Ecuador receives $150 million security grant
The Inter-American Development Bank (IDB) announced Monday it will invest $150 million to support security programs in Ecuador. The grant is part of a collaboration with the World Bank and the Development Bank of Latin America, aimed at “confronting organized crime and rebuilding the social fabric in the region.”
GUAYAQUIL, Ecuador - The Inter-American Development Bank (IDB) proposes the creation of the Alliance for Security, Justice, and Development with the security and justice ministers of the region, aiming to coordinate the implementation of public policies and resource mobilization to address, with a new approach, the challenges to economic and social development posed by organized crime.
Through the alliance, the IDB would provide financing, assistance, and technical advice to governments to expand successful, evidence-based interventions; launch innovative pilot initiatives to prevent and address crime and violence; and build institutional capacities. As a result, it would magnify regional experiences, ensure the sustainability of policies, and mobilize resources for countries’ security and justice systems.
The alliance would also complement existing networks and platforms by giving countries opportunities to dialogue, cooperate, and exchange knowledge with each other.
Crime and violence stand in the way of development and economic growth in Latin America and the Caribbean. The IDB estimates that they lop an average of 3.5% off countries’ GDP, taking into account the loss of human capital and public and private funds spent to address crime.
The alliance aims to allay widespread violence and, in turn, promote sustainable economic development and social cohesion.
The alliance was proposed at the Regional Security Summit held in Guayaquil, Ecuador on August 19 and 20. A second summit will be convened along with the Caribbean ministers in December 2025 in Barbados.
- Source: IDBNEWS RELEASES, August 19, 2024
