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Inclusive Green
Finance Working
Group (IGFWG)

Inclusive Green
Finance Working
Group (IGFWG)

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.

Primary thematic area 2017 2018 2019 2020 2021 2022 2023

Inclusive green finance
Maya Declaration targets 1 4 8 7 9 16 28
Completed 0 0 1 1 3 3 5
In progress 1 4 7 7 6 13 23
Completion rate 0% 0% 13% 14% 33% 19% 17.86%


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Member Institutions
Policy Change
Maya Declaration commitments


Kabinda Kawesha, Bank of Zambia

Co-Chair I

Sameh Sawafta, Palestine Monetary Authority

Co-Chair II

Jorge Moncayo, Superintendencia de la Economía Popular y Solidaria de Ecuador

Gender Focal Point Lead

Najwa Mouhaouri, Bank Al-Maghrib

Gender Focal Point Co-Lead

Joe-Jack Bossale, Centrale Banque du Congo

  • 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.

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.

  • 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.
  • Royal Monetary Authority of Bhutan(2020)
    Bhutan Green Finance Roadmap
  • Superintendencia de la Economía Popular y Solidaria de Ecuador (2021)
    Green Bonds Framework
  • 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
  2019 2020 2021
Events 1st: IGFWG Meeting in Kigali Rwanda
CB BAM-AFI Member Training on Green Finance
Global Grren Finance Symposium on Grren Financial Inclusion in the Arab Region(FIARI)
2nd: Virtual Meeting
3rd: Virtual Meeting
4th: Virtual Meeting
5th: Virtual Meeting
Member Institutions 31 41 43
Knowledge Products
0 1 4
Policy Changes
Peer Reviews


AFI and the Inclusive Green Finance Working Group (#IGFWG) marks the 2023 World Environment Day

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The webinar discussed potential solutions to ensure that the economic recovery post COVID-19 is sustainable and how to integrate Inclusive Green Finance (IGF) policies in such a recovery. The webinar specifically focuses on the role of financial regulators in this process and how to develop strategic approaches to limit global environmental degradation and climate change, and to ensure that recovery plans do not lead to further exclusion. Considering how severely MSMEs have been affected by the pandemic, specific emphasis was on how to ensure that their recovery is inclusive.

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The regulatory and supervisory environment is key in enabling innovative ways and mechanisms to reduce the climate insurance protection gap. Supervisors are well-placed to stimulate action that can strengthen resilience of the most vulnerable segments of the population against climate and disaster risks. By adopting proportionate regulatory and supervisory approaches, they can foster supply and demand of climate risk solutions. In addition, supervisors can play an important role in ensuring the incorporation of responsible insurance solutions in national strategies on disaster risk management.

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