The Inter-American Development Bank’s annual meeting has concluded with a lot of promise for businesses in the region, from the establishment of a new Chinese cofinanced fund to a plan to streamline the activities of the bank’s private sector windows.
On Sunday, the bank’s board of governors tasked IDB to produce a proposal concerning the reform of its private sector operations. The deadline: Oct. 31.
The decision follows a report from the Office of Evaluation and Oversight, which underscored the potential with “better integration” of IDB’s private sector activities. At present, the bank has four private sector windows, each focused on a particular business sector. For instance, the Inter-American Investment Corp. focuses on small and medium-sized enterprises, while the Multilateral Investment Fund mostly supports microenterprises.
“It is essential that we transform, modernize and consolidate the IDB Group’s private sector windows,” newly elected IDB chair Frank de Lima said, arguing that the private sector is “an important engine” of the region’s economies.