Finance Alliance For Sustainable Trade Launches Global Membership Drive

Attracts $225,000 in Funding Support from Citi Foundation and Lodestar Foundation

5.20.2008 - 11:59pm ET

(CSRwire) MONTREAL,CANADA – May 20, 2008 – Two major milestones for the Finance Alliance for Sustainable Trade (FAST) this month include the successful launch of its global membership drive - generating more than 40 new members, and two new grants $150,000 from Citi Foundation and $75,000 from Lodestar Foundation totaling US $225,000 donated.

FAST represents financial institutions, producers and other stakeholders dedicated to bringing sustainably produced products to market. FAST, an IISD facilitated initiative, was launched last year with the aim to develop a coordinated, long-term vision for improving access to finance for sustainable small-to-medium-enterprise (SME) producers.

The successful launch of FAST's global membership drive indicates the willingness of both the financial lending and sustainable trade communities to work collectively to improve access to finance and financial services tailored to the needs of sustainable small and growing businesses located across the developing world.

Access to business finance is widely considered a vital tool in poverty reduction and rural development in developing countries. FAST's aim is to address the historically chronic lack of access to capital, which has stunted the growth and limited profitability of businesses in low-income communities.

"With more than 40 new members in its first month of operation and the funds to cover operating costs now secured, FAST is in a prime position to engage its membership, continue to develop its strategic priorities and generate the funding support and partnerships needed to start work on developing its portfolio of projects that will significantly increase producer access to affordable business finance", said Jason Potts, Coordinator of the Sustainable Commodity Initiative and FAST steering committee member.

"We believe that over 100 organizations involved in sustainable trade, development and finance will join FAST as members by the end of 2008, enabling us to collaborate on larger scale projects and initiatives that will greatly assist developing world businesses in accessing business-critical financial services", Potts goes on to say.

Through networking and knowledge sharing, FAST will strive to improve the flow of communications between members and stakeholders. FAST will help lenders exchange critical market information and will support the development of innovative financial services. Members will share research and expertise through the FAST network, reducing duplication of efforts and creating substantial cost savings. FAST will use the combined voices of its members and its own institutional strengths to lobby key decision makers for widespread support in developing this critical financial market.

Some of the organization’s stakeholders and members include Citigroup Foundation, Cooperative Coffees, Conservation International, CORDAID, Ecologic Finance, Forestrade, Green Development Foundation, Green Mountain Coffee, International Institute for Sustainable Development, Rabobank, Shared Interest, Starbucks, Technoserve, Transfair USA, Calvert, UNCTAD and the World Bank.

About FAST
FAST is an internationally-focused, member-driven, non-profit association, representing financial institutions committed to sustainable production and the trade of sustainable goods. Its members and stakeholders include commercial lenders, socially-oriented and alternative lending institutions, sustainable small-to-medium-enterprise (SME) producer-organizations, development-focused institutions and other stakeholders in the agricultural commodities supply chain committed to promoting sustainable production and trade within their respective capacities.

www.fastinternational.org

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