IDB Governors sign initiatives for financial institutions

The Inter-American Development Bank (IDB) and its private-sector arm, IDB Invest, have adopted a plan for a number of institutional reforms for the Washington-based financial organization and ordered a proposal for a capital increase for IDB Invest.

The Board of Governors’ decision will modernize the IDB, IDB Invest, and IDB Lab, ushering in a new, 21st-century business model that will help Latin American and Caribbean countries more effectively address challenges such as poverty and inequality, climate change, and the need for digitization.

The proposed reforms, according to the IDB, will enable the bank to accelerate inclusive and sustainable growth by strengthening public-private sector synergies, ensuring equal opportunities for women in areas such as education, business, and justice, and doing more to assist countries in achieving net-zero-emissions targets.

“This is a historic moment for the IDB and IDB Invest. The Boards’ actions mean we are gaining the muscle, flexibility and tools needed to support the urgent needs of Latin America and the Caribbean in the 21st century,” said IDB President Mauricio Claver-Carone.