In addition, it supports and strengthens initiatives that encourage youth leadership development, and builds on the IDB Youth Summit that was co-hosted by Southeastern during the IDB's annual meeting in New Orleans in March. Clausen said the agreement is the first step in establishing a multi-national, educational exchange program with Southeastern providing overall direction and leadership. The program will involve the collective participation of various governmental organizations, private enterprise and educational institutions. In signing the agreement, Iglesias said the partnership is an important instrument in helping to develop the knowledge base that is so important for the economic and social development of Latin America and the Caribbean. The region, he said, is one of the youngest in the world, with approximately half the population of 500 million people under the age of 34.
Education is the basis of everything.
The IDB is the oldest and largest regional multilateral development institution. Established in 1959, the IDB was formed to help accelerate economic and social development in Latin America and the Caribbean. Starting with an initial membership of 19 Latin American and Caribbean countries and the United States, IDB membership now totals 46 nations.