BBVA and the IDB share their vision on sustainability and support for decarbonization in Latin America
BBVA Chairman Carlos Torres Vila, met this Thursday at the bank's headquarters in Madrid with the President of the Inter-American Development Bank (IDB), Mauricio Claver-Carone. This meeting is part of a series of working meetings that representatives of BBVA and the BBVA Microfinance Foundation will hold with members of the IDB. Sustainability was one of the issues on the agenda, in particular, support for the decarbonization of emerging countries, and especially in Latin America, as well as financial inclusion and the promotion of foreign investment in the region.
Carlos Torres Vila shared BBVA's vision of sustainability with the IDB, which is also one of the priorities of the Inter-American Development Bank. Specifically, BBVA emphasized the need to support the decarbonization of emerging economies with financing from developed economies. For this to be possible, innovation, massive investments, significant commitments and real action is required from all market players, both public and private.
In this regard, the BBVA Chairman stressed the critical role of multilateral banks in the energy transition of Latin American countries, due to their knowledge of the region and the local business network. To channel these funds, financial institutions must act as allies of the multilateral banks. In addition to managing their own carbon footprint, banks have a fundamental role to play here in accompanying their customers on their journey towards a more sustainable future with financing and advice, using data and technology.
Another key topic discussed was financial inclusion. To this end, since 2007 the BBVA Microfinance Foundation has been working in close collaboration with the IDB to expand access to microfinance services in Latin America, including financing initiatives, support for female entrepreneurs, gender equality, support for vulnerable entrepreneurs, migrants and displaced persons, to name but a few.
BBVA Chairman Carlos Torres Vila, met this Thursday at the bank's headquarters in Madrid with the President of the Inter-American Development Bank (IDB) - IDB
BBVA and the IDB reviewed the macroeconomic outlook for the region and the main challenges ahead to consolidate the recovery, such as inflation and the effects of the monetary policy change in the US and Europe. BBVA reiterated the importance of the IDB in promoting investment, especially foreign direct investment, to reduce the infrastructure gap in Latin American countries, in addition to financing the energy transition, strengthening health and education systems, and increasing productivity.
Carlos Torres Vila also reaffirmed BBVA's commitment to the region, where it has leading franchises in Mexico, Peru, Colombia, Argentina and Uruguay.
BBVA Chairman Carlos Torres Vila, with the President of the Inter-American Development Bank (IDB) Mauricio Claver-Carone and other representatives of BBVA and members of the IDB - IDB