IFC, IBRD, and MIGA have joined forces with four other development banks to coordinate crisis-response initiatives and spur economic recovery in Latin America and the Caribbean.
The multilaterals will provide up to $90 billion over the next two years, thereby doubling their support to region compared to previous years.
This joint effort, announced in April 2009, aims to protect the region's social gains of the past few years. It also sends a positive signal to the markets and shows that multilateral development banks can work together effectively in times of crisis.
IFC's Participation
IFC will contribute $7.9 billion over two years, including $2.9 billion from the implementation of our crisis-response initiatives in Latin America and the Caribbean. We aim to mobilize an additional $5.3 billion through our trade finance programs, raising IFC's potential contribution to more than $13 billion.
IFC's crisis-response initiatives in the region focus on the financial sector, trade finance, and infrastructure. We are also strengthening support to private-sector projects that address the needs of people at the bottom of the economic pyramid, helping mitigate the impact of the crisis on those who are more vulnerable.
