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LatinNews Daily - 12 August 2020

In brief: Ecuador announces sustainable finance initiative

* Ecuador’s central bank (BCE) has announced that it is launching a 'sustainable finance' initiative in response to the damage that the coronavirus (Covid-19) pandemic has wrought on the country’s economy. The scheme will encourage cooperation between the public and private sectors and universities, with the aim of attracting “sustainable” international investment. According to the BCE, this investment will then be channelled into social and environmental initiatives, with the objective of attaining the United Nations Sustainable Development Goals (SDGs). The scheme was devised with the participation of the national banking association (Asobanca), the Quito stock exchange (BVQ), the national association of stockbrokers (Asocaval), and major players in the private sector including the Ecuadorean-American Chamber of Commerce, SMS-Latinoamérica (an international network of auditing, accounting, management consulting and finance professionals) and accounting firm Deloitte. BVQ President Gilberto Pazmiño said that capturing sustainable investments would allow the “adoption of ethical criteria in the everyday analysis of risk, profitability and industrial interest, including social and environmental factors".

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