(29 January 2024 – France) Société Générale (SocGen) and World Bank’s International Finance Corporation (IFC) have signed a Collaboration Framework Agreement to accelerate sustainable financing in developing countries.
The agreement represents part of both institutions’ shared ambition to contribute to the UN Sustainable Development Goals (SDGs) and strong commitment to the transition to a carbon neutral global economy and sustainability.
As part of this agreement, the two institutions aim to further develop wide-ranging financing solutions such as project co-financings or risk sharing agreements, contributing to private sector mobilisation in support of the climate transition.
The agreement supports green finance projects to facilitate access to clean energy, water, sustainable agribusiness as well as the financing of projects empowering women entrepreneurs in small and medium sized enterprises (SMEs).
“I am delighted to strengthen our cooperation with IFC with the signing of this Collaboration Framework Agreement, building on solid relationships between our institutions established over time. By joining forces, our ambition is to increase our contribution to sustainable projects in developing countries, in relation with the UN Sustainable Development Goals. As part of our strategic plan and ESG commitments, developing partnerships with the most relevant stakeholders helps us design the best solutions to address the challenges of the environmental transition and the need for sustainable infrastructures in developing countries” commented Société Générale CEO, Slawomir Krupa.
“This agreement will deepen the long-standing relationship between IFC and Société Générale, allowing us to work together to deploy scalable private sector investments in emerging markets. We look forward to an enhanced partnership to provide the critical financing needed for projects with a transformative impact on people and local economies” stated IFC Managing Director, Makhtar Diop.