France’s public development bank, Agence Française de Développement, the European Investment Bank and the promotional bank KfW Group, on behalf of the German Federal Government, reported progress on the Clean Oceans Initiative, on 21 October at the IMF/World Bank Group meetings. The partners welcomed the commitment of the Spanish promotional bank, ICO, to join the initiative.

The Initiative identifies projects that fight plastic waste in rivers, seas and on land, with a focus on coastal areas in developing countries in Asia, Africa and the Middle East. Its goal is to finance €2 billion in public and private sector projects over five years.

After its first year of operation, the Initiative has provided more than €700 million long-term financing for projects to reduce and recycle marine litter, thus reaching a third of its 5-year target in its first year.