A platform for financial regulators and policymakers to provide policy leadership and regulatory guidance related to inclusive green finance.
Launched in 2019 in Kigali-Rwanda, IGFWG is working to develop green financial inclusion policy solutions while focusing on the communities most vulnerable to climate change. In response to the increasing interest from the AFI network, member institutions committed to work together and collaborate with partners in identifying, understanding and implementing inclusive green finance policy solutions.
AFI’s inclusive green finance workstream is part of the International Climate Initiative (IKI), supported by the German Federal Ministry for Economic Affairs and Climate Action (BMWK), based on a decision by the German Bundestag.
Launched in 2019 in Kigali-Rwanda, IGFWG is working to develop green financial inclusion policy solutions while focusing on the communities most vulnerable to climate change. In response to the increasing interest from the AFI network, member institutions committed to work together and collaborate with partners in identifying, understanding and implementing inclusive green finance policy solutions.
AFI’s inclusive green finance workstream is part of the International Climate Initiative (IKI), supported by the German Federal Ministry for Economic Affairs and Climate Action (BMWK), based on a decision by the German Bundestag.

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Member
Institutions
Institutions
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Countries
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Policy changes
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Knowledge products
Chairs & Focal points
Objectives
Provide policy leadership and regulatory guidance on Inclusive Green Finance (IGF)
Create an enabling environment for IGF amongst its members
Create a common understanding of IGF topics by sharing experiences and building a taxonomy of inclusive Green Finance policies and regulations
Conduct research and analysis of financial sector regulation, policies and strategies that have a positive impact on the adaptation and mitigation of climate change
Stimulate discussion and learning on new developments and good practices on IGF amongst policymakers through the exchange of experiences
Provide a platform for capturing, tracking, and sharing information on innovative IGF products, business models and updated appropriate policy responses; and
Establish linkages and provide inputs, where appropriate, to global networks working in Green Finance and sustainable financial inclusion, seeking to benefit from and contribute to the growing body of knowledge and best practice in this area.
Member Institutions
- Banco Nacional de Angola
- Bangladesh Bank
- Insurance Development and Regulatory Authority Bangladesh
- Royal Monetary Authority of Bhutan
- Banque de la République du Burundi
- National Bank of Cambodia
- Superintendencia General de Entidades Financieras de Costa Rica
- Ministère de l’Economie et des Finances de la Côte d’Ivoire
- Banque Centrale du Congo
- Superintendencia de Bancos
- Superintendencia de la Economía Popular y Solidaria de Ecuador
- Central Bank of Egypt
- Banco Central del Paraguay
- Bank of Namibia
- Bank of Zambia
- Banque Centrale de Tunisie
- Banque de la République d’Haiti
- Banco Central de Reserva de El Salvador
- Ministry of Finance Eswatini
- Reserve Bank of Fiji
- Bank of Ghana
- Banque Centrale de la République de Guinée
- Central Bank of Jordan
- Retirement Benefits Authority of Kenya
- SACCO Societies Regulatory Authority (SASRA) Kenya
- Central Bank of Liberia
- Reserve Bank of Malawi
- Bank Negara Malaysia
- Maldives Monetary Authority
- Comisión Nacional Bancaria y de Valores (CNBV)
- Central Bank of Armenia
- Central Bank of Eswatini
- Central Bank of Nigeria
- Central Bank of Sudan
- Central Bank of the Republic of Uzbekistan
- Financial Regulatory Commission of Mongolia
- Bank Al-Maghrib
- Banco de Moçambique
- Nepal Rastra Bank
- Palestine Monetary Authority
- Bank of Papua New Guinea
- Bangko Sentral ng Pilipinas
- Central Bank of Samoa
- Banco Central de São Tomé e Príncipe
- Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO)
- Bank of Sierra Leone
- Central Bank of Sri Lanka
- Centrale Bank van Suriname
- National Bank of Tajikistan
- Bank of Tanzania
- Central Bank of The Gambia
- Banco Central de Timor-Leste
- National Reserve Bank of Tonga
- National Bank of Rwanda
- Bank of Uganda
- Ministry of Finance and National Planning Zambia
- Microcredit Regulatory Authority of Bangladesh
- Reserve Bank of Zimbabwe
Subgroups & Planned Activities
Green Credit Risk Guarantees (with SMEFWG):
During the 3rd IGFWG Meeting, members decided to generate guidance on how to adapt the Credit Risk Guarantees for projects, businesses or initiatives that build resilience to climate-related risks or mitigate the climate change causes with special focus on the role of regulator as the main guarantor of loan losses or as an enabler for such protection policies.
Credit risk guarantees are one of the many potential de-risking instruments to help accelerate green lending support from central banks and build vulnerable population’s resilience to climate change. The implementation of this risk financing framework by central banks will leverage banking loans for low carbon solutions and green projects which otherwise would not have been able to receive financing from the private sector. They will also help to share credit risks stemming from climate change between the private and public sectors.
Credit risk guarantees are one of the many potential de-risking instruments to help accelerate green lending support from central banks and build vulnerable population’s resilience to climate change. The implementation of this risk financing framework by central banks will leverage banking loans for low carbon solutions and green projects which otherwise would not have been able to receive financing from the private sector. They will also help to share credit risks stemming from climate change between the private and public sectors.
Planned deliverable: Special Report on to green the Credit Risk Guarantees.
Leveraging DFS in advancing IGF initiatives:
Across AFI member institutions, the interest of the potential intersections between digital financial services and inclusive green finance is growing more and more. The relevance of this topic increased after COVID-19 pandemic outbreak. This particular event has shown that digital channels can be used a a powerful tool to reach the most vulnerable sectors. Nevertheless, it has not yet been a DFS-related green finance initiative in place and therefore no experiences from AFI members to share. This knowledge product will aim to come up with a reference material that identifies interstices and explores opportunities to integrate digital finance and inclusive green finance. Ultimately, the paper aims to provide guidance for policymakers and financial regulators on policy approaches to leverage digital finance in advancing inclusive green finance.
Planned deliverable: Guideline Note on how to leverage DFS in advancing IGF.
IGF Data:
Only a few financial regulators are collecting and sharing information on inclusive green finance for specific purposes. Disaggregated data collection on green finance activities is, in general, still lacking. Nevertheless, more and more countries are interested in embarking on the path of green data collection.
Planned deliverable: Special Report on IGF Data.
Climate Change, Sustainable Finance and Financial Stability (with GSPWG):
There is a clear recognition from financial regulators that climate change deepens poverty, hits the most vulnerable hardest and that climate change would be a real financial risk, especially in the countries where AFI members are. This subgroup aims guiding members on key issues in climate risk and financial stability.
Planned deliverable: Guideline Note on what regulatory and supervisory actions which respond to the risks of climate change to the financial sector.s from financial capability and consumer protection.
Maya Declarations
Primary thematic area
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

Consumer Empowerment
and Market Conduct
Consumer Protection
Financial Literacy and Financial Education
Maya Declaration targets
38
38
38
38
38
38
38
38
38
38
38
38
21
21
21
21
21
21
21
21
21
21
21
21
Completed
In progress
Completion rate
17
17
17
17
17
17
17
17
17
17
17
17
55%
52%
54%
53%
48%
49%
40,1%
38%
39%
44%
44%
46,5%
Primary thematic area
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

Consumer Empowerment
and Market Conduct
Consumer Protection
Financial Literacy and Financial Education
Maya Declaration targets
38
38
38
38
38
38
38
38
38
38
38
38
21
21
21
21
21
21
21
21
21
21
21
21
Completed
In progress
Completion rate
17
17
17
17
17
17
17
17
17
17
17
17
55%
52%
54%
53%
48%
49%
40,1%
38%
39%
44%
44%
46,5%
IGFWG & Gender
Small, women-led businesses are engines of innovation and bring with them understanding of local markets, land, skills, and networks needed to overcome practical growth challenges. However, they face a host of obstacles in low- and middle-income countries, from missing market functions to technical capacity. Access to capital is a key barrier that constrains the growth of most green and women-owned businesses, especially women-led MSMEs.
Women-led small businesses also:
Women-led small businesses also:
work in sectors with significant climatic exposure, often restricted to marginal and degraded agricultural lands that are prone to flooding
struggle to access capital and technology, and suffer from gender-blind policies and restrictive sociocultural norms
must juggle business and household responsibilities, meaning they must manage risks at both levels when disaster strikes
IGF policies should take the unique circumstances of women-led businesses into account by developing gender-responsive policies that address their needs, encourage innovation, increase employment, build climate resilience, and promote financial stability.
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