Joint declaration of the IFIs for the VII Summit of the Americas

In the framework of the Seventh Summit of the Americas, to be held in Panama City on April 10th and 11th, the main international financial institutions in the region, The World Bank Group (WBG), the Inter American Development Bank (IDB), and CAF, Development Bank of Latin America, have made a commitment to support the efforts of the governments in the region to preserve and expand the economic and social successes of the past decade. 

Aware of the fact that the external factors that contributed to these achievements have changed, and that it is in the hands of each country to design the best path to follow, the IDB, CAF, and the WBG place our financial resources, knowledge, and power to convene, at the disposal of the countries of the region. Only in financial terms, the three institutions expect to provide in our respective 2015 fiscal years more than USD 35 billion to Latin America and the Caribbean: USD 12.5 billion from the IDB, USD 12 billion from CAF, and USD 11 billion from the WBG. 

Within our respective institutional mandates, we seek to respond to the challenge raised by the central topic of the Summit: "Prosperity with Equity: The Challenge of Cooperation in the Americas". We will collaborate and complement our activities as well as strategies to maximize the impact of our resources, and create conditions to attract greater financing flows for the development of the region. 

In the past decade, the region of Latin America and the Caribbean was the one with the greatest advances in equity. Between 2003 and 2012, extreme poverty was reduced by one half, the middle class grew by more than 50 percent, and inequality decreased. However, the task has not finished. To consolidate these achievements and continue advancing in the inclusion agenda, we will continue coordinating and complementing our financial and technical support, including the prmotion of the South-South cooperation, the search for  transforming solutions, and new financial instruments. 

At the same time, in order to achieve a more robust long term growth with a less favorable external environment, we will continue to support the efforts of countries to increase their economic productivity. To close the wide competitiveness gaps, the countries of the region seek to invest in human capital, infrastructure, and innovation, among others. 

The combination of macroeconomic stability, prudent fiscal policies, strong financial systems, and an increasing number of efficient social programs shows that the region is at a very different time in its development, and with a solid position to face the new challenges. 

Renewing economic growth is a crucial factor to ensure and expand the recent social conquests. It is equally important to provide benefits that generate societies that are more just, that improve gender equality, access of low income people to food, housing, potable water, sanitation, as well as health, education, and quality employment. 

We are ready to support the countries of the region to respond adequately to the new challenges, offering tailor-made solutions. This includes supporting their efforts to protect the poor and vulnerable population by expanding the social security networks and making the existing social programs more effective.  

We will also support initiatives to find sub-regional answers to shared challenges. For example, through the Caribbean Growth Forum, a joint IDB/WB initiative, we will seek to generate new ideas and share experiences that may help increase economic growth in the Caribbean. 

Finally, in the face of the dramatic challenge posed by crime and violence for the development of the countries of the region, we promote a comprehensive response that complements the traditional security efforts with education, prevention programs, civic participation, and a better use of information for more effective social and police actions. For this, we will continue cooperating and using technical assistance funds and our convening power to stimulate dialogue and share successful experiences.