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Development Finance Institution actions and measures to support the crisis

The global health crisis of Coronavirus is generating exceptional negative impacts. In this scenario, governments around the world implement measures to stabilize the advance of the pandemic and reduce damage, strengthen their health systems, and alleviate the effects on the economy or help the most vulnerable sectors to cope with the crisis.

As instruments of government financing policy, development banks in Latin America and the Caribbean, as well as international financial organizations, are taking specific measures to support the productive and social sectors to face the negative impacts generated by the crisis.

In this section, created as an observatory, the actions and measures implemented are presented. The purpose is to learn from example to act more effectively. Stop the crisis with action and shared knowledge.

Initiatives

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Stronger Partnership to Prevent Corruption during Crises

October 11, 2023.- The Asian Development Bank (ADB) and the Organisation for Economic Co-operation and Development (OECD) have entered into a knowledge partnership agreement to bolster national and multilateral efforts to address corruption risks in responses to emergency situations in Asia and the Pacific.
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Natural resource-backed loans are a disaster for Africa, warn IMF and the African Development Bank

October 6, 2023.- The International Monetary Fund (IMF) has strongly supported a call by the African Development Bank Group urging countries in Africa to stop borrowing loans backed by their natural resources. The IMF Managing Director Kristalina Georgieva met with the President of the African Development Bank Group, Dr Akinwumi Adesina, in Abidjan, Côte d’Ivoire. It is the first time an IMF head has visited the Bank headquarters since its establishment in 1964.
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CDB Expects Most Underserved to Benefit from Caribbean Water Utility Insurance Collective

October 6, 2023.- The Caribbean Development Bank (CDB) anticipates the poorest communities in its borrowing member countries to benefit from the disaster recovery relief provided by a Caribbean Water Utility Insurance Collective after approving a grant of USD650,000 to the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) to finance data collection and risk modeling consultancy services to create parametric insurance products for water utilities.
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World Bank, EBRD and EIB formalise their partnership to strengthen assurance

October 4, 2023.- The World Bank Group Internal Audit (GIA), the European Bank for Reconstruction and Development Department of Internal Audit (EBRD-IA) and the European Investment Bank Internal Audit Department (EIB-IA) signed memoranda of understanding to strengthen cooperation, particularly around information exchange, joint assurance activities and internal audit matters of mutual interest.
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EBRD begins work on combined Infrastructure Strategy

October 5, 2023.- The European Bank for Reconstruction and Development (EBRD) is starting work on a new infrastructure strategy and is inviting the public to contribute. During the first phase of the process, the Bank is inviting public comment on its current Municipal and Environmental Infrastructure (MEI) and Transport Sector Strategies.
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Related Publications

Summary
Responses of Latin American Development Banks to the economic crisis
Development banks are at the forefront in mitigating the impact of the pandemic through their efforts to design and implement government programs in cooperation with local financial systems and regional and multilateral financial organizations. The sector’s immediate aim is to provide liquidity to families by social assistance programs, and to the business sector. These were identified in the study published by ALIDE and based on an analysis of the measures taken by Latin American and Caribbean banks. An initial version of this study was presented to the World Bank as a collaboration.

Summary
The Counter Cyclical Role of Development Banking to Face the International Economic Crisis
The current financial crisis has called to reflection not only on the operation of the markets, but also on the role of the State in regulation the financial system and its transparency, among other topics. This means that the action of the State should be directed to help the financial markets to operate increasingly better, and there is not doubt that their activity is fundamental in times of crisis when the operation of the payment and credit mechanism is in danger