The IDB also worked with 16 countries to identify critical export and supply-chain advantages, including, for example, in Costa Rica’s semiconductor sector and the textile sector in Central American countries. This will help countries take advantage of a tangible new opportunity, amplified by the pandemic and the global supply-chain crisis, to attract foreign direct investment and increase exports of goods and services. Funding will also help improve digital-skills training to enrich the region’s human capital.Īmid a historic reconfiguration of international trade, the IDB approved $2.3 billion to strengthen regional supply chains, nearly doubling the average amount of the three years before the pandemic. New projects and financing will accelerate digitalization so countries can improve public services, expand educational access, increase transparency and combat corruption.
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In the context of COVID-19, financing helped countries secure life-saving vaccines and increased access to credit so that small and midsize companies, the main drivers of employment, can expand their businesses. In total, the IDB approved 103 projects in 2021 for a total of $14.5 billion, while disbursements reached $12.5 billion.
“The pandemic created unprecedented challenges, but it also opened historic opportunities for Latin America and the Caribbean to grow, especially in areas including digitalization, nearshoring and supply chains – and we are proud to be there, focused on helping countries seize those opportunities,” he added.
We did so by listening carefully to our clients and member countries and by leveraging our exceptional human capital to create innovative financing and private-sector partnerships that will accelerate the region’s recovery,” said IDB President Mauricio Claver-Carone. “This year, we demonstrated how a 21st-century IDB can empower countries to overcome unimaginable challenges and pave the way to a new decade of prosperity. The region also continues to face high inequality and serious economic and social challenges. Home to about 8% of the world’s population, it accounts for almost a third of all COVID-19 deaths – over 1.5 million people. Latin America and the Caribbean is the region hardest hit by the pandemic. IDB, IDB Invest and IDB Lab Financing, 2018-2021 (US$ millions) The following chart puts the updated 2021 numbers in context. The combination of sovereign-guaranteed approvals, including grants and partnerships, and private-sector financial commitments and mobilizations, as well as financing from IDB Lab, totaled nearly $23.4 billion. The funding will also help reduce gender inequality, expand entrepreneurial ecosystems, and empower small and midsize companies, which account for over two-thirds of the region’s jobs. The financing is helping countries to invest in priorities ranging from COVID-19 healthcare and digitalization to climate change action, supply chains and education. The Inter-American Development Bank (IDB) and its private-sector arm, IDB Invest, closed the year 2021 with nearly $23.4 billion in new financing, commitments and mobilizations for Latin America and the Caribbean, as the two institutions helped countries recover from the pandemic and usher in an era of sustainable and inclusive growth. IDB Invest mobilized a record $3 billion, up from a previous estimate of $2.8 billion.Updated data, including mobilization figures, show that total financing from both institutions reached a higher, record sum. A previous version of this press release reported that new IDB loan approvals and commitments from IDB Invest were expected to total nearly $20 billion in 2021.
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