In the pipeline: $300M worth of AFD, IDB projects

The Inter-American Development Bank headquarters in Washington, D.C. The bank has signed an agreement with the French Development Agency to boost development efforts in Latin America and the Caribbean. Photo by: Wally Gobetz / CC BY-NC-ND

The French Development Agency, or AFD, and the Inter-American Development Bank have signed a three-year “action-oriented” agreement that will expand the two agencies’ development efforts in Latin America and the Caribbean.

This agreement builds on the two agencies’ current partnership. In addition to knowledge sharing and “joint dissemination activities” in sectors such as climate change and poverty reduction, the new agreement emphasizes project co-financing and secondments, IDB Partnership Officer Daniel Hincapie told Devex in an email.

The new memorandum of understanding calls for increased cooperation between France, and Latin America and the Caribbean to promote private sector development, which is one of the priority sectors under the agreement. Urban development and sustainable cities, local development and financing, and technical and vocational training are the other priority sectors.

While the agreement does not set a fixed budget, the two agencies are eyeing a “collaboration portfolio” of approximately $300 million for 2013. This will cover potential projects in vocational training, private sector development and the environment, among other planned efforts.

AFD and IDB’s Office of Outreach and Partnerships in Europe will be working with Proparco, the French agency’s private sector arm, in determining how best to advance the partnership “within the private sector space.”

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    Adrienne Valdez

    Adrienne Valdez is a staff writer for Devex, covering breaking international development news for the Development Newswire. Before joining Devex, Adrienne worked as a news correspondent for a public-sector modernization publication.