September 21, 2022- The economists from the development banks of Latin America and the Caribbean agreed today that the region “has a historic opportunity to change its productive matrix and to develop.” It was during a meeting organized by the Latin American Association of Financial Institutions for Development (ALIDE), the Argentine Development Bank BICE and Banco Provincia. 

The Third Meeting of Chief Economists of the region was attended by representatives of 14 countries and multilateral financing organizations such as the Inter-American Development Bank (IDB), the World Bank, the Development Bank of Latin America (CAF), and FONPLATA. “Because of our role, we have the possibility of maximizing the quality that distinguishes us, which is the contribution to the development of our countries. Rethinking together the issue of how to change the productive matrix is ​​central at this time”, stated Mariano de Miguel, president of the Argentine Development Bank BICE, at the opening of the conference day. 

“The first day has allowed us to discuss critical aspects of development financing and the role of our institutions in the current context and in the world. The different approaches to support the integration of our SMEs into the regional and global value chains, as well as the role of sustainable finance in our countries and economies”, said the president of ALIDE and the Development Finance Corporation (COFIDE), Carlos Linares. 

“Participating in these venues of discussion at the regional level only strengthens a work agenda that we began almost 3 years ago in order to put public banks back at the service of production, innovation and proximity to the people of Buenos Aires, especially in this historical framework that our Bicentennial has meant.” assured the president of Banco Provincia, Juan Cuattromo. 

The meeting held today at the BICE headquarters was also attended by the presidents of ALIDE and the Development Finance Corporation (COFIDE), Carlos Linares; Banco Hondureño para la Producción y la Vivienda, Edwin Araque; Banco Nacional de Desarrollo Agrícola of Honduras, Erlyn Menjivar Rosales; the Financial Development Agency of Paraguay, Teresa de Velilla, and Banco Nacional de Fomento of that country, Manuel Ochipintti; and the Executive Director of the Sustainable Development Corporation of Curaçao, Chesron Isidora. 

The statement issued indicates that LAC still has significant gaps in its level of development compared to advanced economies, with its consequent level of inequality.  

For economists, however, the end of the pandemic, the war and the changes in the global economic system represent a unique moment for the utilization of resources and their transformation into goods with greater added value and technological content. 

“Our countries have large supplies of natural resources, mainly due to a pattern of specialization based on fuels, minerals and primary products. Although many nations have a long manufacturing tradition, we still have a long way to go in adding value to our products and in generating more and better technological capabilities. Our region today has a historic opportunity to change its productive matrix and to develop. As development banks, we assume the commitment to supporting the policies and measures aimed at promoting this process.”, the document states. 

The declaration also refers to the need to strengthen regional integration as another strategic step to achieve development. It underscores the decision to expand and facilitate access to financing for small and medium-sized companies, industries with the capacity to compete internationally, renewable energies and projects led by entrepreneurs, young people and women. 

The document with the conclusions and proposals signed today will be presented at the next Summit of Finance in Common (FiCS), which will be held on October 19 and 20 in Abidjan, Ivory Coast. In this sense, it underscores the commitment to sustainable finances for the fulfillment of the Sustainable Development Goals (SDGs) of the United Nations (UN) and the Paris Agreement. 

Tomorrow, the event will continue with a second day at the headquarters of Banco de la Provincia de Buenos Aires, which will be attended by its president, Juan Cuattromo, the Minister of Finance of the province of Buenos Aires, Pablo López, together with the president of BICE, Mariano de Miguel. The closing will be conducted by José Ignacio de Mendiguren, secretary of Industry and Productive Development, and by Augusto Costa, minister of production, science and technological innovation of the province of Buenos Aires. 

About BICE

Argentine Development Bank BICE is a public bank that provides short-, medium-, and long-term financing with a focus on productive sectors, small and medium-sized enterprises, and regional economies. It provides comprehensive assistance to exporters, supports business opportunities within value chains to improve competitiveness and manages trusts for the execution of strategic infrastructure works for the country. 

About BAPRO

Banco de la Provincia de Buenos Aires (BAPRO) is constituted as the first microcredit entity in Argentina, with more than 160 thousand loans to the social economy. They finance value chains, the establishment of entrepreneurs in industrial parks and foreign trade.  

About ALIDE

ALIDE is the community of financial institutions that generates banking solutions for the development of Latin America and the Caribbean. Founded in 1968, its main objective is to contribute to the economic and social development of the region, through the good practices in development financing that it promotes among its associates, about 90 institutions with a presence in more than 20 Latin American countries and other regions of the world.

Contact

Communications Unit of ALIDE
Phone: +511-203-5520 |: Ext: 227
comunicaciones@alide.org, comunicaciones2@alide.org
www.alide.org