The Inter-American Development Bank (IDB) Group says it has entered into a collaboration with Israel to empower climate-smart agribusinesses in Latin America and the Caribbean (LAC).
The IDB Group said Israel is contributing a three million US dollar grant to help create the new Innovation for Climate-Smart Agribusinesses initiative managed by its private sector arm, IDB Invest, and its innovation laboratory, IDB Lab.
The initiative aims to help agribusinesses in LAC respond to climate change challenges while fostering the development of resilient, low-carbon business models. The initiative will also help firms export their products, upskill their workforce, and adopt innovative technologies and practices.
IDB said agriculture is critical not just to LAC economies but to global food security and as a result IDB Invest, IDB Lab and Israel have joined forces to address key barriers to climate-smart investment by increasing awareness, knowledge, and capacity related to sustainable practices.
The initiative will also help identify opportunities in climate-smart agriculture and forestry, test new technologies that can help clients produce sustainably, and increase climate resilience, in addition to providing technical assistance for climate-smart agriculture and forestry.
“We at the IDB believe that empowering firms in Latin America and the Caribbean is critical to reigniting growth, driving social progress, and fostering recovery. Helping agribusinesses operate in more resilient and innovative ways, will create jobs, improve food security, and strengthen economies. “We are grateful to our partners in the Government of Israel, which is a model for spurring innovation and private sector development, for their support in this new initiative,” said IDB President Mauricio Claver-Carone.
Israel’s Minister of Agriculture and Rural Development, Oded Forer, said “I am proud to sign this agreement through which Israel will be able to leverage its international leadership in agricultural research and development to help solve the unique challenges facing the sector in Latin America and the Caribbean.
“This cooperation with the IDB Group will enable, for the first time, the financing of flagship projects and knowledge-sharing activities, aimed at exposing climate-smart and innovative Israeli technologies to practitioners in the region.
“These activities will serve as a complement to Israel’s cooperation with the countries in the region and to our contribution to global efforts to strengthen food security and meet the challenges posed by climate change,” said Forer, while his colleague, Avigdor Lieberman, the Minister of Finance said this partnership is a testament to Israel’s strong commitment to advancing sustainable development in Latin America and the Caribbean.
“Israel has become a world leader in sustainable and climate-smart agriculture, having developed technologies and methods applicable in resource-scarce contexts. The Fund will allow Israeli expertise and knowhow to be leveraged by IDB clients and partners across the LAC region in order to advance the achievement of the SDGs.
“With this Fund, Israel is proud to expand upon its already strong collaboration with the IDB Group in the fields of cybersecurity and water technologies. We look forward to continuing to work together with the Group to ensure a sustainable and resilient future for Latin America and the Caribbean,” said Lieberman.
The IDB said that this initiative is a key example of how its Vision 2025 agenda can promote economic recovery and inclusive growth by investing in key strategically imports areas including climate change, trade, digitalization, gender and inclusion, and small businesses.
