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AFD-IDF Partnership: a cornerstone of the low-carbon transition in Montenegro
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During the “Together Towards Sustainable Development” conference organized by the Investment and Development Fund of Montenegro (IDF), Adama Mariko, Deputy Executive Director of Strategy, Partnerships and Communication at AFD, and also Secretary-General of the Finance in Common coalition, spoke about the importance of the AFD-IDF partnership for the implementation of the Green Agenda for the Western Balkans.
Adama Mariko was invited to take part in the “Together Towards Sustainable Development” conference in Montenegro on 29 November 2021. It was an opportunity for Agence Française de Développement (AFD) to underscore the great strategic importance of its partnership with IDF for the low-carbon transition of the country and region.
AFD’s mandate in the Western Balkans aims to support the convergence of six countries in the region towards European Union standards and the implementation of the commitments made under the Paris Agreement. In Montenegro, IDF, which recently joined the Finance in Common movement, has been identified as a key partner for the operationalization of the Green Agenda, the regional version of the European Green Deal. This partnership was sealed with the signing of a €50 million credit line on 21 April 2021.
This loan is earmarked to finance the investments needed for the low-carbon and resilient transition supported by Montenegrin SMEs and municipalities, as well as the investments made by companies in vulnerable regions. The project also includes a technical assistance program to help the public development bank identify investment projects and carry out its internal transformation, with the aim of taking greater account of climate issues and environmental and social risks.
→ Watch Adama Mariko’s full speech
Adama Mariko pointed out that the program supported by AFD combines climate action and the reduction of social and territorial inequalities, by contributing to the emergence and growth of projects that support a sustainable post-Covid economic recovery in the country’s most vulnerable regions. It is thereby contributing to a balanced territorial development through specific mechanisms to support entrepreneurs in the areas concerned.
Under this initiative, AFD is also working with IDF on implementing a climate strategy based on the practices of the community of development banks, strengthening its environmental and social risk management mechanism and training its teams with the specific objective of contributing to the inclusive and sustainable economic development of Montenegro in the context of its process of accession to the EU.