On November 17, 2024, the Inter-American Development Bank (IDB) announced its official participation in the Global Alliance Against Hunger and Poverty, initiated by Brazil during its G20 Presidency. The IDB has pledged up to $25 billion in financing for member countries from 2025 to 2030, aiming to eradicate hunger and poverty while addressing global inequalities.
IDB President Ilan Goldfajn stated, 'The IDB is proud to join this transformative initiative.' This commitment will support locally-led initiatives focusing on vulnerable groups, including women, Afro-descendants, and Indigenous populations.
The IDB aims to ensure that 50% of newly approved projects directly benefit poor communities and that 60% of IDB Lab projects target vulnerable populations. To enhance its impact, the IDB plans to utilize Special Drawing Rights (SDRs) from the International Monetary Fund (IMF), which will allow it to multiply resources significantly.
For every $1 billion of SDRs, the IDB can generate $7 billion in financing. This funding will provide critical support to 4 million families in extreme poverty, 1.3 million mothers and children in need of healthcare, and 10 million children through expanded school meal programs.
Additionally, the IDB will allocate $200 million for non-reimbursable technical assistance to develop priority policies under the Alliance framework. Areas of focus include social protection for families, early childhood development, and climate-smart agricultural technologies.
In collaboration with Brazil, the IDB will conduct a mid-term review to assess progress and adjust strategies as needed. President Goldfajn emphasized the importance of collective action, stating, 'Together, we can make measurable strides in the fight against hunger and poverty.'