The Inter-American Development Bank (IDB) hosted the first meeting of the multilateral development banks working group on the cultural and creative industries (CCI), also known as the Orange Economy, organized in cooperation with the Asian Development Bank (ADB), the African Development Bank (AfDB), the Caribbean Development Bank (CDB) and the World Bank Group.
The purpose of the meeting was to exchange best practices, better understand and tackle existing challenges, increase MDB understanding of CCIs, and explore opportunities for collaboration with this dynamic sector.
“This first meeting that we organized reaffirms the importance of the CCIs, a sector that not only contributes to the creation of jobs and wealth, but also has the potential to catalyze innovation, permeating traditional development areas such as health, education and gender equality, and bring about social cohesion and change,” said Trinidad Zaldivar, Chief of the IDB’s Cultural, Solidarity and Creativity Affairs Division.
Despite the increasing interest in CCIs as an engine for development, finding a systematic way to approach this sector still proves challenging. CCIs span multiple disciplines, making it difficult for public policy institutions to fully understand their structures and dynamics, as well as to figure out the best methodologies and instruments to leverage opportunities.
In addition to the multilateral development banks, the working group meeting was attended by representatives from national development banks, creative economy experts, entrepreneurs, government officials, and delegates from other international institutions.
Emanuela Gregorio, Gender Specialist working on innovation and creative industries at the African Development Bank, said: “At the AfDB, we have been working closely with the other MDBs to make this working group happen. We are pleased that IDB took the lead in convening this very important gathering. These industries are already growing, but we can accelerate their growth if we can address the gaps in the current financing architecture and make use of new technologies.”
“We are honored to have hosted at the IDB this very first meeting of the MDB working group on cultural and creative industries, and we look forward to our continued collaboration,” said Helga Flores, Principal Specialist at the IDB.
The Orange Economy refers to the economic activity in the intersection of culture, commerce and technology. It includes sectors whose goods and services are based on intellectual property, such as film, fashion, design, video games, cultural heritage among others. These industries generate $2.25 trillion a year in revenues, more than the telecommunications or the chemical industries, and employ almost 30 million people worldwide.
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region. Since 1960 it has provided more than $1.6 billion to finance nearly 300 projects involving cultural and creative industries.