The French development agency (AFD) and the Inter-American Development Bank (IDB) are expanding their cooperation ties. A new Memorandum of Understanding (MOU) with AFD was signed October 14 on the occasion of the World Bank Annual Meeting in Tokyo. The new MOU will replace an MOU signed in 2008 between both organizations.
The new agreement will support the expansion of the AFD-IDB partnership and cooperation ties for development efforts in Latin America and the Caribbean in areas such as urban development and sustainable cities, education and technical and vocational training, transportation and energy. Potential joint activities include project co-financing, exchange of personnel and secondments, and knowledge exchange and dissemination activities.
The IDB and AFD will also explore opportunities for private sector financing and further collaboration between Latin America and the Caribbean and France’s private sectors through AFD’s private sector subsidiary, Proparco.
The AFD and IDB are currently collaborating in multiple projects in Latin America and the Caribbean, including projects for the development of Haiti’s coffee value and programs for the development of sustainable cities in Colombia, the latter with support from the Latin American Infrastructure Fund (LAIF) of the European Commission.