The Clean Oceans Initiative reaches two thirds of its 5-year financing target and expands with new members

At the IMF/World Bank Group meetings, the Agence Française de Développement (AFD), the European Investment Bank (EIB), and KfW acting on behalf of the German Federal Government reported significant progress on the Clean Oceans Initiative.

Two new partners Cassa Depositi e Prestiti (CDP), the Italian National Promotional Institution and Financial Institution for Development Cooperation, and ICO, the Spanish Promotional Bank, join as new members of the initiative.

After its second year of operation, the Clean Oceans Initiative has provided EUR 1.3 billion long-term financing for projects that reduce discharge of plastics and other litter to the oceans through improved management of wastewater, stormwater, and solid waste. The goal of the initiative set by the three founding members is to finance EUR 2 billion in public and private sector projects by 2023.

The vast majority of the 21 projects signed so far under the initiative are located in Africa, Asia, and Latin America. Examples include improved sanitation in Ratmalana and Moratuwa, Sri Lanka, solid waste management in Lomé, Togo, stormwater management and flooding in Cotonou, Benin, wastewater treatment in Alexandria, Egypt and in Cape Town, South Africa, as well as green urban investments in the Yangtze River Delta Region in China.

AFD Chief Executive officer Rémy Rioux said: “While the global impact of plastic on oceans and communities is devastating ocean wildlife and affecting human health, collective actions are required for effectively preventing marine plastic pollution. This is why EIB, KfW, and AFD have joined forces in 2018 by launching the EUR 2bn Clean Oceans Initiative. We are very proud to welcome this year two other European partners, CDP of Italy and ICO of Spain to help us overcome this challenge, and further demonstrate the capacity of public development banks (PDBs) to pursue the long-term objectives of protecting the planet and promoting sustainable development.”

The founding members of the Clean Oceans Initiative are very pleased to welcome CDP and ICO as new partners to contribute to the protection of our oceans and seas under this joint initiative.

Original source: AFD