The Inter-American Development Bank (IDB) and the German Development Bank (KfW) have renewed their partnership to strengthen their joint efforts in sustainable development in Latin America and the Caribbean (LAC). The partners expanded this collaboration through a new Memorandum of Understanding (MOU) signed on April 20 in the context of the World Bank and International Monetary Fund Spring Meetings in Washington D.C.
The agreement, which builds upon the longstanding collaboration between the IDB and KfW, establishes a framework to revitalize the partners’ joint efforts in the region. Moving forward, the collaboration will prioritize knowledge exchange and dissemination efforts as well as the identification of new co-financing activities through a regular programming exercise. The partners also intend to continue their traditionally successful cooperation through IDB’s Sustainable Energy and Climate Change Initiative (SECCI) Multi-Donor Fund, while expanding collaboration related to climate change and the implementation of LAC countries’ Nationally Determined Contributions to the Paris Climate Accords.
The MoU follows the first edition of the now annual KfW-IDB Co-financing Exercise, an in-person working session organized on April 12 and 13 at IDB headquarters in Washington D.C. A delegation representing KfW’s Latin America Department and IDB departments came together over these two days to explore potential co-financing and collaboration opportunities in areas such as water and sanitation, energy, financial markets, climate change, transport, citizen security, technical vocational education and training, and sustainable cities.
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.
About IDB Invest
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting Latin America and the Caribbean businesses. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of $11.2 billion under management and 330 clients in 23 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients. As of November 2017, IDB Invest is the trade name of the Inter-American Investment Corporation. www.idbinvest.org
KfW is one of the world’s leading promotional banks. Since 1948 KfW has been committed to improving economic, social and ecological living conditions all around the world on behalf of the Federal Republic of Germany. To do this, it supplied funds totaling EUR 76.5 billion in 2017 alone; of this total, 43% was spent on measures aimed at protecting the climate and the environment. KfW funds its promotional business in a responsible manner and almost entirely via the international capital markets. Ist global network includes around 80 local and representative offices.