Latest news with #IDB
Qatar Tribune
9 hours ago
- Business
- Qatar Tribune
EAA, IDB launch $100mn initiative to expand education, youth empowerment in Latin America and Caribbean
DOHA: Education Above All (EAA) Foundation and the Inter-American Development Bank (IDB) have announced the renewal of their strategic partnership through 2030 to support out-of-school children and expand economic opportunities for youth across Latin America and the Caribbean. The new agreement aims to mobilise up to $100 million in co-financing over the next five years: $40 million in EAA grants supported by Qatar Fund for Development (QFFD) and $60 million in IDB loans. The initiative will support countries across the region in several key areas: reintegrating out-of-school children into quality primary education, scaling post-secondary and vocational learning, embedding resilience and climate adaptability into secondary curricula, and creating clear pathways to employment and self-employment for youth aged 18–35. Innovative financing mechanisms and regional programs, such as the "ONE Caribbean" initiative, will be leveraged to enhance impact. Acting CEO of EAA Mohammed Al Kubaisi said: "Renewing our partnership with the IDB and supported by our strategic partner QFFD, reaffirms our unwavering commitment to ensuring every child and young person, regardless of circumstance, has access to quality primary education and the tools to shape a better future. By addressing systemic barriers to learning and providing tangible pathways to employment, we are investing in sustainable solutions that empower entire communities." President of the IDB Dr Ilan Goldfajn said: "This partnership is about real outcomes, bringing children back to school, improving the quality of learning, expanding vocational training and connecting youth to the labour market. It reflects our shared commitment to inclusive opportunity and sustainable development in Latin America and the Caribbean." This collaboration began in 2019 and is working to enroll more than 112,000 out-of-school children in Haiti. This new agreement marks an expansion of that work, deepening the focus on youth skills development, resilience building, and innovative, region-wide partnerships.
Qatar Tribune
a day ago
- Business
- Qatar Tribune
EAA, IDB launch $100 mn project to support youth uplift in Latin America
QNA Doha Education Above All (EAA) Foundation and the Inter-American Development Bank (IDB) have announced the renewal of their strategic partnership through 2030 to support out-of-school children and expand economic opportunities for youth across Latin America and the Caribbean. The new agreement aims to mobilise up to $100 million in co-financing over the next five years: $40 million in EAA grants supported by Qatar Fund for Development (QFFD) and $60 million in IDB loans. The initiative will support countries across the region in several key areas: reintegrating out-of-school children into quality primary education, scaling post-secondary and vocational learning, embedding resilience and climate adaptability into secondary curricula, and creating clear pathways to employment and self-employment for youth aged 18-35. Innovative financing mechanisms and regional programmes, such as the 'ONE Caribbean' initiative, will be leveraged to enhance impact. page16
Qatar Tribune
a day ago
- Business
- Qatar Tribune
EAA, IDB launch $100 mn project to empower youth in Latin America and the Caribbean
Tribune News Network Seville Education Above All (EAA) Foundation and the Inter-American Development Bank (IDB) have announced the renewal of their strategic partnership through 2030 to support out-of-school children and expand economic opportunities for youth across Latin America and the Caribbean. The new agreement aims to mobilise up to $100 million in co-financing over the next five years: $40 million in EAA grants supported by Qatar Fund For Development (QFFD) and $60 million in IDB loans. The initiative will support countries across the region in several key areas: reintegrating out-of-school children into quality primary education, scaling post-secondary and vocational learning, embedding resilience and climate adaptability into secondary curricula, and creating clear pathways to employment and self-employment for youth aged 18–35. Innovative financing mechanisms and regional programs—such as the 'ONE Caribbean' initiative, will be leveraged to enhance impact. Mohammed Al Kubaisi, acting CEO of Education Above All Foundation, said: 'Renewing our partnership with the Inter-American Development Bank and supported by our strategic partner QFFD, reaffirms our unwavering commitment to ensuring every child and young person, regardless of circumstance, has access to quality primary education and the tools to shape a better future. By addressing systemic barriers to learning and providing tangible pathways to employment, we are investing in sustainable solutions that empower entire communities.' Commenting on the announcement, Dr. Ilan Goldfajn, president of the Inter-American Development Bank, said: 'This partnership is about real outcomes, bringing children back to school, improving the quality of learning, expanding vocational training and connecting youth to the labour market. It reflects our shared commitment to inclusive opportunity and sustainable development in Latin America and the Caribbean.' This collaboration began in 2019 is working to enroll more than 112,000 out-of-school children in new agreement marks an expansion of that work, deepening the focus on youth skills development, resilience building, and innovative, region-wide partnerships.
Straits Times
a day ago
- Business
- Straits Times
Spain, World Bank launch debt-swap hub to free up development funds
FILE PHOTO: Vehicles pass in front of the World Bank building, which houses the International Centre for Settlement of Investment Disputes, in Washington, D.C. on May 20, 2022. Picture taken with a long exposure. Picture taken May 20, 2022. REUTERS/Raphael Satter/File Photo LONDON - Spain has partnered with the World Bank to help countries free up money to spend on sustainable development projects via debt swaps, the country's Ministry of Economy said on Tuesday. With rich governments cutting official development aid and many countries spending more on servicing debt than on development, nations are turning to creative ways to find cash to support projects ranging from protecting coral reefs to paying for water sanitation projects and schools. The Global Hub for Debt Swaps for Development, launched at the Finance for Development summit in the Spanish city of Seville, will provide technical and financial assistance as countries look to reallocate finance to projects like food security and climate adaptation, the Spanish government said. Nations from Barbados to the Ivory Coast have used debt-swap mechanisms in the last year to buy back more expensive loans or bonds and refinance them at cheaper rates, while pledging to use the savings for social and environmental projects. But critics say such deals can be time-consuming, costly and hard to replicate, which has prevented more widespread adoption of a tool advocates say is critical to helping countries reduce debt burdens and address development issues. "We have heard loud and clear the message from many countries: we need practical tools that make debt swaps simpler, faster, and more accessible," Spain's Minister of Economy, Trade, and Business Carlos Cuerpo said. Spain will contribute 3 million euros ($3.54 million) to support the Hub, while the World Bank said it will host a "multi-partner trust fund to finance technical assistance". "By turning successful pilot projects into repeatable solutions, we can ease debt burdens and unlock investments in education, health, and opportunity," World Bank Group President Ajay Banga said. Efforts by multilateral lenders and governments to support the market have materialized amid concerns that crucial U.S. backing for such deals - particularly those with a climate or nature focus - is drying up under President Donald Trump. As of July 1, no market-based deals had been completed. Still, demand for broader development swaps remains strong, Inter–American Development Bank (IDB) President Ilan Goldfajn said at a news conference in Seville on Tuesday. The IDB has been involved in five of the last nine debt-for-nature swaps. "We are getting demand for debt for education, debt for health," he said. "Those are things that have been under construction. Let's see how they evolve." In an effort to spur wider adoption of debt swaps, a group of investors and development bank professionals, lawyers and non-governmental organizations convened by the Nature Conservancy, which has spearheaded the nature-swap market, on Tuesday published a best practices guide for such deals. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
TimesLIVE
a day ago
- Business
- TimesLIVE
IDB to boost climate finance support by at least $11bn
The Inter-American Development Bank (IDB) aims to unlock at least $11bn (R193.57bn) in fresh climate finance through a series of initiatives to help countries cope with the impact of global warming that will attract private funds, its president told Reuters. As many governments cut official development aid, multilateral lenders such as the IDB are being urged to squeeze more from what they have. From the sidelines of the Fourth International Conference on Financing for Development, Ilan Goldfajn said the series of steps taken by the IDB would hopefully yield more money from the private sector — a key aim of the conference. 'We're not just announcing ideas — we're launching things the private sector is asking for: credible tools, scalable platforms and real opportunities to invest with impact and confidence,' he said. The biggest share of new support would come from the launch of a new platform to help countries manage the risk that their currency swings in value, something that has long deterred investors as it makes it harder to predict their returns. After working on a similar project with Brazil that drew in $8bn (R140.78bn) from the private sector, the plan is to expand it to two or more new countries over the next three years and at least double the money mobilised. Dubbed FX EDGE, the initiative will offer a line of credit that kicks in if a currency falls sharply, thereby helping projects with local currency revenues meet their overseas payment obligations. The platform would also look to scale up use of long-term currency hedging instruments such as derivatives through local banks and financial institutions, backed by the IDB's credit rating. In collaboration with the World Bank, the IDB also plans to issue up to $1bn (R17.59bn) in so-called Amazonia Bonds, which it launched on a trial basis last year to help curb deforestation of the world's biggest rainforest and support its communities. The specially supported Amazonia framework is expected to be embraced by countries including Brazil, Colombia, Peru, Bolivia and Ecuador as they try to protect an area that covers more than six-million km² and is home to more than 10% of all known animals and plants on Earth. In another move, the IDB would increase the number of countries able to access a newly enlarged $5bn (R88.02bn) emergency relief pot called the Contingent Credit Facility for Natural Disasters, Goldfajn said. With other top multilateral development banks it will scale up its Climate Resilient Debt Clauses — which give countries the option to suspend loan payments for up to two years when disasters strike. By 2026, the IDB will provide $4.2bn (R73.91bn) in total coverage. In addition, the bank has created the Regional Disaster Risk Transfer Programme, which would allow countries to transfer the risks of extreme weather events to the insurance and capital markets, Goldfajn said. A separate Business Resilience Programme, run by IDB Invest, would introduce new debt clauses into contracts with private companies to help cushion them from climate risks. 'Each of these is important on its own — but together they show how development banks can move the needle by tailoring risk for investors,' Goldfajn said.
