PARAMARIBO, Suriname, CMC – Suriname has launched a new financial initiative bringing together all commercial banks in the Dutch-speaking Caribbean Community (CARICOM) country for the first time under joint sustainability agreements.
The Sustainable Finance Protocol, a collaboration between the Suriname Bankers Association (SBV) and the Washington-based Inter-American Development Bank (IDB) Invest, ensures that Suriname is the first country in the Caribbean to implement such a reform across the entire banking sector.
The framework is intended to ensure that banks structurally integrate sustainability into their business operations and lending practices.
The Sustainable Finance Protocol offers a common framework for, among other things, developing social and sustainable financial products, better managing environmental and social risks, and increasing access to financing for businesses and citizens.
In addition, a permanent collaboration platform will be established where banks, supervisors, and other stakeholders will work together to align the financial sector with national development priorities and international sustainability goals.
The protocol is the result of 18 months of intensive consultation between the participating banks, supported by technical experts from IDB Invest.
The official signing took place over the last weekend, with the directors of the participating banks signing the protocol, which will be implemented by a dedicated working group that will oversee the further implementation and monitoring of the agreed sustainability principles within the Surinamese banking sector.
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