Fainé encourages global banks and savings banks to increase social investment

BarcelonaThe president of the La Caixa Foundation and Criteria, Isidre Fainé, has encouraged financial institutions to increase their social investment. During his speech at the World Savings and Retail Banking Institute (WSBI) meeting in Washington, where he is president, he noted that the sector has increased its annual allocation to nearly $4 billion in social initiatives to reduce poverty and foster youth empowerment.

The meeting is being held in the US capital to coincide with the annual meeting of the International Monetary Fund (IMF). Representatives from 82 retail banks and savings banks from 59 countries are participating. Fainé, who also chairs the Confederation of Savings Banks (CECA), emphasized that amid global economic uncertainty, there have been "some encouraging developments," such as fiscal initiatives to sustain growth and technological innovation that strengthens adaptability and competitiveness. The La Caixa Foundation is one of the leading exponents of this type of initiative. Its budget for this year reached a record €655 million, and its strategic plan for 2030 plans to invest €4 billion.

The fourth WSBI Social and Philanthropy Council focused this year on youth empowerment, particularly that of young women. Other topics discussed included financial education, job creation for disadvantaged groups, and promoting partnerships between the organization's members and major players in global philanthropy.

Fainé encouraged the organization's continued commitment. "In times of uncertainty, investing in people, building trust, and acting with purpose are essential for a future that is not only economically viable but also socially just. By focusing on issues like youth, we are working together to forge a more inclusive and impactful future for the next generation," she stated. She also emphasized that "strengthening social cohesion is a strategic priority for the WSBI." The WSBI Social and Philanthropy Council serves as a platform for its members to exchange ideas and share best practices.