Latest news with #IlanGoldfajn
Qatar Tribune
02-07-2025
- 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
01-07-2025
- 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.
TimesLIVE
01-07-2025
- 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.
Yahoo
01-07-2025
- Business
- Yahoo
Exclusive-IDB to boost climate finance support by at least $11 billion
By Simon Jessop, Marc Jones and David Latona SEVILLE (Reuters) -The Inter-American Development Bank aims to unlock at least $11 billion in fresh climate finance through a series of initiatives to help countries cope with the impacts 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 4th International Conference on Financing for Development, Ilan Goldfajn said the series of steps taken by the IDB would hopefully yield even more money from the private sector - a key aim of the conference. "We're not just announcing ideas — we're launching things that 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 $8 billion 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 $1 billion 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 6 million square kilometres (2.3 million square miles) 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 $5 billion emergency relief pot called the Contingent Credit Facility for Natural Disasters, Goldfajn said. Alongside 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 $4.2 billion in total coverage. In addition, the bank has created the Regional Disaster Risk Transfer Program, which would allow countries to transfer the risks of extreme weather events to the insurance and capital markets, Goldfajn said. A separate Business Resilience Program, meanwhile, 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 really move the needle by tailoring risk for investors," Goldfajn said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
01-07-2025
- Business
- Yahoo
Exclusive-IDB to boost climate finance support by at least $11 billion
By Simon Jessop, Marc Jones and David Latona SEVILLE (Reuters) -The Inter-American Development Bank aims to unlock at least $11 billion in fresh climate finance through a series of initiatives to help countries cope with the impacts 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 4th International Conference on Financing for Development, Ilan Goldfajn said the series of steps taken by the IDB would hopefully yield even more money from the private sector - a key aim of the conference. "We're not just announcing ideas — we're launching things that 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 $8 billion 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 $1 billion 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 6 million square kilometres (2.3 million square miles) 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 $5 billion emergency relief pot called the Contingent Credit Facility for Natural Disasters, Goldfajn said. Alongside 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 $4.2 billion in total coverage. In addition, the bank has created the Regional Disaster Risk Transfer Program, which would allow countries to transfer the risks of extreme weather events to the insurance and capital markets, Goldfajn said. A separate Business Resilience Program, meanwhile, 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 really move the needle by tailoring risk for investors," Goldfajn said.
