The IDB Group (IDBG) is composed of the following organisations which focus on private sector development:
- IDB Invest (formerly known as the Inter-American Investment Corporation): supports small and medium-sized enterprises.
- IDB Lab: the innovation laboratory of the IDB Group tests new, risky models to inspire the private sector (micro and small enterprises) and solve economic development problems in the LAC region.
Background
Latin America and the Caribbean have always been important regions for Switzerland. Switzerland has a multifaceted relationship with the region, which includes economic, social and cultural ties. The region is an important partner in achieving the 2030 Agenda both at international level and through trilateral cooperation.
The region suffers from major income disparities both within and between countries. It is essential to global sustainable development that this region works to reduce such disparities and shifts to a more inclusive pattern of growth on the back of its extensive commitment to democracy, respect for human rights, and liberal market economy.
As home to the Amazon, the region also has a crucial role to play in mitigating climate change and reducing disaster risks in the Caribbean.
As a development bank, the IDB underpins key aspects of Switzerland's bilateral engagement in the region's poorest countries. In promoting regional integration, the IDB enables development initiatives in advanced countries to be used in poorer countries. The IDB funds government and private sector development projects for which no other funding is available on the market. By way of backup, it also provides technical support, assists in defining policy and helps to build implementation capacity. It also promotes innovation and the requisite technological advances by mobilising the knowledge and expertise of its non-regional members. Such initiatives make services and infrastructure more effective and efficient and make them more competitive on international markets.
Objectives of the IDB
Reducing poverty and social inequality, addressing the needs of small and fragile countries, fostering development through the private sector, promoting renewable energy and environmental sustainability to combat climate change, and promoting regional cooperation and integration.