Summit of the Americas: the IDB announced a reform to give greater prominence to the private sector

Mauricio Claver-Carone, president of the Inter-American Development Bank (EFE/Giorgio Viera) (Giorgio Viera/)

The president of the Inter-American Development Bank (IDB), Mauricio Claver Caroneanticipated on Tuesday a reform in the entity with which it intends to give greater prominence to the private sector and thus double financing in the region.

“Our goal is equate the sovereign portfolio and the private sector portfoliowhich would basically double the financing that we are carrying out,” Claver-Carone said in an interview with the agency. EFEwithin the framework of an IDB event in Los Angeles (USA), within the IX Summit of the Americas.

The idea is to strengthen Bid Invest, which is the investment arm in the private sector of the IDB, and create a “new model” that is capable of “mobilizing” a large amount of resources that are currently dammed up and waiting to find a destination.

“It is the first private arm” of an international institution “that is going to be purely a bank for mobilization of the private sector, it is Bid Invest 2.0”, he indicated.

Mauricio Claver Carone He is the first American president of the Inter-American Development Bank (IDB). The election of him, after 15 years of mandate of the Colombian Luis Alberto Moreno and after leaving the Argentine on the way Gustavo Beliz and the Costa Rican Laura Chinchillait was a personal bet of the then president donald trump to try to counteract from the IDB the growing Chinese influence in Latin America.

Verbosity, this son of a Spaniard and a Cuban born in Miamiformer director of IMFadviser to National Security Council and fierce denouncer of the dictatorships of Havana Y Caracasduring an interview with InfobaeI had already anticipated that his greatest obsession is that the IDB Be a mobilizer of private investment either as seed capital for innovative projects or as guarantor and risk mitigator.

The logo of the Inter-American Development Bank (REUTERS / Carlos Jasso)
The logo of the Inter-American Development Bank (REUTERS / Carlos Jasso) (Carlos Jasso /)

The Government of the President of the United States, Joe Biden has already advanced this reform, which he plans to present at the IX Summit of the Americas, which takes place in the Californian city until next Friday.

Today we are billion dollar institutions, but the problems in the world are trillions of dollars”, justified the president of the IDB, they want to remark that it is the private sector where more money can be mobilized.

And he added that “governments can continue to put money to support the region on the sovereign side, but it is limited.”

Claver-Carone explained that will use the “triple AAA credit rating to originate projects and mitigate risks”, in order to “mobilize the private sector more”.

“Basically we would be like a conduit for private sector investments -he added-, creating the additional impact of development on those investments in the region”.

According to Claver-Carone, this new concept was approved by the bank’s governors in March and at the end of September they will present all the questions related to the necessary resources and governance.

(With information from EFE)

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