NASSAU – The Bahamian capital on Wednesday is finalizing the details of hosting the 57th annual Inter-American Development assembly, which for the first time in 25 years is being held in a Caribbean nation.
Most of the delegates from the 48 IDB member countries and the private sector who will attend the event are scheduled to arrive in Nassau on Wednesday.
Some 5,000 people in all are scheduled to attend the conference, which this year will discuss the region’s economic situation, the impact of climate change and investment in energy.
IDB president Luis Alberto Moreno said Tuesday during an interview with EFE that the region is facing “a second bad year, with negative growth” resulting from the fact that “we’re in a downward cycle, which in large part results from a time of globalization and when China is no longer growing at the rate of a few years ago.”
The latest forecasts are that Latin America will end 2016 with negative growth for the second consecutive year after contracting by 0.3 percent last year.
Besides the economic situation, another main theme of the assembly will be the consequences climate change is having and will have in the coming years on the region’s economies, especially those of the Caribbean.
The IDB governors are scheduled to discuss a resolution to increase financing for projects linked to climate change.
Last October, the IDB announced that its aim was to double the volume of financing related to climate change by 2020.
For 2050, according to forecasts, rising sea levels, the increase in temperatures and the change in rainfall patterns will reduce gross domestic product in the countries of Latin America and the Caribbean by between 2 percent and 4 percent.
The IDB will also deal with the region’s energy demands and especially with the creation of the conditions to promote investments in the sector.
A recent report by the International Energy Agency calculates that $4 trillion in investment will be needed by Latin America and the Caribbean by 2035 to be able to satisfy the region’s energy demands, especially in terms of renewable energy.