The Inter-American Development Bank (IDB) and FONPLATA formalized a cooperation framework to promote and develop joint programs, projects, and initiatives in priority sectors to accelerate regional integration in Latin America. 

The agreement was signed during the Annual Meetings of the board of governors of the IDB and IDB Invest, held in Santiago, Chile. Under this agreement, the IDB and FONPLATA will explore co-financing opportunities, with a particular focus on IDB’s Routes for Integration initiative—an alliance launched in 2023 between the IDB, FONPLATA, Brazil’s National Bank for Economic and Social Development (BNDES), and CAF – Development Bank of Latin America and the Caribbean—seeking to provide financial and technical support for strategic infrastructure projects aimed at creating a South American network of interconnected routes that foster regional integration and development. 

Additionally, the IDB and FONPLATA, agreed to develop knowledge exchange programs in areas such as institutional strategy development and risk management through temporary staff assignments, internships, and knowledge-sharing missions. Both organizations will also promote the design and implementation of innovative financial instruments, such as Exposure Exchange Agreements, to expand the reach of allocated financing and enhance collaboration in key areas. 

The new cooperation framework builds upon previous collaboration efforts, including a Memorandum of Understanding signed in 2020 between the IDB, CAF, and FONPLATA, which established the Alliance for Regional Integration (ILAT, for its acronym in Spanish), as well as the Declaration of Sucre, signed in June 2024, which emphasizes the complementarity of development banks in the region. 

"By working as a system, where each development bank plays a complementary role, we can maximize our impact and extend our reach to better address the needs of our countries. This alliance enables us to expand financing, exchange strategic knowledge, and collaborate on innovative financial instruments, all with the goal of fostering more sustainable and inclusive growth for our member countries," said Luciana Botafogo, FONPLATA Executive President.  

03/27/2024