Barranquilla, Colombia's Golden Gate, hosted the 61st Board of Governors of the Inter-American Development Bank (IDB) from March 15 to 21.

The hospitality, joy and warmth of the people of Barranquilla became the perfect setting for IDB President Mauricio Claver-Carone and the Board of Governors, the highest authority of the multilateral organization, to present the IDB's Vision 2025 and outline the path for a new capitalization of the institution.

The IDB's role in the region is key at this time, when the borrowing member countries require the support and accompaniment of the multilateral organization to meet the needs of society and the economy that have arisen as a result of the COVID-19 pandemic.

The increase in indebtedness, the reduction in collections and the contraction of approximately 8% in 2020, pose a challenge of significant importance for the sustainable Andean and global recovery, which requires consensual public policies, laws with adequate socio-economic balance, and above all the solidarity of the international conglomerate.

The IDB's remarkable decision to assume a leading role in the construction of a decade of opportunities generates a transcendental support to achieve sustainable social, environmental and economic recovery.

The leading role of the multilateral organization began with concrete actions, as evidenced by the loan granted to Barranquilla for 250 million dollars, which will be used to continue the sustainable development of the city, and thus become the first Biodivercity of Colombia under the BAQ 100 urban renewal project.

Hand in hand with the good news for Barranquilla, it was announced in the framework of the Assembly the allocation of significant resources for the acquisition of vaccines. Likewise, the Amazonas initiative was presented, through which, among others, the sustainable management of forests, agriculture and livestock is promoted.

In addition to the above, in the various socializations that took place in the Assembly, issues of vital importance were addressed, such as the need to advance in the digital economy; deepen regional integration; the importance of inclusion in the recovery and the relevant role of the private sector in the sustainable reactivation.

Special attention was given to the importance given by the IDB to Nearshoring, which it considers to be a great opportunity for Latin America on the road to recovery, considering the potential for attracting Foreign Direct Investment (FDI) in relocation processes.

Regarding Nearshoring, it is worth noting that Colombia and particularly Barranquilla, host city of the Assembly, has a privileged location on the west bank of the Magdalena River, near the Caribbean Sea, which makes it a strategic point of connection, with a strong port and export vocation, free trade zones, industrial parks and a highly qualified human resource, which has allowed it over time, to be an attractive city with open arms for the location of large investment projects.

The wide network of trade agreements and the protection of FDI, are elements that guarantee legal stability for foreign investors who find in Colombia and Barranquilla a territory of opportunities.

In addition to the above, the homogeneous trade policy adopted since 1991 with the economic opening and the enactment of the new Constitution, which gave way to the gradual and organized insertion of Colombia to the international environment, allowing the country to generate a scenario of global confidence to actively participate in supranational governing bodies such as the OECD, WCO, WTO, IDB, among others.

Currently, the trade integration policy not only remains intact, but it is strengthened by the impulse given by the National Government to instruments such as mega investments, free zones 4.0, e-commerce, export of services, Vallejo Express Plan programs, among others, which make Colombia and Barranquilla an ideal place for business relocation.

Under this context, the sustainable development that the city has had, added to its future projection, fills all Barranquilleros and Colombians with pride, but it is clear that there is still a long way to go, which requires multilateral support, such as that granted by the IDB, by trusting Barranquilla to hold its 61st Assembly.

The future looks promising. From great crises come great feats, and this time will be no exception, so I am convinced that together as a global society we will be able to build a better world in the post-COVID-19 era.

Best regards.

Erwin