IDB Offers Aid for Youth, Small Businesses in Latin America, Caribbean

The Inter-American Development Bank has announced initiatives on providing job training to youth and helping small businesses participate in government procurement across Latin America and the Caribbean.

IDB and Microsoft Corp. are offering some $2.8 million to establish a “Youth Technology for Job Insertion Fund” to help improve the information technology skills and economic opportunities of disadvantaged youth in the regions. Argentina-based SES Foundation will serve as the regional executing agency for the fund that seeks to reach as many as 6,000 young people across the regions.

Meantime, a total of $1.2 million in grants from the bank’s Multilateral Investment Fund will be made available to five projects that use information and communication technologies to help small businesses take part in public e-procurement processes in the Bahamas, Brazil, Chile, Ecuador and Nicaragua. The program, “strengthening public procurement systems through ICTs and MSMEs participation,” seeks to build the capacity of more than 500,000 microentrepreneurs to participate in government procurement through 15 projects that will be approved in the next four years.

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About the author

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    Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.