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to disadvantaged communities and green projects around the world.
The Global Alliance for Banking on Values made the announcement at
the Clinton Global Initiative's Annual Meeting on September 25 ,
according to a press statement released yesterday. The banks in the
alliance range from ShoreBank, the first community development and
environmental bank in the US, to BRAC Bank, part of BRAC Group, the
world's largest microfinance institution, and Triodos Bank, Europe's
leading sustainable bank. The network of 11 leading sustainable banks
that serve over seven million customers in 20 countries, with a
combined balance sheet of over $10 billion, was launched earlier
this year in the Netherlands. "We commit, over three years, to assist
our members and other sustainable finance institutions to secure
$250 million in additional capital," says Peter Blom, chair of the
Global Alliance for Banking on Values. "This capital will lead to $2
billion in new lending. At a time when the global financial system
is struggling to lend, our members and other genuinely sustainable
banks will benefit millions of borrowers -- from individual
entrepreneurs in Asia, Africa and South America, to pioneering new
green projects in North America and Europe." "If we are to tackle the
global problems we face, we are going to need international action
to do it. We believe these banks have the potential to change the
architecture of the financial world, and start delivering lasting
solutions for unserved and underserved communities and sectors," said
Fazle Hasan Abed, founder and chairperson of BRAC.
