IDB says vaccines the greatest public-private success story ever

Washington, Dec 8 (EFE).- Inter-American Development Bank President Mauricio Claver-Carone says the development of vaccines against Covid-19 has proven to be the greatest success story in the history of public-private collaboration and a good example to follow in Latin America and the Caribbean.

In an interview with Agencia EFE at the IDB headquarters in Washington before the Public-Private Partnership (PPP) Americas 2021 forum set for Dec. 9 and 10 in São Paulo, Brazil, Claver-Carone stressed that such alliances were beneficial for governments, companies and citizens, and that vaccines were a prime example of public-private teamwork.

“Frankly, the only reason we’re getting out of this pandemic is because of the greatest private-public partnership in the history of mankind, which is the vaccines,” explained the president of the multilateral financing institution.

The main vaccines against covid-19 in the US (Pfizer, Moderna, and Johnson & Johnson) were developed by large pharmaceutical companies, but with great financial and regulatory support from the federal government every step of the way.

“For governments, particularly in these times of pandemic when they have had to increase their spending in order to meet the needs of the population during a time of great urgency,” collaboration with the private sector is very beneficial, said Claver-Carone.

The head of the IDB referred to the financial difficulties faced by governments around the world, especially in Latin America and the Caribbean, and stressed the need for participation from companies as the most financially sustainable way to create investments in infrastructure.

“Every dollar that countries invest in infrastructure returns two dollars in GDP growth, but each project carried out solely by the State loses one of every two dollars invested. So it’s a wash, it’s a complete wash,” he said.

During the two-day PPP Americas forum, which this year will have a mixed virtual and face-to-face format (with about 150 participants in person at the Palacio dos Bandeirantes in São Paulo), Claver-Carone says he will emphasize the importance of partnerships between Governments and companies for economic recovery after the crisis caused by Covid-19, and the role that the IDB plays as a mediator in these partnerships.

Thus, it will count on the participation of dozens of international experts who will share their experiences and propose strategies to plan, design and operate infrastructure and service projects to strengthen the regional integration of Latin America and the Caribbean. EFE


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