WASHINGTON, United States (CMC) – The Inter-American Development Bank (IDB) says the Government of Israel, through its Ministry of Finance and the National Cyber Directorate, has joined the IDB to establish a new cybersecurity initiative in Latin America and the Caribbean.

Through a US$2 million contribution, the Washington-based financial institution said Israel is helping strengthen cybersecurity capabilities in the region. 

This contribution is an additional floor for the cybersecurity efforts carried out since 2016 by the IDB, with Israeli support. 

“Digital transformation can be the bedrock for historic development opportunities across Latin America and the Caribbean, but we must ensure the benefits of digitalisation are adequately protected against inherent cyber risks by leveraging the best available cybersecurity measures and capabilities,” said IDB President Mauricio Claver-Carone. 

“Thanks to Israel’s financial support, unique expertise, and our expanding partnership, we will be better positioned to help our member countries apply top-tier standards to withstand the most difficult threats,” he added. “Israel is a recognised global leader in cybersecurity and digital innovation—and we are grateful for this collaboration.”

Matan Lev-Ari, Israel’s representative at the IDB’s Board, said “the cybersecurity initiative is paving the way for the safe and secure digitalisation of Latin America and the Caribbean, one of the key elements for growth in the post-COVID era.

“The successful synergy between Israeli technology and the IDB presence in the region will provide governments in LAC state-of-the-art tools and knowledge to assess their cybersecurity needs and tailor effective policy, capacity building and protection strategies,” Lev-Ari added.