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IDB to finance regional projects to support coordinated COVID-19 response

Due to the exceptionally unfortunate circumstances the world is facing due to the associated expansion of COVID-19 worldwide, the Inter-American Development Bank (IDB) offered more than $7 million in non-reimbursable resources under the what’s called as the 2020 Call for Proposals of the Regional Public Goods Initiative (RPG). The said initiative will finance proposals for all regional cooperation and policy coordination based on the framework of LAC’s immediate response to the COVID-19 pandemic and has been in operation since February of this year.

The proposals submitted under the current exceptional circumstances have very flexible mechanisms which include a new deadline for submission extending for months, up until on May 15, 2020 at exactly 5:00 p.m. Eastern Standard Time. There are specific measures that need to be met for said projects. As with all previous RPG projects, the proposals must be presented following the RPG Initiative General Guidelines and be included into a collective solution produced by at least three IDB borrowing member countries.

Alignment with the Bank’s operational priorities is also a very important requirement as a particular since IDB’s selection criteria for the COVID-19 immediate response action include infrastructure, environmental, social, fiscal and trading among others. Other factors that also affect their decision are value-added approaches of a region to addressing a development challenge and basically sustaining the benefits of collective action even after the Initiative’s support has ended. The Initiative has long been providing very much needed technical grants and financial solutions to shared challenges through regional cooperation among three or more IDB borrowing member countries, having already financed more than $130 million for over 180 projects since 2004.

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