IDB expands partnership to foster growth in Caribbean

IDB expands partnership to foster growth in Caribbean

Tuesday, January 19, 2021

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WASHINGTON, DC, United States (CMC) — The Inter-American Development Bank (IDB) says it has collaborated with its innovation-focused IDB Lab, PepsiCo, and the PepsiCo Foundation in signing a new memorandum of understanding, extending their public-private partnership until 2026 to carry out programmes that will drive social and economic growth in Latin America and the Caribbean.

The Washington-based financial institution said the signing of this agreement will complete 19 years of joint efforts in the region.

In this new phase, PepsiCo and its global foundation are investing about US$6 million in projects that will be implemented over the next five years.

“These projects aim to generate solutions in four areas of mutual interest — water access, inclusive recycling, sustainable agriculture, and economic recovery,” the IDB said. “All programmes will pay special attention to women's empowerment.”

IDB President Mauricio Claver-Carone said he was pleased to announce the strengthening of the partnership with PepsiCo, as well as the launch of the Next Generation Agriculture Fund.

“Our collaboration with PepsiCo reflects the IDB's commitment to working with strategic partners on priority issues for the region, including water access, rural development, and women's participation in the agricultural value chain,” he said. “By collaborating with the private sector we can develop new and creative solutions that directly benefit local communities and women in our region.”

According to the UN Food and Agriculture Organization, in Latin America and the Caribbean, 4.5 million women are agricultural producers who earn 24 per cent less than men and have less access to land ownership.

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