{"id":155854,"date":"2025-03-27T23:11:54","date_gmt":"2025-03-27T22:11:54","guid":{"rendered":"https:\/\/efecomunica.efe.com\/?p=155854"},"modified":"2025-03-27T23:51:36","modified_gmt":"2025-03-27T22:51:36","slug":"idb-launches-bid-cuida-a-care-plan-aimed-at-reducing-inequality","status":"publish","type":"post","link":"https:\/\/efecomunica.efe.com\/en\/idb-launches-bid-cuida-a-care-plan-aimed-at-reducing-inequality\/","title":{"rendered":"IDB launches BID Cuida, a care plan aimed at reducing inequality"},"content":{"rendered":"

Santiago, Mar. 27 (EFE)<\/strong> \u2013 The Inter-American Development Bank<\/a> (IDB) on Thursday unveiled BID Cuida<\/strong>, a new initiative aimed at strengthening care systems<\/strong> for dependent populations in Latin America and the Caribbean<\/strong>, with the goal of fostering economic growth<\/strong> and reducing inequality<\/strong>.<\/p>\n

The launch took place during the IDB\u2019s annual meetings in Santiago, Chile<\/strong>, which began Wednesday with thematic seminars. From Friday through Sunday, the meetings will include the 65th IDB Board of Governors Assembly<\/strong> and the 39th Assembly of IDB Invest<\/a><\/strong>, the bank\u2019s private-sector arm.<\/p>\n

IDB President Ilan Goldfajn<\/strong><\/a> highlighted the universal need for care: \u201cOne thing all families have in common is that there is always someone who needs help.\u201d He emphasized that care work<\/strong> refers not only to support for children and dependent elderly people but also to domestic labor<\/strong>, which \u201cgoes far beyond the household and is a vital economic resource.\u201d<\/p>\n

\"President
President of the ASTUR Foundation and former IDB president Enrique Iglesias takes part in the second day of the 2025 Annual Meetings of the IDB and IDB Invest Boards of Governors in Santiago, Chile. EFE\/Elvis Gonz\u00e1lez<\/figcaption><\/figure>\n

Care Work: A Key Economic Driver in Latin America<\/h3>\n

Diana Rodr\u00edguez<\/strong>, the IDB\u2019s Special Advisor on Gender and Diversity, described care services as \u201cthe engine of the economy,\u201d enabling all other types of work. She noted that despite its critical role, care work remains largely invisible, informal, and disproportionately performed by women<\/strong>.<\/p>\n

If all unpaid and underpaid care work were compensated, it would account for an average of 21% of GDP<\/strong> in Latin America and the Caribbean, according to IDB figures. The sector is plagued by low wages, lack of professional development opportunities<\/strong>, and high levels of informality<\/strong>. Projections indicate that by 2050, the region will require 14 million professional caregivers<\/strong> for the elderly\u2014nearly five times the current number<\/strong>.<\/p>\n

The region\u2019s demographic profile is also shifting rapidly. The IDB reports that today, eight million elderly individuals<\/strong> require care, a figure expected to triple by mid-century<\/strong>.<\/p>\n

\u201cThis is contrary to the image we used to have of a Latin America full of children running around,\u201d Rodr\u00edguez said.<\/p>\n

\"Brazil\u2019s
Brazil\u2019s National Secretary for Care and Family at the Ministry of Social Development, Family, and the Fight Against Hunger, Lais Abramo, speaks during the second day of the 2025 Annual Meetings of the IDB and IDB Invest Boards of Governors in Santiago. EFE\/Elvis Gonz\u00e1lez<\/figcaption><\/figure>\n
\"Special
Special Advisor on Gender and Diversity to the President of the Inter-American Development Bank, Diana Rodr\u00edguez Franco, takes part in the second day of the 2025 Annual Meetings of the IDB and IDB Invest Boards of Governors, this Thursday in Santiago. EFE\/Elvis Gonz\u00e1lez<\/figcaption><\/figure>\n

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BID Cuida\u2019s Vision for Professional, Equitable Care<\/h3>\n

BID Cuida<\/strong> aims to help countries develop comprehensive care systems<\/strong> that organize services, enforce quality standards<\/strong>, and promote the professionalization and formalization<\/strong> of caregivers. The strategy includes reinforcing institutional frameworks, increasing investment in high-quality services, and creating a more equitable distribution of care responsibilities among genders and sectors.<\/p>\n

New mechanisms such as standardized contracts, online caregiver registries, and cooperative-based employment models<\/strong> are being encouraged to promote formality and sustainability in the care sector.<\/p>\n

According to the IDB, better care systems generate widespread benefits. Children enjoy improved health and learning outcomes, health systems reduce hospital costs, and businesses see fewer employee absences related to caregiving duties.<\/p>\n

\"IDB
IDB Governor and Costa Rican Finance Minister Nogui Acosta Ja\u00e9n takes part in the second day of the 2025 Annual Meetings of the IDB and IDB Invest Boards of Governors in Santiago. EFE\/Elvis Gonz\u00e1lez<\/figcaption><\/figure>\n
\"Inter-American
Inter-American Development Bank President Ilan Goldfajn speaks as part of the IDB initiative Expanding quality care to drive growth and reduce inequality during the second day of the 2025 Annual Meetings of the IDB and IDB Invest Boards of Governors in Santiago. EFE\/Elvis Gonz\u00e1lez<\/figcaption><\/figure>\n

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A Public-Private Approach to Transforming the Sector<\/h3>\n

IDB officials stressed that public-private collaboration<\/strong> is crucial to the success of BID Cuida. While the public sector typically finances part of long-term care, most service providers are private. Governments must create conditions that facilitate innovation and entrepreneurship<\/strong> in the care economy.<\/p>\n

The IDB already offers technical and financial assistance<\/strong> to governments throughout the region in areas such as regulation, data, caregiver support, and service financing. What\u2019s new is BID Cuida\u2019s broader and more integrated approach.<\/p>\n

\u201cUntil now, support was more isolated and mainly in the public sector,\u201d Rodr\u00edguez explained.<\/p>\n

BID Cuida is intentionally designed as a flexible framework<\/strong>\u2014not a top-down, one-size-fits-all model. It responds to the unique demands of each country and does not come with pre-packaged funding. Instead, the IDB will negotiate terms individually<\/strong> with each participating country to ensure alignment with national needs. EFE<\/p>\n