IDB President Claver-Carone To Host Regional Trade And Forei...| MENAFN.COM

Sunday, 03 July 2022 02:35 GMT

IDB President Claver-Carone To Host Regional Trade And Foreign Ministers Forum On Margins Of 9Th Summit Of The Americas


(MENAFN- Caribbean News Global)

  • IDB President Claver-Carone to host a hemispheric Trade and Investment Forum with trade and foreign affairs ministers from the Americas and private-sector executives on June 7, 2022, in Los Angeles, California.
  • The IDB event and regional agenda will be the first of its kind in nearly 20 years and will focus on three central trade agenda items: strengthening value chains and attracting investment, sustainable trade and climate change, and digital economy.

WASHINGTON, USA – Inter-American Development Bank (IDB) president Mauricio Claver-Carone will host a forum on Trade and Investment for the Americas on June 7, 2022, bringing together regional trade and foreign affairs ministers and chief executives from leading global companies to discuss investment and regional supply chains, as well as sustainable trade and climate change, and trade and the digital economy in the hemisphere.

The event, to be held in Los Angeles, California, aligns with Vision 2025, the IDB's roadmap for accelerating inclusive, sustainable growth, including through better leveraging the private sector.

The IDB, as the only international financial institution that is actively financing nearshoring, aims to use the Trade and Investment Forum as an opportunity to further help Latin America and Caribbean seize today's once-in-a-lifetime opportunity to increase regional integration and participation in the current global realignment of supply chains.

“We are prioritizing action and look forward to deepening our engagement so we can fully use the expanded nearshoring toolkit we developed to help countries and companies take advantage of the regionalization of supply chains. This forum can serve as a bedrock for results. Forums like this, which unite the public and private sectors, reflect our vision for a truly 21st-century IDB . Now is the moment to capitalize on sectors that can jumpstart economies and mobilize critical private capital for co-financing and investment,” said president Claver-Carone.

In gathering leading business executives alongside senior government officials, the IDB seeks to expand the historic public-private collaboration it has fostered over the past year and support matchmaking to enable greater investment in key sectors across the region. This forum demonstrates the potential of the IDB's new value proposition to build synergies between the public and private sectors that lead to economic growth and social inclusion.

The IDB's mission of improving lives and its role as the premier development finance institution for Latin America and the Caribbean has never been more important. The bank is committed to helping its 26 borrowing member countries overcome ongoing pandemic setbacks, historic supply-chain disruptions, and the fallout from Russia's war against Ukraine. The bank's priority is to deliver measurable results in response to these challenges and it is fulfilling its commitment to better serve both lower- and higher-income countries.

“We look forward to building on our diverse and ambitious initiatives, especially after what will undoubtedly be productive discussions with regional leaders at the Ninth Summit of the Americas. While the upcoming Summit is taking place at an inflection point in the region's history, because of its high-stakes political backdrop and our institutional commitment to remain apolitical, we are carefully tailoring our activities in connection to the event,” said president Claver-Carone.

The IDB will continue to help the region combat climate change, create jobs, institutionalize equality, forge more transparent, digitalized economies, improve healthcare systems, and invest in the kind of reliable, resilient regional supply chains needed to make the countries of the Americas stronger and more secure.

This work builds on a standard-setting year in 2021, when the IDB achieved a record $23.4 billion in new financing approvals, commitments, and private-sector mobilizations. The Bank also increased the share of operations in small and vulnerable countries to a record 40 percent, while making the largest direct investment in gender equality in the Bank's history – more than $780 million.

The IDB's private-sector arm, IDB Invest, achieved a one-to-one mobilization ratio for long-term investments, meaning that for every dollar that IDB Invest put into a deal, a private investor matched it. That was a nearly 50 percent increase over the previous year. Additionally, the IDB launched some of the most innovative projects and market-friendly financial tools of any international finance institution, reflecting a determination to better leverage private-sector capabilities.

Latin America and the Caribbean face both ongoing pandemic challenges and an unprecedented combination of global problems, including rampant inflation, rising interest rates, supply-chain bottlenecks, and the global impacts of war, including a growing food and energy crisis. Current forecasts indicate the region will grow less than 3 percent this year. Even so, the IDB is confident that Latin America and the Caribbean can surpass expectations.

“I believe the region can prove the forecasters wrong and do something similar to what it did in 2021, when it grew nearly 7 percent. We are working for that outcome every day, guided by our mission of improving lives across the Americas,” president Claver-Carone said.

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