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World Bank Mobilizes US$14 Billion For Improving Living Standards in Latin America

The World Bank Group says it has mobilized over US$14.4 billion for Latin America and Caribbean (LAC), as part of its ambitious program aimed at alleviating poverty and promoting financial inclusion.

The bank has pulled together the financial resources from various global institutions, including International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

“We have one overriding priority in Latin America and the Caribbean: to eliminate poverty and improve the lives of the people in the region,” said Axel van Trotsenburg, World Bank Vice President for LAC region.

“That means laying the foundations for inclusive economic growth, investing in people, and building resilience. We are supporting our partner countries to attain their objectives through a multi-billion dollar financial program, technical assistance, as well as analytical and advisory services.”

In the last fiscal year, the bank funded around 40 programs on policy and economic reforms, inclusion, climate change, and human capital development.

One of the programs the bank funded has allowed Mexican government to disburse loans to small-scale enterprises and reach out to unbanked populations in rural areas.

The International Finance Corporation (IF), a member of the World Bank Group, has financed a wind farm in Argentina that will inject approximately 390 gigawatt-hours of electricity per year into the country’s electricity grid.

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“We are working closely with the private sector in the region to help mitigate climate change, create more jobs, more affordable housing, better transportation options, and more livable cities,” says Georgina Baker, IFC’s Vice President for the region.

Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

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