Conference to examine impact of COVID on development banks in LAC
WASHINGTON, United States (CMC) — The Development Bank System of Latin America and the Caribbean (LAC) will be evaluated during the ALIDE General Assembly, which gets underway on Wednesday.
ALIDE General Assembly is the annual summit of the Development Bank System of Latin America and the Caribbean. It is a high-level meeting where the main representatives of the sector discuss financing for development, establish cooperative relations and consensus. It is held annually with the participation of more than 300 representatives of the sector.
“The impact of COVID-19 on economic and social sectors in LAC countries is imposing great challenges on our Development Finance Institutions (DFIs). In the coming months, the region will face a transition from the most acute phases of the pandemic to the implementation of response strategies that will have profound impacts in the shape of its next economic cycle,” the organisers said in a statement.
The Inter-American Development Bank (IDB) said that the meeting will evaluate the performance of the banks in mitigating the coronavirus (COVID-19) crisis and the path to economic recovery.
It said that the representatives from the financial institutions will discuss the various experiences faced during the pandemic during the digital meeting to be held on October 7, 9, 13 and 15.
“As an instrument of public policy for governments, the Development Bank System faces the challenge of mitigating the damage caused by the crisis in the productive and social sectors. But also, the opportunity to establish a strategic response that directs financing towards a new development cycle, with an emphasis on sustainable and inclusive growth,” the IDB said.
It said in this context, the General Assembly aims to extract lessons from the banks to achieve the new development cycle.