Experts propose expanding education to address Latin America’s development challenges
Cartagena, Colombia, Sep 4 (EFE).- Boosting human capital and expanding education were among the solutions proposed by experts on Monday in response to the challenges facing Latin America and the Caribbean in achieving the United Nations’ Sustainable Development Goals.
The discussions occurred at the “Latin America and the Caribbean-Vision 2030-2050” forum of the Common Finance Summit (FiCS), the largest global gathering of development banking, held in the Colombian port city of Cartagena.
“We need to increase human capital, expand education but ensure its quality, and reduce inequality in access to education,” said Ana María Ibáñez, Vice President of Sectors and Knowledge at the Inter-American Development Bank.
Ibáñez pointed out that Latin America and the Caribbean is one of the most vulnerable regions to the climate crisis. She urged for the implementation of mitigation actions, as well as focusing on education and energy transition, among other areas.
This comes in a context where the region lacks dynamic economic growth, emphasizing the need “to raise the necessary resources to lift millions out of poverty, reduce inequality, and invest in social services.”
The forum was moderated by journalist Taimur Ahmad from LatinFinance. Participants included Gene Leon, President of the Caribbean Development Bank; Ricardo Mourinho, Vice President of the European Investment Bank; Christian Asnelli, Vice President of Strategic Programming at CAF-Latin American Development Bank; and Natalia Dias, Director of Capital Markets and Sustainable Finance at the Brazilian National Bank for Economic and Social Development.
THE ROLE OF DEVELOPMENT BANKS
Ibáñez stressed that development banks had “the ability to help countries develop and achieve their goals.”
“We have several strengths; firstly, we must assist countries in mobilizing resources through various mechanisms, perform debt swaps, and also provide technical assistance for projects that are hard to finance,” she said.
However, Asnelli said he felt that these entities were not “doing enough” and that to effect change, a more integrated approach is required.
“We know that all the efforts we make are not enough for the changes the world needs. We can sit at the table together, development banks with countries, to discuss the tough parts. These are the general strengths we have,” he said. EFE
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