These are the Inter-American Development Bank (IDB), the Fonplata Development Bank, the African Development Bank for Latin America and the Caribbean, and the Central American Economic Integration Bank (CABEI) who signed the document to improve the performance of these multilateral organizations. Through closer and more coordinated cooperation.
“This commitment seeks to maximize the impact of interventions,” said Miguel Coronado, Director General of the Andean Community Department at the IDB.
The expert stressed the importance of joint work between multilateral banks in key areas such as joint financing of programs and projects, as well as developing innovative financial instruments and exchanging knowledge and good practices.
The text of the Sucre Declaration identifies three strategic pillars to promote coordinated action.
The fight against climate change comes first, with a proactive focus on adaptation and mitigation, while seeking to transform environmental challenges into opportunities to improve the future of the planet.
This commitment includes promoting actions that protect vulnerable communities and ecosystems, while promoting long-term sustainability.
The second pillar is regional integration, with institutions committing to promoting joint infrastructure projects, such as building roads, bridges, energy networks, and initiatives such as “roads of integration.”
According to the document, these measures seek to facilitate trade and sustainable mobility within the region, with the aim of creating an enabling environment for common development.
The declaration also expresses its support for vulnerable populations, noting that the multilateral banks will work to reduce inequality and promote social cohesion through comprehensive projects that benefit the most disadvantaged groups.
He adds that this involves a focus on inclusive development, with guarantees that all people have the opportunity to realize their full potential.
The text signed in Sucre represents a milestone in building a new regional financial architecture because it lays the foundations for stimulating resources and promoting sustainable development in Latin America and the Caribbean, according to an institutional report.
Its signatories reaffirmed their commitment to working together with the aim of contributing to the comprehensive and sustainable development of the region.
OMR/JPY
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