WASHINGTON, D.C.: Caribbean nations are being urged to take advantage of a multi-million facility to finance regional public goods (RPGs) that are produced collectively by a group of Inter-American Development Bank (IDB) borrowing member countries.
The IDB said the initiative for the promotion of regional public goods in Latin America and the Caribbean (LAC), will provide up to US$8 million in grants to finance RPGs this year.
The bank said the initiative is based on the premise that Caribbean nations share challenges or opportunities for development that can be addressed or seized upon more effectively and efficiently by means of regional co-operation.
It said that even though the initiative is open to the promotion of RPGs in any development area covered by the IDB, alignment with the bank’s operational priorities is a selection criterion. The other two selection criteria are the value added of a regional approach to addressing a development challenge or opportunity, and the prospects of sustaining the benefits of regional collective action beyond the support of the initiative.
The initiative is the bank’s most prominent grant instrument to support intra-regional cooperation and the collective design of development solutions in LAC.
The bank said demand for its resources has intensified in tandem with the increasing importance of multi or bilateral South-South cooperation (SSC) in the development agenda of most LAC countries.
“The interest in SSC among the bank´s borrowing members is a reflection of the fact that the region is a source of innovative development solutions that can be shared and replicated by other countries in LAC and in other parts of the developing world,” the IDB said in a statement.
Since 2004, the RPG Initiative has financed 92 projects, investing a total of US$73 million. An additional 13 projects for US$10 million selected under the 2013 CFP are in the last stage of the approval process.