United Against Crime: Regional Security Alliance Launches in Latin America and the Caribbean

The Inter-American Development Bank has launched a regional security alliance comprising 16 Latin American and Caribbean nations, alongside international financial institutions, to combat crime and its economic impact. The initiative, with a $1 billion budget, focuses on reducing vulnerabilities and enhancing regional cooperation.

The Inter-American Development Bank (IDB) has unveiled a groundbreaking regional security alliance aimed at tackling crime across Latin America and the Caribbean. Involving 16 governments and several international finance entities, the initiative strives to integrate security with economic progress.

"Organized crime transcends national borders," stated IDB President Ilan Goldfajn at the Barbados launch. The program is a response to concerns about crime's economic burden, impacting gross domestic product significantly. With an initial $1 billion in funding, it targets both public and private financing streams to extend resources.

Projects within the alliance will foster criminal record sharing and address issues like money laundering associated with illegal mining. Goldfajn emphasized the social dimension of the plan, focusing on reducing community vulnerabilities and reinforcing justice institutions. Notably, the U.S. abstains, though talks with Mexico and Colombia suggest potential future expansion.

(With inputs from agencies.)