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IDB warns Latin America and Caribbean face uphill task in meeting UN SDGs

Jul 21, 2019 News

GUAYAQUIL, Ecuador (CMC) – The Inter-American Development Bank (IDB) says in order to achieve the United Nations Sustainable Development Goals, Latin America and the Caribbean (LAC) countries will need resources that far exceed what the public sector or multilateral banking institutions can generate.
The IDB ended its 80th annual meeting here on Friday after discussing the challenges facing Latin America and the Caribbean as the region seeks to boost growth at a complex moment for the global economy.
It said recognizing the difficulties that governments face in obtaining the funds needed to achieve the UN Sustainable Development Goals, the IDB updated its institutional strategy for 2020-2023, that is intended to increase resource mobilization from new sources, such as private pension funds, in order to leverage IDB loans.
It said also that the strategy seeks to accelerate progress on gender equality and diversity, climate change and environmental sustainability, institutional capacity and the rule of law.
According to the IDB, in order to achieve the UN Sustainable Development Goals, the countries of the region will need resources that far exceed what the public sector or multilateral banking institutions can generate.
“According to IDB calculations, the gap in development financing for Latin America and the Caribbean is equivalent to US$650 billion per year. That figure is 38 times more than what the IDB Group approved last year.
“It is difficult to obtain these additional resources, in part because of the risk profile of the economies of the region, and in part because some countries are approaching an average-income level that no longer qualifies for international assistance.
“As such, the IDB is promoting a systematic strategy for building alliances and mobilizing resources with donor countries, foundations and the private sector, which includes generating financial guarantees to facilitate the participation of institutional investors,” the IDB said in a statement.
It said that last year, with a historic sum of US$17 billion in approved loans, the IDB and IDB Invest consolidated their position as the principal source of multilateral financing for Latin America and the Caribbean.
The IDB approved 96 sovereign guaranteed loan projects with total financing of more than US$13.4 billion and disbursed more than US$9.9 billion.
“The year 2018 was a record year for IDB Invest, with approvals of four billion US dollars, representing a 26 percent increase in volume and a 21 per cent increase in number of transactions compared to the previous year. IDB Invest expanded its support to sectors such as infrastructure and Fintech, in addition to education, tourism, water and sanitation, transportation and energy.”

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