The World Bank has partnered with the Inter-American Development Bank to offer customers in Latin America and the Caribbean new opportunities and boots development. The World Bank signed a memorandum of understanding at the Inter-American Development Bank’s headquarters, aiming to improve the support for net-zero-deforestation efforts in the region of Amazon.

This memorandum focuses also on the process of strengthening the Caribbean’s resilience to natural disasters, as well as bridging the digital-access gap across the Caribbean and Latin America. Furthermore, the political-risk insurance arm of the World Bank MIGA, together with the private-sector arm of the Inter-American Development Group, agreed to sign a partnership in order to mitigate the possible political risks in the region. The two enterprises are set to work alongside the World Bank’s International Finance Corporation (IFC) to provide more private sector investment into the area.

More information on the partnership Both the World Bank and the Inter-American Development Bank are set to provide sustainable bio-economies in the Amazon region, as well as improve the procedure of growth in the Caribbean resilience, bring digital services and divides, as well as to reduce access gaps in multiple areas, including education. In Amazon, the companies are set to combine their services and expertise in order to support countries in their process of transition to net-zero-deforestation. This part of the partnership focuses on pursuing an improved livelihood of people and individuals, as well as preserving the ecosystem, including through effective and secure financial instruments and solutions.

Moreover, the agreement will prioritise the delivery of an improved manner in which countries can manage disasters and climate shocks, while also developing financial protection mechanisms for the moments when catastrophes happen. In addition to this, the financial institutions will also be committed to promoting the overall digital development of the region. The action plan proposed for the partnership also focuses on the acceleration of the socioeconomic development and growth of the specific market, as the digital infrastructure and connectivity provided by the firms can contribute to this process.

The World Bank and the IDB are set to design plans to close the digital gap that is currently present in education by using the Connected Schools for AI initiative. The banks aim to ensure that young students and people have the needed services and tools for a proper education. A pilot programme will also bring connectivity with the underserved places in the region, in order to offer individuals access to the internet and provide them with new opportunities.

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