International Development Finance Club (IDFC) Hosted by TSKB in Istanbul

Industrial Development Bank of Turkey (TSKB) hosted the IDFC (International Development Finance Club) Steering Group Meeting in Istanbul on July 17th- 18th, 2024 in Istanbul, Turkey. This event brought together CEOs from major development organizations such as BOAD, Bancoldex, AFD and KfW.

International Development Finance Club known as IDFC, founded in 2011 at TSKB headquarters in Istanbul, promotes investments for sustainable development globally

The coalition works in alignment with the UN Sustainable Development Goals, the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework, aiming for strategic cooperation between various development finance institutions. The Steering Group meetings define a roadmap for International Development Finance Club’s mission and visibility, integrating sustainability goals into international platforms such as the Finance in Common System.

With 26 members from different regions, International Development Finance Club is currently co-chaired by BOAD and Bancoldex. The meeting in Istanbul, a first in Turkey, focused on assessing IDFC’s strategic roadmap, with a special focus on gender equality and working with member banks to promote sustainable development in Turkey.

TSKB CEO Murat Bilgiç highlighted the importance of this meeting to strengthen contributions to global sustainability goals. Javier Diaz Fajardo of Bancoldex and Serge Ekue of BOAD also expressed their gratitude to TSKB for organizing the meeting and discussed the importance of global financial architecture reforms to mobilize resources to achieve the SDGs.

“The call for reforms in the global financial architecture is essential to mobilize even more financial resources and achieve Africa’s Sustainable Development Goals. The G20 Capital Adequacy Framework calls on multilateral development banks to optimize their balance sheets and mobilize more financing to support countries. I look forward to fruitful discussions on the progress of collective actions undertaken by members through the Task Force, as well as the need for better collaboration to address financial challenges towards achieving the SDGs focused on climate change and gender equality,” stressed Serge Ekue, President of BOAD and Co-Chair of International Development Finance Club.

The meeting included discussions on themes such as climate finance, gender equality and biodiversity, in line with the Paris Agreement. Interventions included a keynote address by Mithat Rende on geopolitical issues related to energy and a session on gender-climate relations by Professor Itir Erhart. TSKB continues to co-chair the Gender Equality Working Group, aimed at raising awareness and structuring the internal strategies of International Development Finance Club members.

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(Featured image by Michael Parulava via Unsplash)

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First published in Financial Afrik. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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