MADRID — The Inter-American Development Bank Group (IDB Group) today launched the BID for the Americas program in Europe to foster business opportunities and stronger economic ties between European countries and Latin America and the Caribbean.
The program seeks to present opportunities for companies from the IDB Group's European member countries in procurement, trade and investment, and co-financing, while also providing a better understanding of how the IDB Group can support European partners in this endeavor.
Bilateral trade between member countries from Latin America and the Caribbean and European members stood at 305 billion euros in 2022, of which 143 billion euros were European exports to the region. Foreign direct investment flows (FDI) from Europe to the region averaged nearly 30 billion euros annually over the last five years.
The European launch of BID for the Americas took place at an event in Casa de América in Madrid, attended by more than 200 European business leaders, high-level government officials and diplomats. Keynote speakers included Ilan Goldfajn, president of the IDB; Carlos Cuerpo, minister of economy, trade and business of Spain; and Nadia Calviño, president of the European Investment Bank.
“We are pleased to launch BID for the Americas in Europe, a new program that will serve as the bridge for European companies to access business opportunities in Latin America and the Caribbean. Building on a unique and cutting-edge platform, our program seeks to connect European companies with procurement, trade and investment, and co-financing opportunities,” said Goldfajn during the event.
“The private sector has a key role to play in enhancing the scale and impact of our work in fostering sustainable development in the region. With BID for the Americas, we're presenting a new and transformative channel to boost that role,” Goldfajn concluded.
The event featured discussion panels that explored challenges and opportunities for European investment in Latin America and the Caribbean in three areas: regional sustainable infrastructure, digitalization and inclusion, and clean energy.
As part of the event, the IDB Group organized a series of workshops for European trade and investment promotion agencies and business associations representing all of its 16 European non-borrowing member countries, delving deeper into the different tools and resources that the BID for the Americas program offers to bring European companies closer to the region.
The IDB Group, composed of the IDB, IDB Invest and IDB Lab, is the main source of financing, technical expertise and knowledge for sustainable and inclusive development in the region. In 2023, it approved more than $24 billion in financing and resource mobilization.
During the event, IDB officials presented a Project Procurement Tender Brief, summarizing more than 70 procurement opportunities for European companies interested in a wide variety of IDB-financed projects. The IDB finances an annual average of $4.4 billion in project procurement, generating more than 12,000 contracts in sectors such as health, water, energy, transportation, agriculture and digital infrastructure.
European companies can also unlock untapped trade and investment opportunities in the region. While bilateral trade between Europe and Latin America and the Caribbean grew at an average annual rate of 6% between 2002 and 2022, there is ample space for growth.
The accumulated foreign direct investment stock of IDB European member countries in Latin America and the Caribbean is estimated at more than 600 billion euros.
BID for the Americas also focuses on mobilizing resources for transformative projects, particularly in infrastructure, ranging from transportation networks to digital infrastructure.
Since its launch in Washington, D.C., in September 2023, BID for the Americas has held business roadshows in Miami, New York, Tokyo and Los Angeles.
For more information on how to access opportunities in procurement, trade and investment, and co-financing, visit the BID for the Americas site.
Register here to receive more information and updates about the program.
Watch the recording of the BID for the Americas launch event at Casa de América.
About the IDB Group
The Inter-American Development Bank Group (IDB Group) is the main source of financing for sustainable and inclusive development in Latin America and the Caribbean. With offices in 26 countries of the region, it is focused on improving lives through financial solutions and knowledge that is both relevant and cutting-edge. The IDB Group comprises the IDB, IDB Invest and IDB Lab, which positively impact the region by working with governments, the private sector and innovative entrepreneurs, respectively. Take our virtual tour.
Cavelier,Andres
BID for the Americas
This program aims to increase the participation of global businesses in economic opportunities in the region in three key areas: public procurement, trade and investment, and financing.
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