IDB annual meeting ends with approval of new institutional strategy

Punta Cana (Dominican Republic), Mar 10 (EFE).- The governors of the Inter-American Development Bank (IDB) concluded the 64th Annual Meeting on Sunday in Punta Cana (Dominican Republic) after approving a new institutional strategy with which they hope to increase “the impact of the work in the region.”

IDB President Ilan Goldfajn described the decision as “a historic day” in which for the first time in the multilateral’s history “three transformational changes” were approved to develop the institution.

“It was an extraordinary meeting for several reasons. We have convened more than 2,500 people and the representation of 57 countries,” the executive began his speech.

He added that among the highlights are the agreements with Barbados, Chile, Brazil, Trinidad and Tobago, among others, and a memorandum of understanding with the Development Bank of Latin America and the Caribbean (CAF).

Dominican Republic Treasury Minister José Manuel Vicente (L) shakes hands with Ilan Goldfajn (R), IDB’s President, during the closing of the Inter-American Development Bank Governors Annual Meeting in Punta Cana, Dominican Republic, on 10 March 2024. The meeting aims to boost the relationship between different social areas for economic development and democracy on the continent. EFE/ Glennis Montás

General view during the Inter-American Development Bank Governors Annual Meeting closure in Punta Cana, Dominican Republic, on 10 March 2024. The meeting aims to boost the relationship between different social areas for economic development and democracy on the continent. EFE/ Glennis Montás

The bank’s new strategy is encompassed under the IDB Impact Plus brand, in which they intend to scale investment work, “being strategically selective” in issues such as education, inequality, the climate crisis, the gender gap, and financial access.

“We need to improve processes, checks and balances. We have to promote a culture of change, a culture of impact. We have to catalog and control what we do and don’t do, we have to know what we do well and what we don’t, what we can do better,” said Goldfajn, to be “the knowledge bank of the region.”

In addition, as part of the renewal, IDB Invest, the bank’s private arm, is to have a new business model and capital raised by US$3.5 billion, which will double its capacity with a more direct way of mobilizing investment.

Lastly, a new vision was established for IDB Lab, which fosters entrepreneurship, with up to $400 billion in additional resources -three times its current volume- and 40% more entrepreneurial projects.

These reforms stem from the need to use the bank’s resources more effectively and to transform the institution’s culture, a senior IDB official explained in a meeting with journalists before Sunday’s official announcement.

“All of this will work if we have a solid corporate foundation, a culture focused on impact and not on numbers or approvals,” he said. EFE