{"id":79670,"date":"2023-09-01T15:47:42","date_gmt":"2023-09-01T13:47:42","guid":{"rendered":"https:\/\/efecomunica.efe.com\/?p=79670"},"modified":"2023-09-01T16:04:47","modified_gmt":"2023-09-01T14:04:47","slug":"ilan-goldfajn-latin-american-governments-may-change-but-idb-remains-constant","status":"publish","type":"post","link":"https:\/\/efecomunica.efe.com\/en\/ilan-goldfajn-latin-american-governments-may-change-but-idb-remains-constant\/","title":{"rendered":"Ilan Goldfajn: Latin American governments may change, but IDB remains constant"},"content":{"rendered":"

Paula Escalada Medrano<\/p>\n

Washington, Sep 1 (EFE).- Despite political<\/strong> cycles and frequent government changes<\/strong> in Latin American countries, the Inter-American Development Bank (IDB)<\/strong><\/a> remains a constant thread throughout the region, its president, Brazilian Ilan Goldfajn<\/strong>, told EFE in an interview, eight months after taking office.<\/p>\n

\n

“Despite political shifts, IDB is the consistent thread. Governments often change, but IDB stays because our projects are long-term,” he said.<\/h4>\n<\/blockquote>\n

Goldfajn, who assumed leadership in December 2022<\/strong>, aims to boost the bank’s efficiency<\/strong> in a region expected to play a key role in the coming years.<\/p>\n

FINANCE IN COMMON<\/strong><\/h3>\n

In three days, Cartagena, Colombia is to host the fourth edition of the Finance in Common Summit (FiCS)<\/strong><\/a>, the world’s largest<\/strong> developmental banking gathering<\/strong>, with IDB<\/strong> as one of its organizers. The summit aims to unite<\/strong> international, national, and multilateral development banks to discuss, among other issues, collaboration to bridge the financing gap<\/strong>.<\/p>\n

IDB data suggests that global investments<\/strong> between $3.3 and $4.5 trillion<\/strong> more than current levels are required to achieve the UN’s Sustainable<\/strong> Development Goals and the Paris Agreement’s<\/strong> temperature and adaptation objectives.<\/p>\n

\n

“We are realizing that we need more, not just for adapting to climate change on a continent heavily impacted by disasters, but also to meet the immense demand for social change in Latin America. There’s a lot of impatience regarding political changes since inequality and poverty rates are extremely high,” he said.<\/h4>\n<\/blockquote>\n
\"WASHINGTON,
WASHINGTON, 08\/31\/2023.- File photograph dated April 18, 2023, showing the president of the Inter-American Development Bank, Ilan Goldfajn, during his participation in the EFEDialogues forum: “Latin America, the Eternal Promise,” held in Washington. Despite the political cycles and government changes that occur in Latin American countries, the Inter-American Development Bank is always present, serving as the “guiding thread” of the region, the Brazilian Goldfajn, said in an interview with EFE, eight months after taking over the IDB. EFE\/ Lenin Nolly \/FILE.<\/figcaption><\/figure>\n

Goldfajn asserted that “the role<\/strong> of institutions like IDB is becoming increasingly crucial<\/strong>” and events like the FiCS<\/strong> summit offer a “huge opportunity<\/strong>” for developmental banks to have “more impact.”<\/p>\n

LATIN AMERICA’S TIME<\/strong><\/h3>\n

This is the first<\/strong> time the summit is to be held in Latin America<\/strong>. Goldfajn highlighted IDB’s goal to demonstrate that the region has “either the solution<\/strong> or a part of the solution to global problems<\/strong>.”<\/p>\n

He noted that the area is “highly advanced<\/strong> in terms of renewable<\/strong> energy,” meaning that “soon, with investments, it could export clean<\/strong> energy globally.”<\/p>\n

\n

“With investments in food production, Latin America can be the solution to not only regional but global food security issues,” he said.<\/h4>\n<\/blockquote>\n

For Goldfajn, the opportunities<\/strong> are boundless, largely because “the investment<\/strong> rate in Latin America is generally lower than it should be” for various reasons, including the private sector’s \u201crisk aversion,\u201d which makes \u201cboosting investment in the region<\/strong>\u201d challenging.<\/p>\n

However, he said he believed that perception<\/strong> “is changing” and “the world is looking at Latin America as part of the solution<\/strong>.”<\/p>\n

“People view Latin America as a significant ally<\/strong>. It’s a largely democratic<\/strong> region, with some exceptions, and shares values in an increasingly polarized world with growing geopolitical<\/strong> frictions,” he said.<\/p>\n

THE PIVOTAL ROLE OF PUBLIC BANKS<\/strong><\/h3>\n

Under the banner<\/strong> “Building new partnerships<\/strong> for the next generation of development<\/strong> financing,” the summit will focus on four themes<\/strong>: SMEs and financial inclusion; climate and biodiversity; sustainable infrastructure; and the agenda for strengthening institutional capacity for Public Development Banks.<\/p>\n

This last point, Goldfajn emphasized, is critical to enhance the efficacy<\/strong> of institutions like IDB.<\/p>\n

\n

“Public banks, through commercial ones, have a way to reach the large projects we target,” he said.<\/strong><\/h4>\n<\/blockquote>\n

In line with the goal of boosting biodiversity<\/strong> investment, a “green coalition<\/strong>” was recently established with eight public banks in the Amazon<\/strong> region.<\/p>\n

“We’re about to announce an initiative allocating nearly $1 billion for small businesses in the Amazon, accessed through public banks,” he revealed.<\/strong><\/h4>\n

According to IDB, there are approximately 520 public development<\/strong> banks with $23 trillion in assets, responsible for $2.7 trillion in development financing<\/strong> in 2022, or 12% of the global investment<\/strong>. EFE<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Paula Escalada Medrano Washington, Sep 1 (EFE).- Despite political cycles and frequent government changes in Latin American countries, the Inter-American Development Bank (IDB) remains a constant thread throughout the region, […]<\/p>\n","protected":false},"author":198164071,"featured_media":79671,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123771],"tags":[],"class_list":["post-79670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"acf":[],"yoast_head":"\nIlan Goldfajn: Latin American governments may change, but IDB remains constant - EFE Comunica<\/title>\n<meta name=\"description\" content=\"Paula Escalada Medrano Washington, Sep 1 (EFE).- Despite political cycles and frequent government changes in Latin American countries, the Inter-American\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/efecomunica.efe.com\/en\/ilan-goldfajn-latin-american-governments-may-change-but-idb-remains-constant\/\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Ilan Goldfajn: Latin American governments may change, but IDB remains constant - 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