Austria has provided €1 million ($1.2 million) to a multidonor fund administered by the Inter-American Development Bank.
The contribution was made at the annual IDB board of governors’ meeting, which took place in Montevideo in Uruguay. The fund is part of IDB’s sustainable emerging cities initiative, which was launched last year.
The fund will be of help to cities wishing to use the bank’s diagnostic and planning methodology to develop long-term strategies for environmental, urban, governance and fiscal sustainability. It is part of the bank’s plan to expand the initiative to include more cities from its 26 borrowing member countries in the next five years.
IDB President Luis Alberto Moreno said the initiative will identify cities in Bolivia, Argentina, Colombia, Nicaragua and Jamaica this year. But he said donor governments, firms and foundations are welcome to sponsor the participation of other cities. FEMSA Foundation and the International Community Foundation recently agreed to sponsor the city of La Paz in Baja California, Mexico.
Apart from Austria, the Nordic Development Fund has announced it will contribute €2.1 million to the fund.
Read more:
MapAmericas: A one-stop shop for IDB-financed development projects
New IDB funds for security, economic development await Latin America, Caribbean
Cultural, sports event kicks off IDB’s annual governors’ meeting
IDB eyes boosting support for Latin America, Caribbean private sector
Read more development aid news online, and subscribe to The Development Newswire to receive top international development headlines from the world’s leading donors, news sources and opinion leaders — emailed to you FREE every business day.
About the author
Jenny Lei Ravelo@JennyLeiRavelo
Jenny Lei Ravelo is a Devex Senior Reporter based in Manila. She covers global health, with a particular focus on the World Health Organization, and other development and humanitarian aid trends in Asia Pacific. Prior to Devex, she wrote for ABS-CBN, one of the largest broadcasting networks in the Philippines, and was a copy editor for various international scientific journals. She received her journalism degree from the University of Santo Tomas.
