• Development bank representatives, at the online conference organized by VEB.RF and IDFC, coordinate an alternative for sustainable recovery after the COVID-19 crisis.
• In the course of the conference, ALIDE presented the technical document “Development Banks and support for SMEs during the COVID-19 crisis.”

September 18, 2020.- ALIDE, together with financial representatives from different regions of the world, participated in the videoconference “From Pandemic to Recovery. The Role of Development Banks.” The financial leaders coordinated an alternative for sustainable recovery after the COVID-19 crisis.

It was stressed at the conference that the pandemic opens the possibility for bringing about transformations in the financial sector. The most important of these transformations would be to expedite a recovery focusing on the Sustainable Development Goals (SDG). The speakers were in agreement that that recovery should coordinate short-term incentives with a strategic long-term vision.

The SMEs in Latin America

The discussion focused specifically on the two most important areas of an adequate economic recovery: support for SMEs and sustainable infrastructure. ALIDE Secretary General Edgardo Alvarez spoke about the impact of the crisis on the production sector and presented the technical document “Development Banks and support for SMEs during the COVID-19 crisis.”

Drawing on the document, the Secretary General made an analysis of the situation of SMEs in Latin America and the Caribbean and the responses of the region’s governments to the crisis. He dwelled specifically on the measures taken by development banks to support and reactivate Latin America’s production sector.

According to Edgardo Alvarez, these measures include authorizing new credit lines, postponing and deferring debt collection, offering credit guarantees, enlarging the capital supply, raising contract values, creating new financing alternatives, boosting development, and operating platforms, among others.

Concerning the conference

The conference was organized by VEB.RF – State Development Corporation of Russia and the International Development Finance Club (IDFC) and took place on September 7th. This activity was among the preparatory events for the forthcoming Finance in Common, Global Summit of Development Banks, scheduled for this coming November.

Talks were given by high-level officials of international organizations like the United Nations and the OECD and the participants included representatives of financial institutions of different parts of the world like Argentina’s BICE and Bancóldex of Colombia and executives of associations of financial institutions like ALIDE.

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

Hanguk Yun Officer, Comunication Unit Telephone: +511-203-5520 |: Ext: 226 comunicaciones@alide.org www.alide.org