The Inter-American Development Bank (IDB) and the International Organization for Migration (IOM) agreed to work on promoting new labor-mobility pathways and involving the private sector as an active promoter of the integration of the migrant population in Latin America and the Caribbean. 

The IDB and the IOM are renewing their partnership to promote safe, orderly and regular migration as an enabler of socioeconomic and sustainable development and inclusive growth in the region.

Latin America and the Caribbean hosts the second-largest human displacement in the world. Some 6.5 of the 7.7 million Venezuelan migrants who left their country in recent years have settled in other countries of the region. Additionally, governments face unprecedented challenges, such as the movement of migrants through the region in unsafe conditions and the return of a record number of vulnerable migrants to their countries of origin. 

To help address these challenges, this memorandum of understanding strengthens the partnership that the IDB and IOM have been carrying out since the signature of a first memorandum in 2020. Since then, both organizations have worked in a coordinated way to support countries in their efforts to address migration challenges through the promotion of evidence-based migration policies and programs at the regional, country and local levels. 

Both institutions commit to working collaboratively to promote programs and projects to empower people, communities and governments to drive solutions to displacement, promote safe, orderly, and regular migration as an enabler of socioeconomic and sustainable development and inclusive growth, and reduce inequalities, eliminating unnecessary duplication of efforts. 

“With adequate policies and resources, the integration of migrant populations into their host communities can be a driver for the development of the countries of Latin America and the Caribbean," said Ilan Goldfajn, president of the IDB. “Our renewed partnership with the IOM will enable enhanced and coordinated support to governments of the region in their efforts to transform the challenges of migration into sustainable and inclusive growth opportunities.”

“To fulfill the promise of migration, we must strengthen cooperation and redouble action to make sure migration is safe, orderly and regular across the Americas,” said Amy Pope, IOM general director. “By uniting our efforts and enhancing the evidence base, we can help governments turn migration into a tool for development, driving growth and supporting opportunity for all.”

Since 2019, the IDB has provided countries with $101.5 million in non-reimbursable resources that leveraged investment of $1.32 billion in 20 migration-related operations, including $77.7 million from donors, to promote the inclusion of the migrant population into their host communities.