The Inter-American Development Bank (IDB) and IDB Invest, its arm for the private sector, announced an alliance with BancoEstado to promote innovation and sustainability in the financial field in Chile. The memorandum of understanding was signed during the IDB and IDB Invest's annual meetings in Punta Cana, Dominican Republic.
This alliance seeks to promote an innovative financial ecosystem, supporting startups and entrepreneurs and promoting their sustainability, in addition to facilitating foreign trade and the development of small and medium-sized businesses (SMEs).
To achieve this, both institutions will collaborate to develop innovative financial instruments with specialized high-impact products for entrepreneurship and infrastructure development and facilitate access to financing. The agreement will also allow knowledge sharing and tools to ensure the effectiveness and efficiency of interventions.
Anabel González, vice president of IDB Countries, said: "This agreement represents a milestone in our work together with BancoEstado to promote the Chilean financial ecosystem and reflects our strong commitment to seek alliances with national development banks to increase the scale and impact of the IDB Group through innovative financial instruments that support the digitalization of SMEs, entrepreneurship led by women and cooperation on climate action issues, key to advancing the decarbonization agenda."
"We are very excited about this agreement with Banco Estado that will allow us to support the entrepreneurial ecosystem in Chile, given that it will promote the development of small and medium-sized businesses sustainably," said Aitor Ezcurra, interim General Director of Investments at IDB Invest.
The president of BancoEstado, Daniel Hojman, indicated that "it is a satisfaction to sign this agreement with the IDB and IDB Invest, institutions that have historically worked for the economic and social progress of Latin America, and whose purpose is intertwined with ours, regarding promoting the integral development of Chile. Without a doubt, with this alliance, we enhance our mission of promoting an innovative, social, and sustainable financial ecosystem to make Chile a better country. In addition, it opens the door to jointly finance projects that aim to accelerate energy transformation and adaptation to climate change, as well as increase access to financing for MSMEs and innovative projects with social impact."
Specifically, the memorandum defines the following priority areas of cooperation, which will be included in a jointly developed action plan: evaluation of impact investments, environmental and social safeguards, support for startups, specialized financial products, co-financing of entrepreneurial projects and infrastructure, financing of social and environmental projects, facilitation of foreign trade, support for SMEs and microenterprises and promotion of guarantee mechanisms.
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public- and private-sector clients throughout the region. Take our virtual tour.
About IDB Invest
IDB Invest, a member of the Inter-American Development Bank Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $16.3 billion in assets under management and 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
About BancoEstado
BancoEstado was formed with the merger of four financial institutions, which operated from 1855 with the inauguration of the Mortgage Credit Fund. In accordance with its mission and vision, BancoEstado orients its business model towards social management, with financial products and services offered to all inhabitants of the country, focusing on lower-income people and micro, small, and medium-sized businesses.
Planes,Maria Soledad
Escudero,Ana Lucia
