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BBVA, IDB Sign Strategic Agreement

To promote economic and social development in Latin America and the Caribbean

BBVA, a Spain-based financial group and Inter-American Development Bank (IDB) have signed a cooperation framework agreement designed to foster economic and social development in Latin America and the Caribbean.

Reportedly, the agreement between the IDB and BBVA seeks to bring about closer cooperation between the two banks in areas such as the provision of financial and other services for small, medium and large enterprises (SMEs); trade financing; co-financing of infrastructure projects; and promoting financial literacy.

Francisco Gonzalez, chairman and CEO of BBVA, said: “This agreement implies a mutual commitment to develop initiatives that will have a positive impact on the environment, to foster microlending, co-finance infrastructure and energy projects, and to work alongside in developing a community investment plan based on teaching financial literacy.”

“The Inter-American Bank of Development is an exemplary agent of innovation and development in how it is carrying out its mandate. The IDB’s growing involvement in public-private partnerships has enabled it to become more effective in delivering its programs in the region,” he added.

Luis Alberto Moreno, the president of IDB, said: “The Inter-American Bank of Development is extremely pleased to sign a strategic agreement with BBVA on cooperation and coordination in Latin America and the Caribbean. The IDB is making an effort to increase lending to its borrowing member states, to an unprecedented total of bn this year. Last year we granted a record bn in loans.”