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TunisiaThe Clean Oceans Initiative reaches two thirds of its 5-year financing target and expands with CDP and ICO as 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, storm water 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.
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