The Government of Spain, through its Ministry of Economy and Digital Transformation, and the Inter-American Development Bank (IDB) have expanded their historic partnership with a new Spanish contribution of €$13.7 million ($16.7 million) to the Spanish General Cooperation Fund.
The objective of the Fund, managed by the IDB, is to strengthen the channeling of resources to finance development projects which contribute to sustainable development in Latin America and the Caribbean. This new contribution reinforces Spain’s commitment to the region, which has been seriously impacted by the COVID-19 crisis and by recent hurricanes in Central America, and will allow the Bank to continue supporting key projects.
"This new contribution to the Fund is a sign of the importance the Government of Spain gives to the recovery and prosperity of the Latin American region and is also a sign of confidence in the Inter-American Development Bank as a priority partner in Latin America and the Caribbean, to lead this path of sustainable and inclusive economic growth that ensures the greatest prosperity for its inhabitants,” said Ana de la Cueva, Spain’s Secretary of State for Economy and Business Support.
IDB President Mauricio Claver-Carone said, “Spain has once again deepened its status as one of the IDB’s most dedicated partners and an important investor in the future of Latin America and the Caribbean. As the region faces the daunting task of recovering from COVID-19 and building a more competitive, sustainable, and equitable future, this contribution could not have come at a more critical time.”
Since its creation in 2001, the Fund has financed technical cooperation operations in the areas related to digital transformation, infrastructure investment promotion, migration, regional integration, sustainable tourism, private-sector development and urban development, as well as projects to advance modernization of the state and digital administration. To date, Spain has contributed more than $100 million to the Fund, which has financed 246 technical cooperation operations in the region.
Resources of the Fund are also available to IDB Lab, the IDB Group’s innovation laboratory, and to IDB Invest, the private-sector arm of the IDB Group, allowing for the financing of projects related to innovation, public-private partnerships, entrepreneurship and the support of private enterprises, all critical themes for post-pandemic recovery.
The Fund is a core strategic component of the longstanding partnership between Spain and the IDB. Spain is also a donor to several IDB-managed, multi-donor trust funds, including AquaFund, which promotes investments in water and sanitation; the Disaster Prevention Trust Fund; and the Sustainable Energy and Climate Change Initiative Trust Fund. Furthermore, Spain has created and financed important bilateral financing platforms, including the Spanish Fund for Water and Sanitation in LAC and the Spanish Trust Fund for the Social Entrepreneurship Program.
About the IDB
The Inter-American Development Bank’s mission is to improve lives. Founded in 1959, the IDB is one of the main sources of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research projects and provides policy advice, technical assistance and training to public- and private-sector clients throughout the region.
Alvarez-Rodriguez,Isabel María
Antoni Estevadeordal
