The Inter-American Development Bank (IDB), the largest source of multilateral financing for Latin America and the <?xml:namespace prefix = st2 />Caribbean, has launched a broad public consultation process related to its capital increase.
The IDB is conducting a systematic, far-reaching consultation with civil society for the review process related to the Bank’s proposed capital increase. It is the first time the IDB has carried out such a process and the results of the consultation will help craft the Bank’s development strategy over the next decade. The last capital increase was in 1994.
“In recent years, the Bank and civil society have had a fruitful dialogue on issues that range from transparency to our support to strengthen nongovernmental organizations,” said IDB president Luis Alberto <?xml:namespace prefix = st3 />Moreno.
“There has been an increase in the demand for our resources to alleviate the crisis and tackle long-term challenges, such as educational reform and the need to generate more renewable energy,” Moreno added. “At this critical time, we invite civil society to contribute its ideas so that our institution can continue to help our region develop in a timely and relevant fashion.”
Civil society organizations, as well as other actors, will be able to express their opinions about institutional priorities on development, comparative advantages vis-à-vis other similar agencies, and ways to improve the way the Bank operates.
“We have developed a plan that will enable civil society to partner with us at a time that is crucial for focusing our future priorities,” says Koldo Echebarría, manager of the Office of Strategic Planning and Development Effectiveness. “Input from civil society organizations and other actors will help us become an even more effective Bank.”
The first stage will run from September 8 to October 9, 2009. The IDB will make a variety of documents and studies related to the capital increase process available to civil society organizations and other actors. The Bank's public consultation page will provide space for questions that may arise about the process.
The second stage will begin on October 10 and last for three months. The IDB will organize face-to-face meetings and video conferences for consultations throughout Latin America and the Caribbean, Europe and the United States.
The public consultation plan was approved on September 2, 2009, by the IDB’s Board of Executive Directors. At the end of the process, civil society comments will be submitted to the executive directors in order to improve Bank management’s proposals regarding the capital increase.