IDB, Mastercard to help Caribbean boost economic inclusion

The Inter-American Development Bank (IDB) and Mastercard signed a Memorandum of Understanding formalizing the IDB’s participation in City Possible network, pioneered by Mastercard. The IDB is the first multilateral to join the program, which brings cities, companies, and communities together to identify common challenges and co-develop solutions that advance inclusive and sustainable urban development.

“The COVID-19 pandemic impacted all the cities in our region, and cities remain critical hubs for post pandemic recovery and engines for economic growth. Now more than ever, public and private partnerships are needed to promote economic inclusion and replicate innovative solutions that address urban challenges, particularly in the developing world,” said IDB President, Mauricio Claver-Carone.

With more than 220 city members and candidate cities globally, the City Possible partnership framework focuses on building more inclusive and sustainable cities by increasing access to services in urban areas expanding mobility solutions and informing an inclusive recovery through data driven insights.

In Latin America, the following cities are part of the network: Candeias, Curitiba, Distrito Federal, Guarulhos, Itú, Juazeiro do Norte, Jundiaí, Madre de Deus, Novo Hamburgo, Porto Alegre, Recife, Registro, Santo André, São Caetano do Sul and Sorriso in Brazil, as well as Buenos Aires in Argentina.

“As the world starts to recover from the global pandemic, actions taken by cities within the next few years will play a large part in determining future resiliency. It is essential to ensure that, in addition to economic development, social and environmental dimensions of sustainability are also considered,” added Michael Froman, Vice Chairman and President of Strategic Growth for Mastercard. “The IDB will bring essential expertise, insights and reach for City Possible members in Latin America and around the world.”

This IDB-Mastercard joint effort will complement the work already being done by the IDB through its Cities Network. The Cities Network is a city-level platform for knowledge, relationships, and solutions that aims to share best practices in environmental, economic, and social sustainability among more than 160 cities in Latin America and the Caribbean.