By Vivienne Russell | 27 January 2014
The Inter-American Development Bank has entered into a five-year public-private partnership with the technology firm Mastercard in order to boost financial transparency and accountability across Latin America and the Caribbean.
The agreement, signed last week at the World Economic Forum in Davos, is intended to increase the efficiency of financial disbursements and help to ensure that funds reach intended beneficiaries.
IDB president Luis Alberto Moreno said: ‘This initiative takes a two-pronged approach to promote financial transparency and formalisation in the region.
‘First, we intend for it to enhance access to information and accountability among governments in Latin America and the Caribbean.
‘Second, in partnership with banks, microfinance organisations, development organisations and the private sector, we plan to extend electronic payment and financial services to the under-served as a vehicle for families and businesses across the region to overcome poverty.’
The deal sees Mastercard become the IDB’s first corporate partner in transparency. It will join the bank and the Norwegian government in providing strategic advice to the bank’s Transparency Fund, its primary source of grant financing for transparency-related projects under its public sector management agenda.
‘We strongly believe that this effort will help to promote government transparency, efficiency and accountability within Latin America and the Caribbean,’ said Gilberto Caldart, Mastercard president for the region.
