Santiago, Mar 30 (EFE).- The Inter-American Development Bank (IDB) concluded its annual meeting in the Chilean capital on Sunday with a strong commitment to advancing institutional reforms and leveraging opportunities for regional integration amid an increasingly complex global landscape.
“This meeting showed that we are flexible and resilient—and that’s what makes us strong,” said IDB President Ilan Goldfajn during the closing session. “We came together around shared interests and supported the strategy implementation process. It has given us the strength to keep moving forward.”
The Boards of Governors of the IDB and IDB Invest, composed of finance and economy ministers from the bank’s 48 member countries, are the institution’s highest decision-making bodies.
Strategic Reforms and Implementation Progress
At last year’s meeting in Punta Cana, governors adopted a new strategic framework under the IDB Impact+ brand and approved a $3.5 billion capital increase for IDB Invest, the private-sector arm of the bank.
“We’re in full implementation mode,” Goldfajn confirmed, noting that 19 countries have subscribed shares, while 14 others have made significant progress, together representing over 70% of IDB voting power.
Regional Unity in Uncertain Times
The meeting wrapped up just days before the anticipated implementation of U.S. President Donald Trump’s reciprocal tariffs, expected to take effect on April 2.
“It’s too early to assess the impact,” said Goldfajn, emphasizing instead that “regional integration is what we can and must work on.”
He highlighted the bank’s 48-member structure as a key advantage in uniting efforts and maximizing impact.
Chile’s Role and Looking Ahead to 2026
Mario Marcel, Chile’s Finance Minister and new Board of Governors Chair, recognized that 2025 will be a globally challenging year, reinforcing the need for strong regional communication and coordinated development strategies.
“The tone of the meeting was very constructive,” Marcel said at the press conference, underlining the importance of increasing the quality and volume of IDB operations.
This year’s event began Wednesday with seminars focused on shared priorities such as connectivity, disaster preparedness, and care systems.
New Initiatives and Declarations
The meeting saw the launch of several initiatives:
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IDB Cares: A program to formalize and expand care systems for dependent populations, addressing informal labor in the sector.
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Conexión Sur: A regional integration initiative to boost strategic corridors, value chains, and institutional modernization.
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Ready and Resilient Americas: A $10 million disaster preparedness plan to improve regional capacity and response, given that disasters can lower GDP by 2–4 percentage points.
A total of eleven agreements were signed during the week.
A Look Toward Paraguay 2026
The next annual meeting will be held in Asunción, Paraguay, in March 2026.
“Paraguay wants to show that it’s much more than its numbers,” said Finance Minister Carlos Fernández Valdovinos, adding, “Get ready to be surprised.”
IDB’s Regional Role
Founded in 1959, the IDB provides more than $25 billion annually in financing and aims to exceed $38 billion per year by 2030. It remains a key source of long-term financing for economic, social, and institutional development across Latin America and the Caribbean.
The bank’s top three shareholders are the United States, Argentina, and Brazil, and it is headquartered in Washington, D.C.
The U.S. delegation to the meeting was led by Margaret Kuhlow, Deputy Assistant Secretary for International Development Finance and Policy at the U.S. Treasury Department.
EFE