The latest edition of the Common Finance Summit (FiCS) held in Cartagena, Colombia, from September 4th to 6th, provided a platform for global financial leaders to express their commitment and strategies for sustainable development in Latin America, with a special focus on Colombia.
During the summit, Werner Hoyer, president of the European Investment Bank (EIB), stated: “No part of the world, nor Latin America, would be better suited for advancing cooperation projects than in Colombia.” This gathering brought together distinguished participants, including Ricardo Bonilla, Minister of Finance; Ilan Goldfajn, president of the Inter-American Development Bank (IDB); Rémy Rioux, president of the French Development Agency (AFD); Javier Díaz, president of Bancóldex; and Sergio Díaz-Granados, president of the Latin American Development Bank (CAF), among others.
The event’s agenda was structured around four fundamental pillars: SMEs and financial inclusion, climate and biodiversity, sustainable infrastructure, and the institutional agenda of public development banks. Discussions and presentations focused on new strategies of public banks to promote financial inclusion, the promotion of SMEs in financial markets, financing for gender equity in women-led SMEs, and the development of green finance and inclusive infrastructure.
It is important to highlight that this edition of FiCS marked a milestone, being the first time it was held in Latin America, thanks to the joint organization by the IDB, Bancoldex, and the Latin American Association of Financial Institutions for Development (Alide).
Consolidating the Commitment
This new show of support follows that of November 8, 2022, when, within the framework of COP 27 in Sharm El-Sheikh, Egypt, the Colombian Government and the EIB signed a joint statement to boost the energy transition in Colombia. Regarding this, Werner Hoyer mentioned: “The EIB is fully committed to supporting global climate action through innovative technologies such as green hydrogen.” This statement strengthens the EIB’s commitment to Colombia, with whom it has maintained a financial relationship for over 15 years, and solidifies its position as Europe’s leading climate bank globally.
This high-level visit comes just a few weeks after the historic EU-CELAC summit, which brought together 60 countries from the European Union, Latin America, and the Caribbean on July 17 and 18 in Brussels. It also aligns with the Global Gateway investment strategy, through which the European Union aims to address inequalities, reduce disparities, and stimulate large-scale, environmentally sustainable investments that bring together states, development banks, and the private and public sectors from both continents. Through the Global Gateway, the European Union will support over 130 projects in the areas of health, education, infrastructure, transport, and green finance in Latin America and the Caribbean by 2027, representing an investment of more than 45 billion euros.
