promote private participation in the sustainable development of the region
In order to facilitate collaboration towards promoting private participation in priority projects in Central America, the Central American Bank for Economic Integration (CABEI) and the International Finance Corporation (IFC) of the World Bank Group signed a Memorandum of Understanding.
Through this cooperation agreement, both institutions will work on identifying and preparing infrastructure projects, as well as on sharing knowledge that facilitate greater participation of the private sector in supporting sustainable and resilient growth in the region. CABEI and IFC will focus on promoting innovative opportunities and initiatives, such as Public-Private Partnerships (PPPs).
CABEI’s executive president, Dr. Dante Mossi, stressed that: “we will join efforts and experiences to make the most of the opportunities and resources of the region, promoting innovative projects that break paradigms and benefit the most vulnerable population, contributing to reducing poverty and inequality, increasing more and more private investment for development.”
Georgina Baker, IFC Vice President for Europe, Central Asia and Latin America and the Caribbean, highlighted that “IFC seeks to partner with other development financial institutions to open investment opportunities for the private sector and meet the critical infrastructure needs of the region.” In this regard, Baker stressed that “private participation in development of infrastructure is important to promote economic development of the region, and can complement public funds in a fiscally constrained post pandemic environment.”
The IFC is the leading international development institution dedicated to promoting economic and social development through encouraging private sector participation in emerging countries. CABEI is an international multilateral development financial institution. Its resources are continuously invested in projects that foster development to reduce poverty and inequality; strengthen regional integration and the competitive insertion of its member countries in the global economy; providing special attention to environmental sustainability.