BARRANQUILLA, Colombia – IDB President Mauricio Claver-Carone announced today a new initiative to forge sustainable development models based on human capital, natural wealth and the cultural heritage of the Amazon region.

The announcement was made during the IDB's Annual Meeting of Governors, within the framework of a seminar dedicated to exploring public and private investment opportunities for the countries of the Amazon.

At the Second Presidential Summit of the Leticia Pact, the Amazonian countries asked the IDB to define a financial and operational framework that would promote economic development models for the next five years. The initiative, which will have $20 million in seed capital from the IDB, will be implemented in close coordination with the Amazonian countries and the Amazon Cooperation Treaty Organization (ACTO).

In addition, the IDB will work hand in hand with private sector partners, nongovernmental organizations, and funds such as the Green Climate Fund and the Global Environmental Facility to adopt more modern, productive and inclusive development models.

"The good news is that there is the political will and interest of the private sector to promote models of sustainable and inclusive development for the Amazonian territories," said Claver-Carone, emphasizing the critical role that the Ministries of Finance and Planning have in articulating efforts with other ministries, beyond those of Environment, and to work with subnational governments, the ACTO and other actors in the public and private spheres.

Specifically, the initiative will focus on four thematic areas: 1) the bioeconomy; 2) sustainable management of agriculture, livestock and forests; 3) human capital and 4) sustainable cities and infrastructure.

Each of these four thematic areas integrates three essential themes: institutional strengthening, with an emphasis on the efficient use of resources and the creation of fiscal space; the integration of gender and diversity; and forest conservation.

The Amazon is critically important to ecosystems worldwide: it provides between 35% and 40% of Latin America's fresh water, regulates air quality, stores net carbon emissions, and regulates nutrient and hydrological cycles for the South American continent. The Amazon region is also home to more than 30 million people, which include approximately 1.5 million indigenous people and more than 5 million people of African descent.