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More IDB funds for region

rhondathompson, [email protected]

More IDB funds for region

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WASHINGTON – The Inter-American Development Bank (IDB) today said it plans to increase financing to the private sector in Latin America and the Caribbean.
IDB President Luis Alberto Moreno said the initiative is part of the plans to boost its support for projects that have a positive impact on development in the region.
“The IDB has been working hard to through our different private sector windows to attend to the needs of small and medium-sized enterprises, microfinance, and firms involved in major public-private partnership projects,” Moreno said, adding the IDB will provide further details during its annual meeting in Calgary, Canada that ends on March 28.
Moreno said at the meeting Governors will be discussing the steps taken to implement the Bank’s capital increase, including measures to improve the Bank’s development impact in the region and upcoming economic and social challenges.
Last year, Governors agreed to increase the IDB’s capital by US$70 billion, which will allow the Bank to lend on average US$12 billion annually, double the average annual lending level prior to the agreement.
Moreno said a series of seminars will be held during the meeting to discuss investment opportunities and development challenges in Latin America and the Caribbean.
Moreno said that Latin America and the Caribbean are poised to benefit from the current economic environment, particularly because the region is rich in natural resources, has a young population and a growing middle class and, over the decades, the region has built stronger political and economic institutions.
“The great challenge, the great opportunity for us, is to build a new 21st century economy based on services, quality education in science and technology,’’ Moreno said. (CMC)