IDB and “la Caixa” Announce Partnership to Contribute to the Socio-economic Development of Latin America and the Caribbean
Projects will be administered by the Multilateral Investment Fund (MIF), a member of the IDB Group
Luis Alberto Moreno, President of the Inter-American Development Bank (IDB), and Isidro Faine, President of Savings and Pensions of Barcelona ("la Caixa"), signed a cooperation agreement to implement socio-economic development projects in Latin America and the Caribbean. HRH Princess Cristina, director of the International Department of the “la Caixa” Foundation, and Jaime Giro, deputy director general of “la Caixa”, also attended the ceremony at the IDB headquarters in Washington, DC.
The agreement between the IDB and “la Caixa” states that areas of special mutual interest are business and rural finance projects aimed at increasing incomes, generating new employment opportunities, and providing basic services such as water, electricity, housing, health, and education, to low-income people.
"The development of our region benefits when institutions add their expertise and resources to work together against poverty. This partnership with “la Caixa” allows us to unify efforts in specific areas and to support sustainable initiatives that will have an impact in Latin America and the Caribbean," said President Moreno.
The partnership between the IDB and “la Caixa” will begin with a contribution of €500,000 euros from each and will start to be implemented in 2013. The first country where projects will be identified is Ecuador.
Isidro Faine said, "Our alliance is the natural evolution of two institutions that strive every day to improve the quality of life of the most disadvantaged people. At “la Caixa” we fully identify with the mission and values of the Inter-American Development Bank."
The Social Entrepreneurship Program (SEP) of the Multilateral Investment Fund (MIF), will manage the projects selected for funding from this alliance. The SEP supports innovative and sustainable solutions that help reduce poverty, exclusion and unemployment. The monitoring from "la Caixa", will be done through the International Area of its foundation.
About the IDB
The Inter-American Development Bank is a leading source of long-term financing and technical assistance for the economic, social and institutional development of its 26 member countries in Latin America and the Caribbean. Learn more
About the Multilateral Investment Fund
The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank Group, supports economic growth and poverty reduction in Latin America and the Caribbean through encouraging increased private investment and advancing private sector development. It works with the private sector to develop, finance, and execute innovative business models that benefit entrepreneurs and poor and low-income households; partners with a wide variety of institutions from the private, public and nonprofit sectors; evaluates results; and shares lessons learned.
About la Caixa
The Caja de Ahorros y Pensiones de Barcelona, "la Caixa," was founded in Spain over one hundred years ago. Today it is the third largest financial institution in Spain and the largest savings bank in Europe. It has nearly eleven million customers and the largest network of bank branches in Spain, made up of more than 5,300 offices.
The “la Caixa” Foundation is in charge of giving back to society a significant portion of the revenues generated by "la Caixa" through its financial activity, with the aim of improving the quality of life of the most disadvantaged. Its budget for this year amounts to 500 million euros.