The Minister of Finance, Luis Caputo, talked at the Inaugural Session of the 59th Meeting of the Board of Governors of the Inter-American Development Bank (IDB), where he took over the presidency of the Board of Governors. President Mauricio Macri participated in the inaugural session and he said: “This event proves that we are in the right path”.
After being designated as President of the Board of Governors, Caputo said: “this is a big opportunity for Argentina to prove its commitment with the world”. During his speech, the Minister of Finance said that “the infrastructure deficit is a global challenge”, but he added: “in our region it needs an urgent solution”.
In this sense, Mr. Minister highlighted the importance of “the work done to allocate the private sector resources in infrastructure projects”. In addition, Caputo said that the “IDB may play a key role in the design of financial structures that allow to mitigate risks and maximize the use of said resources”.
Likewise, Caputo said that “it is crucial to make efforts towards a more sustainable and inclusive growth”. This way, Mr. Minister said before the Board of Governors that “it won’t be possible to generate this type of growth if the infrastructure debt is not settled”. “We have a big debt with society; we must improve their living conditions and turn this objective into a strategy of growth and employment”, Caputo added.
President Mauricio Macri also participated in the inaugural session and he said: “this is the first time in 22 years that this Meeting is held in Argentina and it is one of the many clear signals of the confidence we have achieved through the work done in two years”. “This event proves that we are in the right path. We have always known that the intelligent integration into the world is the only way to achieve a gradual growth”, he added.
Mr. President said: “we are fighting poverty” and he added: “there is no possible growth without infrastructure and social development”. In this sense, Macri highlighted the role of the IDB in meeting these goals: “In 2015, we had USD 750 million in approved loans and last year the amount was of USD 2.3 billion”.
In addition, the President of the IDB, Luis Alberto Moreno, highlighted that “President Mauricio Macri has always worked to turn Argentina into a modern and inclusive country”. “We welcome the commitment towards progress and we are glad to see how the whole citizenship supports this process”, he added.
In addition, Moreno said: “We have a big gap in infrastructure which requires the countries of the region to invest a 5% of GDP in the next years”. However, he said that “the public sector won’t be able to do it on its own” and he highlighted the “mechanisms to attract private capital, including the PPP scheme”.
The Annual Meeting of the Board of Governors of the IDB Group is the main decision-making body of the organization, representing its 48 member countries. Most of the Governors are Ministers of Finance, Presidents of Central Banks, or other high level authorities of the member countries.
The Inter-American Development Bank is one of the largest sources of development financing for economic, social and institutional projects in Latin America and the Caribbean. The IDB provides loans, grants, and technical assistance; and it conducts extensive research to bring innovative and sustainable solutions for the most urgent problems of our region.