The United Nations Economic Commission for Latin America and the Caribbean (ECLAC), the Inter-American Development Bank (IADB) and the Latin American Association of Financial Institutions for Development (ALIDE) signed a Cooperation Agreement to facilitate the access of development banks in the region to different data banks, through the Green Finance Platform (Green Finance for Latin America and the Caribbean – GFL) created by the IADB.

The agreement seeks to promote dialogue and exchange of experiences between representatives of the public and private sectors in order to foster the development of innovations in financial and capital markets, particularly in support of technological and sustainable development. The agreement is part of the IDB’s initiatives to increase green finance, supporting mitigation actions and sustainable business models through development banks.

A first result of the agreement is the creation of an innovative Community of Practice, the first of its kind, formed by development banks in Latin America and the Caribbean, announced during ALIDE’s General Assembly last May. Known as “Development Banking LAC”, the new digital community will operate within the IADB’s GFL platform, developed to respond to the information demands of national development banks, private sector financial institutions, and other market actors.

The Community of Practice was described during its presentation as a space designed to catalyse the flow of knowledge to strengthen the capacities of its members and, through them, the institutions to which they belong. Its functionalities include the operation of a secure access space where members can interact, share and discuss ideas. They will also be able to convene and schedule virtual meetings and webinars, as well as make bilateral consultations.