SMEs, environment get ADFIAP pledge

State-owned and private development banks has pledged to pursue joint efforts aimed at promoting small and medium enterprises (SMEs), address poverty alleviation, and environmental-friendly lending policies in the region.

During the 29th annual Association of Development Financial Institutions in Asia and the Pacific (ADFIAP) held here recently, state-owned and private development banks gathered reached a common understanding on "sustainable development investment."

ADFIAP chairman Jesus P. Tambunting said that member-banks adopted what is now called the Colombo Consensus on Sustainable Development Investment.

Tambunting, who is also chairman and chief executive officer of Planters Development Bank, described the meeting as a watershed event for development banking in the region.

"Profitability, development funding and regulatory concerns aside, this conference focused heavily on emerging investment opportunities and sustainability," Tambunting said, adding that the future looks bright for banks to tap into environment-related programs, small and medium enterprise promotion and new infrastructure.

World Federation of Development Financing Institutions composed of regional associations in Africa, Asia-Pacific, Latin America and the Middle East. It also is an NGO in consultative status with the United Nations Economic and Social Council.

The permanent Secretariat of ADFIAP is based in Makati City, Philippines.