These are the Inter-American Development Bank (IDB), Fonplata-Development Bank, CAF-Development Bank of Latin America and the Caribbean and the Central American Economic Integration Bank (CABEI) that signed the document to optimize the performance of these multilateral organizations to through closer and more coordinated cooperation.
“This commitment seeks to maximize the impact of the interventions,” said the general manager of the IDB Andean Group Countries Department, Miguel Coronado.
The expert highlighted the importance of the joint work of multilateral banks in key areas such as the co-financing of programs and projects, as well as the development of innovative financial instruments and the exchange of knowledge and good practices.
The text of the Sucre Declaration establishes three strategic pillars to promote coordinated work.
The fight against climate change appears first, with a proactive focus on adaptation and mitigation, while seeking to convert environmental challenges into opportunities for improvement for the future of the planet.
This commitment includes promoting actions that protect vulnerable communities and ecosystems, while promoting long-term sustainability.
A second pillar is regional integration with the commitment of institutions to promote joint infrastructure projects, such as the construction of roads, bridges, energy networks and initiatives such as “routes for integration.”
According to the document, these actions seek to facilitate trade and sustainable mobility within the region, with a view to creating an environment conducive to joint development.
The Declaration also expresses its support for vulnerable populations, stating that multilateral banks will work to reduce inequalities and strengthen social cohesion through inclusive projects that benefit the most disadvantaged groups.
He adds that this involves a focus on inclusive development, with guarantees that all people have the opportunity to reach their full potential.
The text sealed in Sucre represents a milestone in the construction of a new regional financial architecture because it lays the foundations to catalyze resources and enhance sustainable development in Latin America and the Caribbean, according to an institutional report.
Its signatories reaffirmed their commitment to working together with the aim of contributing to the inclusive and sustainable development of the region.
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