World Bank and IDB to scale up development initiatives across Western Hemisphere

The MoU aims at fighting climate change along with other global challenges

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The World Bank and Inter-American Development Bank (IDB) said on Thursday that they plan to deepen their cooperation on Western Hemisphere development efforts, including preserving the Amazon rain forest, Caribbean disaster resilience and digital access across Latin America.

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The four-year agreement to be signed on Thursday, makes good on a pledge that World Bank President Ajay Banga and IDB President Ilan Goldfajn made in June, during a joint trip to Peru and Jamaica, to collaborate more and compete less on projects as both institutions seek to scale up financing for development and to fight climate change along other global crises.

The two development banks said a memorandum of understanding calls for the two institutions to cooperate in the planning and execution of programs and activities in “areas of common interest,” and collaborate on research, conferences, training seminars and dissemination of information.

They also agreed to collaborate on ways to join with other entities, including the private sector, to leverage resources and pursue similar goals.

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