IDB Leads Regional Security Alliance in Latin America

The Inter-American Development Bank has launched a regional security alliance involving 18 Latin American and Caribbean governments to tackle organized crime. The initiative, supported by multiple financial institutions, aims to strengthen public safety and reduce the economic burden of crime, costing the region 3.4% of its GDP.

The Inter-American Development Bank (IDB) has announced a new regional security alliance against crime, uniting 18 governments from Latin America and the Caribbean. The initiative comes with backing from several international finance institutions, setting a precedent for collaborative security efforts in the region.

"Security needs to be part of the solution for our economic progress," stated IDB President Ilan Goldfajn at the project's launch event in Barbados. He emphasized the financial strain crime places on countries, with costs averaging 3.4% of GDP, rivalling education budgets and outstripping social assistance and R&D spending.

The IDB has pledged $1 billion for aligned projects in the coming year and plans to attract public and private donors for additional funding. Initiatives will focus on the sharing of criminal records among members and addressing money laundering linked to illegal activities, notably in the Amazon. Discussions also point to potential participation from Mexico and Colombia, with strong social components aimed at reducing community vulnerabilities.

(With inputs from agencies.)