and demand for such technologies has began to trickle down to small firms.
Read more in the full news release from the IDB.
