The 47th Annual Meetings of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) held from May 15-17, 2024 in Phnom Penh was wrapped up, marking a significant milestone in fostering collaboration and driving sustainable development among development financing institutions across the Asia Pacific region.
Graciously hosted by the Agricultural and Rural Development Bank (ARDB), the event brought together over 400 delegates representing 111 institutions from over 30 countries.
The theme of this year’s meetings, “DFIs’ Role in Sustainable Finance Ecosystem: Cultivating a Climate-Smart and Sustainable Future”, resonated strongly amidst global challenges, highlighting the vital role of development financial institutions in shaping sustainable financial landscape.
The meetings fostered international collaboration among DFIs, financial institutions, policymakers, and stakeholders to address pressing sustainability challenges. This collaborative effort aimed to create synergies and
innovative solutions for a climate-smart future.
Discussions centered on sustainable investment strategies, emphasising the integration of Environmental, Social, and Governance (ESG) criteria into investment decisions. DFIs showcased their commitment to financing projects that align with sustainable development goals (SDGs) and promote environmental stewardship.
The meetings highlighted the importance of climate resilience and adaptation in financial strategies. DFIs shared insights into financing resilience-building projects, such as infrastructure development, renewable energy initiatives, and climate-smart agriculture, to mitigate the impact of climate change.
The meetings also highlighted the challenges of food security, which are the consequences of the climate change issue. DFIs have agreed that food security should be the most prioritised issue to be solved and foster climate financing to drive sustainable development and pave the way for a more prosperous and resilient future.
Additionally, partic
ipants explored innovative financial instruments and mechanisms to mobilise capital for sustainable projects. Discussions included green bonds, impact investing, and risk-sharing arrangements to attract private sector investments towards sustainable development goals.
During the discussion, ADFIAP Board of Directors have also encouraged and called for the developed countries to increase more funds for least developed countries to combat the climate change and foster the sustainable development.
The meetings prioritised capacity building and knowledge sharing initiatives, empowering DFIs and stakeholders with the necessary skills and expertise to navigate the evolving landscape of sustainable finance. Workshops, training sessions, and best practice sharing forums enriched participants’ understanding of sustainable finance principles and implementation strategies.
H.E. Dr. KAO Thach, Delegate of the Royal Government in charge as the CEO of the Agricultural and Rural Development Bank, said that the successful
hosting of the meetings showcasing the country’s growing role in regional financial development and its commitment to sustainable economic practices.
“The success of the 47th Annual Meetings reflects our collective commitment to driving positive change and building resilient economies across Asia and the Pacific. We are proud of the collaborative spirit and innovative solutions showcased during the event,’ he said.
Source: Agence Kampuchea Presse