WASHINGTON, CMC – The Inter-American Development Bank (IDB) says it has signed an agreement with the US-based technology company, Oracle, formalising and deepening collaboration between them with a focus on harnessing digitalization as a tool for sustainable development.

It said that the Memorandum of Understanding (MoU) will also formalise their intent to collaborate and jointly promote initiatives and projects through which technology can help drive sustainable development in Latin America and the Caribbean (LAC).

As a result, both institutions declared their intention to join forces to collaborate to boost social progress, economic recovery, infrastructure, and health, with a focus on related areas including justice, education, tax collection, technological infrastructure, and cybersecurity.

Ultimately, the partners will tap into Oracle’s technological expertise and innovative capabilities, as well as the IDB’s deep knowledge of development and LAC countries, to harness technology as a force for good across the region, the IDB said.

It said the MoU also outlines intentions to collaborate through conferences, workshops, and training courses and materials aimed at institutional strengthening and capacity building. These efforts seek to focus on developing the knowledge and technical skills of LAC policymakers, corporate leaders, and public and private officials in the sectors outlined above.

“At the IDB, we recognize that the world’s most disruptive, innovative firms are essential partners in our journey to drive growth, transparency, and sustainable development in Latin America and the Caribbean.

“That is why we are thrilled to announce this new partnership with Oracle, a technological giant that shares our vision for a private sector-led recovery in our countries. Together, we will work to harness technology and digitalization as tools for improving lives,” said IDB president, Mauricio-Claver Carone.

Oracle Latin America Executive Vice President, Luiz Meisler, said the signing of the agreement with the IDB reaffirms the commitment it has as a company with the social and economic development of the Region.

“We deeply believe that as a company we have the responsibility to use our talents and resources for the benefit of the communities where we operate, therefore, for Oracle this is a milestone that will allow us in the short term to continue positively impacting people’s lives,” he added.

The IDB said that this new partnership supports Vision 2025: Reinvest in the Americas, the bank’s agenda for driving economic and inclusive growth in LAC with a focus on five priority areas, including the digital economy.

The collaboration has evolved under the framework of the IDB’s Private Sector Partners Coalition for the Future of Latin America and the Caribbean, an IDB-led alliance of 160+ companies that unlocks the unique resources and capabilities of the private sector to drive recovery in the region in line with Vision 2025.