Latest news with #IDB
Associated Press
12 hours ago
- Business
- Associated Press
Laura Alfaro Joins the Inter-American Development Bank as New Chief Economist and Economic Counselor
WASHINGTON, June 4, 2025 /PRNewswire/ -- The Inter-American Development Bank (IDB) has appointed Laura Alfaro as Chief Economist and Economic Counselor following a competitive selection process. Ms. Alfaro brings to the Bank extensive economic research and public policy expertise in Latin America and the Caribbean. The appointment strengthens the IDB's Research Department as a leading voice on the region's most pressing challenges—including productivity and competitiveness, private sector led growth, technology and AI, public sector efficiency and fiscal sustainability, financial inclusion and innovations, resilience, and energy supply, poverty, and inequality, among others. The department will contribute to implement the IDBImpact+ vision, embedding economic analysis more directly into operations, policy, and strategy. 'We are very happy with Laura's appointment which coincides with the implementation phase of IDBImpact+, a new chapter for our research department at the IDB group,' said IDB President Ilan Goldfajn. 'Research and knowledge are at the center of our strategy—that strives to shape the public debate and embed the research with our operations to concretely serve the region in our joint priorities.' 'It is an honor and a great joy to join the Inter-American Development Bank as Chief Economist and Economic Counselor. Knowledge only makes sense when it becomes impact. Today, more than ever, our region needs bold ideas, rigorous analysis, and genuine collaboration to turn data into decisions that improve lives. I look forward to working alongside an extraordinary team to contribute to that purpose at this turning point for our region,' said Alfaro. Ms. Alfaro joined the Bank on June 1, 2025. She was previously a Professor of Business Administration at Harvard Business School and served as Minister of National Planning and Economic Policy in Costa Rica from 2010 to 2012. A dual citizen of the United States and Costa Rica, she holds a Ph.D. in Economics from UCLA, and degrees from the Universidad de Costa Rica and the Pontificia Universidad Católica de Chile. About the IDB The Inter-American Development Bank (IDB) is devoted to improving lives across Latin America and the Caribbean. Founded in 1959, the IDB works with the region's public sector to design and enable impactful, innovative solutions for sustainable and inclusive development. Leveraging financing, technical expertise and knowledge, it promotes growth and well-being in 26 countries. Press contact: Rafael Mathus [email protected] +1 (202) 623-1040 View original content to download multimedia: SOURCE Inter-American Development Bank (IDB) Group
Travel Daily News
2 days ago
- Business
- Travel Daily News
Travel & Tourism in LAC set to add US$206b. over the next decade
WTTC joins IDB and ABD in launching new Task Force to elevate Travel & Tourism as a pillar of regional development across Latin America and the Caribbean (LAC). SANTO DOMINGO, DOMINICAN REPUBLIC – The World Travel & Tourism Council (WTTC), in partnership with the Inter-American Development Bank Group (IDB), announced the launch of the Tourism Task Force under the Americas Business dialogue (ABD) – a public-private platform to elevate Travel & Tourism as a key driver of growth, jobs, and resilience across Latin America and the Caribbean (LAC). The Task Force will convene throughout 2025 to shape policy recommendations and investment strategies. Its conclusions will be presented at the Summit of the Americas in Punta Cana this December, offering a blueprint for regional collaboration in Travel & Tourism. The launch comes at a critical moment, as WTTC unveils new figures that highlight the growing importance of the Travel & Tourism sector to the region's prosperity. Travel & Tourism: A Key Asset for LAC According to the latest Economic Impact Research (EIR), produced in collaboration with Oxford Economics, Travel & Tourism contributed US$714 billion to LAC's economy in 2024, accounting for 10% of the region's total GDP. It also supported 28.2 million jobs, or one in every 11 jobs across the region. International visitors spend reached US$144.4 billion last year, providing a vital source of export income for many national economies. Christopher Imbsen, WTTC VP Policy, said: 'Travel & Tourism is one of the most powerful levers for inclusive economic growth in Latin America and the Caribbean. The region has a generational opportunity to put Travel & Tourism at the centre of their development agenda. With the ABD Task Force now in place, we can drive smarter investment, unlock growth, and deliver jobs and opportunity at scale.' Fabrizio Opertti, IDB Sector Manager of Productivity, Trade, and Innovation, said: 'The newly established Tourism Task Force within the Americas Business Dialogue underscores our commitment to positioning the sector as a key engine of economic growth and development in Latin America and the Caribbean. At the IDB, in close collaboration with our private sector partners, we are working to support and promote the region's vast tourism potential into tangible and impactful outcomes: greater investment, more jobs, and sustainable regional growth.' A Decade of Opportunity: 2035 Projections Looking ahead, the next decade offers unprecedented opportunity. By 2035, the Travel & Tourism sector could contribute US$944.8 billion to the regional economy and support more than 35.4 million jobs. Compared to 2025, this would represent an additional US$206 billion in economic value and 6 million new jobs, reflecting the sector's unique ability to scale inclusive and sustainable growth. Priorities for Action and Growth To unlock the sector's full potential, WTTC highlights five core enablers for sustainable tourism growth in LAC: talent and employment, resilient infrastructure & connectivity, digital transformation, business environment and access to finance. However, challenges persist. Tourism investment across LAC continues to trail behind global benchmarks. Creating a more investment-friendly environment will be crucial, demanding bold reforms, improved regulation, and stronger collaboration between the public and private sectors. With the ABD Tourism Task Force now in motion, the region has a unique opportunity to place Travel & Tourism at the heart of its long-term development agenda.
Zawya
26-05-2025
- Business
- Zawya
Industrial Development Bank participates in two Sukuk issuances
The Industrial Development Bank (IDB) has taken part in two significant Sukuk issuances during the first half of 2025, with a total contribution of EGP 500m, further expanding its presence in the Islamic finance market. The first issuance was a Mudaraba Sukuk worth EGP 3bn, issued by Aman for SME Financing. The proceeds will be directed toward expanding the company's portfolio of productive project financing, in line with national goals to promote financial inclusion and job creation through support for small and medium-sized enterprises. The second issuance involved a Musharaka Sukuk valued at EGP 2.8bn for the 'Bab Misr' project, an infrastructure development led by a subsidiary of Hassan Allam Group. The project will fund the construction of the Upper Egypt Train Terminal, a major transport hub aimed at improving logistics, boosting regional development, and upgrading the country's transportation infrastructure. IDB's participation in this project reflects its commitment to supporting initiatives that deliver strong economic and developmental impact, especially through public-private partnerships. Mennat Allah Awadallah, Deputy CEO and Managing Director of IDB, described the bank's debut in the Sukuk market as a strategic milestone. 'We are proud to mark our first entry into the Sukuk market through two prominent issuances alongside several leading banks. Our EGP 500m participation marks the beginning of our presence in this promising market,' she said. 'This aligns with our broader strategy to support both conventional and innovative financing models that contribute to economic growth, empower productive sectors, and create more job opportunities—especially in vital areas of the economy.' Awadallah emphasized that the bank's move into Sukuk is part of its long-term commitment to developing Islamic finance in Egypt and to providing alternative investment channels tailored to market needs. She noted that IDB aims to serve as a conduit between capital and real economic activity, driving sustainable and inclusive development. As of the end of April 2025, IDB's innovative finance portfolio, which includes Sukuk and securitization, had grown to EGP 1.5bn—a six-fold increase from its 2023 level. This rapid growth underscores the bank's strategic pivot toward diversified financial instruments and its evolving role in Egypt's capital markets.
Daily News Egypt
24-05-2025
- Business
- Daily News Egypt
IDB participates in two Sukuk issuances worth EGP 500m
The Industrial Development Bank (IDB) has taken part in two significant Sukuk issuances during the first half of 2025, with a total contribution of EGP 500m, further expanding its presence in the Islamic finance market. The first issuance was a Mudaraba Sukuk worth EGP 3bn, issued by Aman for SME Financing. The proceeds will be directed toward expanding the company's portfolio of productive project financing, in line with national goals to promote financial inclusion and job creation through support for small and medium-sized enterprises. The second issuance involved a Musharaka Sukuk valued at EGP 2.8bn for the 'Bab Misr' project, an infrastructure development led by a subsidiary of Hassan Allam Group. The project will fund the construction of the Upper Egypt Train Terminal, a major transport hub aimed at improving logistics, boosting regional development, and upgrading the country's transportation infrastructure. IDB's participation in this project reflects its commitment to supporting initiatives that deliver strong economic and developmental impact, especially through public-private partnerships. Mennat Allah Awadallah, Deputy CEO and Managing Director of IDB, described the bank's debut in the Sukuk market as a strategic milestone. 'We are proud to mark our first entry into the Sukuk market through two prominent issuances alongside several leading banks. Our EGP 500m participation marks the beginning of our presence in this promising market,' she said. 'This aligns with our broader strategy to support both conventional and innovative financing models that contribute to economic growth, empower productive sectors, and create more job opportunities—especially in vital areas of the economy.' Awadallah emphasized that the bank's move into Sukuk is part of its long-term commitment to developing Islamic finance in Egypt and to providing alternative investment channels tailored to market needs. She noted that IDB aims to serve as a conduit between capital and real economic activity, driving sustainable and inclusive development. As of the end of April 2025, IDB's innovative finance portfolio, which includes Sukuk and securitization, had grown to EGP 1.5bn—a six-fold increase from its 2023 level. This rapid growth underscores the bank's strategic pivot toward diversified financial instruments and its evolving role in Egypt's capital markets.
Epoch Times
15-05-2025
- Business
- Epoch Times
US Moving to Block Funding for Chinese Projects in Colombia After Nation Joins BRI
The State Department's Bureau of Western Hemisphere Affairs said on May 15 that the United States will oppose international groups funding Chinese regime-backed projects in Colombia, a day after the South American nation signed a pact to join China's Belt and Road Initiative (BRI). 'The U.S. will strongly oppose recent projects and upcoming disbursements by the @the_IDB and other IFIs for Chinese state-owned and controlled companies in Colombia (and other BRI countries in the region),' the bureau 'These projects endanger the region's safety and security. American tax dollars SHOULD NOT be used in any way by international organizations to subsidize Chinese companies in our hemisphere.' IDB, which is the main source of development financing in Latin America and the Caribbean, did not immediately respond to an inquiry from The Epoch Times. According to its On May 14, Colombia's Foreign Minister Laura Sarabia The United States and China are Colombia's biggest trade partners, and the Chinese regime has been vying for more influence in the region. Related Stories 3/23/2025 5/13/2025 China recently held large In the region, Panama also stands as an exception. In February, it announced that it would not be Many U.S. officials and experts have been critical of BRI, which, Panama's BRI exit was announced during U.S. Secretary Marco Rubio's trip to the country. Rubio met Panama's President José Raúl Mulino and told him that the United States had concerns over the CCP's 'current position of influence and control' around the Panama Canal and that this was 'unacceptable,' based on the neutrality treaty that allowed the United States to transfer control of the canal to Panama nearly three decades ago. Reuters contributed to this report.
