Global banking alliance makes new financial pledge
October 2, 2009 - By Muntazir Zaidi
A new network of banks has pledged to roll out $2 billion in lending to disadvantaged communities and green projects around the world.
The Global Alliance for Banking on Values made the announcement at the Clinton Global Initiative's Annual Meeting on September 25, according to a press statement released yesterday.
The banks in the alliance range from ShoreBank, the first community development and environmental bank in the US, to BRAC Bank, part of BRAC Group, the world's largest microfinance institution, and Triodos Bank, Europe's leading sustainable bank.
The network of 11 leading sustainable banks that serve over seven million customers in 20 countries, with a combined balance sheet of over $10 billion, was launched earlier this year in the Netherlands.
“We commit, over three years, to assist our members and other sustainable finance institutions to secure $250 million in additional capital,” says Peter Blom, chair of the Global Alliance for Banking on Values.
“This capital will lead to $2 billion in new lending. At a time when the global financial system is struggling to lend, our members and other genuinely sustainable banks will benefit millions of borrowers -- from individual entrepreneurs in Asia, Africa and South America, to pioneering new green projects in North America and Europe.”
“If we are to tackle the global problems we face, we are going to need international action to do it. We believe these banks have the potential to change the architecture of the financial world, and start delivering lasting solutions for unserved and underserved communities and sectors,” said Fazle Hasan Abed, founder and chairperson of BRAC.
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