The Inter-American Development Bank (IDB) and the European Investment Bank (EIB) have approved guarantees totaling US$300 million to support an innovative debt-for-climate operation that will help Barbados unlock much-needed resources to invest in critical climate adaptation projects, while safeguarding other priorities such as social spending on health and education. The boards of the IDB and the EIB each approved a US$150 million guarantee, marking the first time the two institutions have provided joint guarantees for a single operation in the Caribbean. This combined effort on innovative
The President of the Inter-American Development Bank (IDB) and the Managing Director of the International Monetary Fund ( IMF ) have agreed to enhance their collaboration to better support the efforts of common members in Latin America and the Caribbean to foster sustainable and inclusive growth and address the structural challenges of climate change. Operating within the scope of each institution’s mandate, IDB and IMF staff will increase their cooperation in two main areas: general coordination and climate finance. As part of their enhanced general coordination, the IDB and the IMF staff
IDB Lab, the innovation laboratory of the Inter-American Development Bank Group (IDB Group), in collaboration with the IDB and IDB Invest, and the U.S. government, through its agency USAID, is launching the Sargassum Innovation Quest . The initiative aims to harness the potential of the sargassum biomass and improve the resilience in Latin America and the Caribbean’s coastal communities through the use of advanced technology and innovative practice. Since 2011, the region has faced significant challenges from the influx of sargassum, impacting tourism, fisheries and coastal ecosystems. The
With the economic and social stresses of the pandemic receding, Caribbean economies are experiencing continued growth into 2024, according to a new report by the Inter-American Development Bank (IDB). After the strong economic recovery of 2021–2023, Caribbean economies continue to grow at a somewhat faster pace than the Latin America and the Caribbean region, though country circumstances vary. For example, economic growth in Guyana is expected to be over 30% this year, while tourism-oriented economies are expected to grow only 2.6%. At the same time, economies are experiencing diverging
The call will be open from May 20 to June 28, 2024 The Inter-American Development Bank Group (IDB Group) launched the seventh edition of the Superheroes of Development contest to recognize clients and executing institutions excelling in the successful resolution of challenges during the implementation stage of development projects. Superheroes of Development is a BIDAcademy initiative that rewards the best lessons learned from operations containing stories that have the potential of helping other initiatives attain effective implementation. Studying the challenging path that others have
The new series will explore inequality, how it intersects with factors including gender and race, and how it impacts access to education or employment. BIDAcademy, the knowledge and learning platform of the IDB Group – which consists of the Inter-American Development Bank (IDB), IDB Invest and IDB Lab – has kicked off "Rethinking Equality ." This new podcast series will analyze the causes of inequality in Latin America and the Caribbean, the reasons for its persistence, and ways to reduce it to build a better future. Over the series’ 12 episodes on the "Voices in Action" podcast , Ana María
PUNTA CANA, Dominican Republic — The Caribbean Governors of the Inter-American Development Bank Group (IDB Group) endorsed the “One Caribbean” program, a comprehensive framework designed to support enhancing living standards across the Caribbean region. The program focuses on four pillars: climate adaptation, disaster risk management and resilience; citizen security; private sector engagement; and food security, as well as two cross-cutting areas, strengthening institutions and facilitating digital transformation. The signing of this endorsement statement took place during the IDB and IDB
The new operation, signed by IDB President Goldfajn and Barbados Prime Minister Mottley, promotes climate-resilient investments. PUNTA CANA, Dominican Republic — Inter-American Development Bank (IDB) President Ilan Goldfajn and Barbados Prime Minister Mia Amor Mottley signed today a US$50 million loan to support Barbados in its efforts to boost the climate resilience of its coastal areas and foster climate-resilient economic development. The signing took place during the Annual Meeting of the Boards of Governors of the IDB and IDB Invest, its private-sector arm, in Punta Cana, Dominican
The Inter-American Development Bank (IDB) has approved a US$100 million loan that allows Barbados to continue modernizing its policies, laws and regulations as it strives to achieve sustainable development. The operation is the third in a series of three policy-based loans designed to enhance how Barbados plans its land use, controls development, and manages its water resources, natural assets, resilience, and disaster risk.
Public debt load in the Caribbean has fallen sharply to near pre-pandemic levels, according to a new report by the Inter-American Development Bank (IDB), which urges governments to continue on the path of prudent debt management, given uncertain global risks. The publication reveals that the average debt-to-GDP ratio rose from 75% in 2019 to 99% in 2020 and is estimated to have fallen to 77% at the end of 2023. The sharpest declines were observed in Guyana between 2020 and 2022 and in Jamaica between 2010 and 2019. “ Dealing with Debt in the Caribbean, ” part of the Caribbean Economics