"IFC, a member of the World Bank Group, and Amundi, a leading European Asset Manager, today agreed to create the largest green-bond fund dedicated to emerging markets," the release stated. "[A] $2 billion initiative… aims to deepen local capital markets and expand financing for climate investments."
According to the release, IFC will allocate nearly $325 million in the new Green Cornerstone Bond Fund, which will purchase green bonds issued by banks around the world. Amundi will be responsible for raising the rest of the $2 billion from global institutional investors.
In order to minimize risks, the fund will start with well-developed, stable countries that would likely to issue green bonds and then will move toward working with challenging and war-affected areas, the release explained.
The companies set a goal for the fund to be completely invested in green bonds before 2024.