On October 10, 2023, Paul Stephen, regional director of the Multilateral Chamber of Commerce and Cooperation Israel Ibero-America (now the Israel Ibero-America Chamber of Commerce), met with Javier Francisco Urra, representative of the Inter-American Development Bank (IDB) in Costa Rica. The purpose of the meeting was to strengthen relations between the two organizations and to foster new economic development opportunities between Israel and the countries of Latin America.
What is the Inter-American Development Bank (IDB)?
The IDB, founded in 1959 and headquartered in Washington, D.C., is one of the main sources of development financing in Latin America and the Caribbean. It has experience in financing social and economic development projects in the region, and Israel is among its member countries.
Trade, investment and innovation: the focus of the CILIB–IDB meeting
The meeting, held in a spirit of cooperation and open dialogue, focused on exploring ways of collaborating to drive innovative projects and trade strategies that contribute to the sustainable growth of the region. Both institutions highlighted the following as key sectors for Ibero-American economies:
- bilateral trade;
- international investment;
- technological innovation as an engine of growth.
The Chamber highlighted the potential of trade relations between Israel and Latin America and how they can continue to develop through joint strategic projects. The importance of building ties that promote fair and accessible trade was underscored, with opportunities for small and medium-sized enterprises seeking to expand their presence in international markets.
Regional infrastructure and sustainable development
For its part, the IDB reaffirmed its interest in collaborating with the Chamber to strengthen regional infrastructure and promote initiatives that foster sustainable development, with an impact on economic growth, job creation and the well-being of local communities.
Both parties exchanged ideas and visions that may serve as a basis for future collaboration. The Chamber and the IDB will continue working together to develop programs and projects that support economic growth, improve competitiveness and raise the quality of life in Ibero-American countries, in sectors such as trade, technology, innovation and sustainable development.
The Chamber and development financing
The Chamber is a private, international, non-profit organization founded in Israel in 2019 and registered in Florida (USA). It works in foreign trade, training and cooperation between Israel and 22 Ibero-American countries, Andorra and the United States. Discover the Chamber’s services, the Costa Rica country profile and the Smart Export program.
