Better Bank - The IDB Reform Agenda
For the last five years, the Inter-American Development Bank has been transformed by an unprecedented period of reform and renovation, realigning its priorities and structure and renewing its ability to serve as an indispensible catalyst for development in Latin America and the Caribbean.
This agenda of profound change is reshaping the Bank and has allowed the IDB to re-engage with its borrowers at a time when they most need the institution. The IDB has made major advances in its effectiveness, transparency and accountability.
The IDB’s reform agenda has helped the Bank meet the needs of its member countries and fulfill its mission to reduce poverty and inequality, and bring sustainable development to Latin America and the Caribbean.
The Bank now has stronger systems to make sure the projects it finances can demonstrate how they significantly improve people’s lives.
The management structure was revamped. A new matrix organization was implemented to ensure that technical knowledge is used effectively and to ensure a focus on specific country needs. Offices in the field were given greater responsibilities and more technical staff. The project cycle was streamlined, putting more emphasis on implementation and on achieving results.
Robust measures were put in place to mitigate financial risks and to strengthen environmental and social safeguards. In the process, the IDB has become a more effective institution, more accountable to its shareholders and to civil society.
Most of the IDB’s reforms have been implemented or approved. They can be grouped in five broad areas:
- Ensuring that the Bank’s products have the development impact its borrowers deserve and expect from it;
- Making sure the IDB operated under the highest standards of transparency, ethics and integrity;
- Proactively reaching out to civil society across the Region
- Strengthening the Bank’s social and environmental safeguards in all of its operations;
- Improving the way it manages its finances and assesses risks.