WASHINGTON, United States (CMC) — The Inter-American Development Bank (IDB) and Mastercard have signed a Memorandum of Understanding formalising the IDB’s participation in City Possible network, pioneered by Mastercard, which helps Latin American and Caribbean countries boost economic inclusion.  

The Washington-based IDB said it is the first multilateral to join the program, “which brings cities, companies and communities together to identify common challenges and co-develop solutions that advance inclusive and sustainable urban development”. 

“The COVID-19 pandemic impacted all the cities in our region, and cities remain critical hubs for post pandemic recovery and engines for economic growth,” said IDB President, Mauricio Claver-Carone. 

“Now more than ever, public and private partnerships are needed to promote economic inclusion and replicate innovative solutions that address urban challenges, particularly in the developing world,” he added. 

With more than 220 city members and candidate cities globally, the IDB said the “City Possible” partnership framework focuses on building more inclusive and sustainable cities by increasing access to services in urban areas, expanding mobility solutions and informing an inclusive recovery through data driven insights.

“As the world starts to recover from the global pandemic, actions taken by cities within the next few years will play a large part in determining future resiliency,” said Michael Froman, Vice Chairman and President of Strategic Growth for Mastercard. 

“It is essential to ensure that, in addition to economic development, social and environmental dimensions of sustainability are also considered,” he added. “The IDB will bring essential expertise, insights and reach for City Possible members in Latin America and around the world.”

This IDB-Mastercard joint effort will complement the work already being done by the IDB through its Cities Network. 

The IDB said the Cities Network is a city-level platform for knowledge, relationships, and solutions that aims to share best practices in environmental, economic and social sustainability among more than 160 cities in Latin America and the Caribbean.