VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

VOINews, Jakarta - President Joko Widodo (Jokowi) called on former World Bank Managing Director Mari Elka Pangestu to organize the Global Blended Finance (GBF) institution that was launched during Indonesia's G20 Presidency last year.

"The president has given a directive to Mrs Pangestu to become the president's special envoy (in GBF)," Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan stated after a meeting with the president at the Presidential Palace here on Tuesday.

GBF is an international institution that will help increase blended financing, especially in developing countries.

"There will also be carbon pricing and other technologies (recommendations or instruments) resulting from the G20 in the Global Blended Finance. We will arrange a limited meeting to prepare it, so that Mrs Pangestu can immediately work with her team," he remarked.

Indonesia's G20 Presidency launched the GBF with various partners in order to close the financing gap in developing countries as part of the efforts to achieve the Sustainable Development Goals (SDGs).

GBF, which is planned to be based in Bali, aims to build capacity between countries, the private sector, and philanthropy to build a better blended finance.

Current partners in GBF include the Blended Finance Taskforce, The B Team, the Glasgow Financial Alliance for Net Zero (GFANZ), the United Nations' Sustainable Development Solutions Network (UN SDSN), the Rockefeller Foundation, and the Yayasan Upaya Indonesia Damai Foundation.

At the GBF launch in Nusa Dua, Bali, Monday (November 14, 2022), Pandjaitan remarked that the GBF will work with members and partners to determine impact targets and strategies that will be announced at the World Bank or IMF meetings in 2023.

Another mission of GBF is to strengthen and expand the blended finance market by replicating a blended structure that has been successful in addressing inefficiencies. (Antaranews)