Saturday, 23 July 2022 01:50

IDB Invest, IDB Lab and Israel to boost agribusiness in Latin America

Written by Evelyn Alas

The IDB Group, through its private sector arm, IDB Invest, and its innovation lab, IDB Lab, has joined forces with the Government of Israel to empower climate-smart agribusiness in Latin America and the Caribbean (LAC).

Working through its Ministry of Finance and Ministry of Agriculture, Israel is contributing a $3 million grant to help create the new Climate-Smart Agribusiness Innovation initiative managed by IDB Invest and IDB Lab.

The initiative aims to help agribusinesses in LAC respond to the challenges of climate change while fostering the development of resilient, low-carbon business models. The initiative will also help companies export their products, improve the skills of their workforce, and adopt innovative technologies and practices.

Agriculture is critical not only for LAC economies, but also for global food security. Because of that, IDB Invest, IDB Lab and Israel have joined forces to address key barriers to climate-smart investment by increasing awareness, knowledge and capacity related to sustainable practices.

The initiative will also help identify opportunities in climate-smart agriculture and forestry, test new technologies that can help clients produce sustainably and increase climate resilience, as well as provide technical assistance for climate-smart agriculture and forestry.

IDB President Mauricio Claver said the IDB believes that empowering businesses in Latin America and the Caribbean is critical to reviving growth, boosting social progress and fostering recovery. Helping agribusinesses operate in more resilient and innovative ways will create jobs, improve food security and strengthen economies.