BBVA - Press Room

• The purpose is to enter into a cooperation framework agreement to foster Latin America's economic and social development

BBVA and the Inter-American Development Bank (IDB) today signed a cooperation framework agreement designed to foster economic and social development in Latin America and the Caribbean. The agreement between the IDB and BBVA seeks to bring about closer cooperation between the two banks in areas such as the provision of financial and other services for small, medium and large enterprises (SMEs); trade financing; co-financing of infrastructure projects; and promoting financial literacy.

The signing ceremony took place in Madrid following yesterday's extraordinary meeting of the IDB's Board of Governors, the bank's top governing body. IDB President Luis Alberto Moreno and BBVA Chairman & CEO Francisco González jointly ratified the agreement.

According to Mr. González, the agreement reflects the excellent relationship and the long track record of cooperation between BBVA and the IDB.

The BBVA Chairman & CEO stated that "this agreement implies a mutual commitment to develop initiatives that will have a positive impact on the environment, to foster microlending, co-finance infrastructure and energy projects, and to work alongside in developing a community investment plan based on teaching financial literacy."

"The Inter-American Bank of Development is an exemplary agent of innovation and development in how it is carrying out its mandate. The IDB's growing involvement in public-private partnerships has enabled it to become more effective in delivering its programs in the region," said Francisco González, in whose opinion the IDB has directly contributed to regional development by working with private sector banks.

"The Inter-American Bank of Development is extremely pleased to sign a strategic agreement with BBVA on cooperation and coordination in Latin America and the Caribbean. The IDB is making an effort to increase lending to its borrowing member states, to an unprecedented total of bn this year. Last year we granted a record bn in loans," explained Luis Alberto Moreno, the IDB president.

The two banks have worked together before in areas of mutual interest, including microlending, SMEs, trade financing and co-financing of infrastructure projects, among others. The agreement will make for a closer relationship and serve as a benchmark for other financial intermediaries.

BBVA and the IDB have worked together on a variety of programs, among them through:

• BBVA's participation in the Trade Finance Facilitation Program (TFFP).
• Cooperation between the IDB's Multilateral Investment Fund (MIF) and the BBVA Foundation on initiatives to widen access to microlending services in Latin America and the Caribbean.
• A cooperation and technical assistance agreement between BBVA South America and the Inter-American Investment Corporation (IIC) for the purpose of establishing specific areas of action for development support to the region's SMEs.