IDB, World Economic Forum Announce New Collaboration

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Enhancing the benefits of the Fourth Industrial Revolution in Latin America and the Caribbean

The Inter-American Development Bank (IDB) and the World Economic Forum (WEF) today announced their collaboration to co-design and pilot policy and regulatory frameworks that seek to maximize the benefits and help address the challenges brought about by the Fourth Industrial Revolution in the Latin American and Caribbean region.

The IDB and WEF will work to identify critical challenges to be addressed and opportunities where technology can help address current development issues. Some of the technologies to be considered under this collaboration are artificial intelligence, blockchain, the Internet of things and machine learning; issues to be explored include jobs and skills, and ethics and values.

“At the IDB, we believe that the Fourth Industrial Revolution opens a new phase to accelerate development through the innovative applications of technologies across sectors in Latin America and the Caribbean. This collaboration with WEF capitalizes on our common agenda and will allow us to pilot initiatives and test models to better serve the countries in our region,” said IDB Knowledge and Learning Department Manager Federico Basañes.

WEF’s Center for the Fourth Industrial Revolution is a new space for global cooperation committed to developing policy principles and regulatory frameworks that accelerate the applications of science and technology in the global public interest. The agreement signed by the two organizations establishes the IDB’s membership in the Center based in San Francisco, California.

About the Inter-American Development Bank

The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.