The Fourth International Conference on Financing for Development (FfD4), the main global forum for dialogue to transform the structure of the international financial system and mobilize resources towards the Sustainable Development Goals (SDGs), was held in Seville from June 30 to July 3.

Throughout FfD4, the value of blended finance instruments, the importance of strengthening de-risking mechanisms, and the role of investment promotion agencies in making projects eligible, scalable and bankable were reaffirmed.

In this context, Virginia Suárez, UNIDO Cono Sur consultant and REIF Program expert in sustainable finance, participated as a panelist in the side event "Unlocking private capital for industrial development: Scaling impact through partnerships in blended finance", organized by UNIDO (United Nations Industrial Development Organization), the UNCDF (United Nations Capital Development Fund) and the Government of Egypt.

During the panel, the expert shared Uruguay's experience through the Renewable Energy Innovation Fund (REIF). In this regard, she highlighted that REIF is an excellent tool to help close the gap between financing flows and the SDGs. He pointed out that the partnership between actors is central, as well as having strong governance and risk mitigation mechanisms that encourage private investment. He stressed that it is not just about funds, but about building capacity, dialogue and a common purpose. 

In her speech, Virginia Suárez placed special emphasis on the need to share the Nationally Determined Contributions (NDCs) with the private sector, in order to achieve a real financial commitment aligned with the country's objectives. In this sense, the REIF experience was presented as a concrete example of how to generate collaboration frameworks between the government, local banks and international organizations, facilitating the financing of Uruguay's second energy transition.

In addition to her participation in the panel, the REIF representative at the conference held an agenda of bilateral meetings with key players in the international financial ecosystem. Among them were representatives from BBVA, Santander, IDB Invest, United Nations Capital Development Fund, Climate Connectors, Latimpacto, ProMujer, IDRC, CAF, Global Ventures, and Joint SDG Fund. These exchanges allowed to explore opportunities for collaboration and to continue positioning REIF as a replicable model.

REIF's participation in this space for international dialogue made it possible to highlight the value of the program, which since 2021 has been promoting the decarbonization of the economy in Uruguay.