The World Bank mobilized over $14.4 billion in lending and guarantees to support sustainable development and poverty reduction in Latin American and the Caribbean during the 2019 fiscal year ending June 30.
“We have one overriding priority in Latin America and the Caribbean: to eliminate poverty and improve the lives of the people in the region,” said World Bank Vice President for Latin America and the Caribbean (LAC) Axel van Trotsenburg. “That means laying the foundations for inclusive economic growth, investing in people, and building resilience.”
The World Bank provided financial support for close to 40 new projects during the last fiscal year. These projects focused on policy and economic reforms, inclusion, climate change and human capital development. Examples of World Bank lending include: the Quito Metro Line One Project in Ecuador, done in collaboration with other multilateral development banks; a US$750 million operation to Colombia to support fiscal sustainability and competitiveness, also addressing the impact of the migration crisis in the country; and a $27 million operation to help Dominica recover from Hurricane Maria, which damaged 75% of its power network, by supporting the construction of a seven-megawatt geothermal power plant.
A few examples of the IFC lending include the financing of a wind farm in Argentina that will inject approximately 390 gigawatt-hours of electricity per year into the country’s electricity grid, contributing towards its target of achieving 20% of its total generation from renewable sources by 2025; the expansion of Clinicas del Azucar in Mexico, a chain of specialized diabetes clinics.
“We have stepped up our efforts in the last 12 months to help the private sector in Latin America and the Caribbean carry out new projects that are focused on solving some of the region’s most critical development challenges,” said Georgina Baker, IFC Vice President for Latin America and the Caribbean. “We are working closely with the private sector in the region to help mitigate climate change, create more jobs, more affordable housing, better transportation options, and more livable cities,” she said.
The strong results of the last fiscal year are a testimony to the World Bank Group’s deep engagement in Latin America and the Caribbean. The World Bank Group will continue to work closely with governments, the private sector, and civil society to promote inclusive growth and help in creating more jobs and opportunities for all across the region.
Original source: World Bank
Published on 19 July 2019
