WASHINGTON D.C. (ILO News) – The Director-General of the International Labour Organization (ILO), Guy Ryder, and the President of the Inter-American Development Bank (IDB), Luis Alberto Moreno, signed today a Memorandum of Understanding (MOU) to promote the creation of decent jobs and tackle inequality in Latin America and the Caribbean.

The MOU creates a non-exclusive framework of cooperation and seeks to develop joint activities to address specific issues such as: job creation and the formalization of the informal economy; financial services, including the expansion of micro-insurance and micro-pension schemes; social protection floors and social security; youth employment and better working conditions for young people; and better skills for higher labour force productivity.

The MOU also aims to promote the exchange of information, data and knowledge on good practices, as well as information on policy analysis and evaluation, capacity building, dialogue and consultation.

“The MoU we are signing today confirms the political will to act together by building on and complementing our institutional strengths. It is important to act pragmatically to address key strategic concerns for the region. While this is a flexible framework, it provides a clear focus for interventions to reduce informality and expand access to social protection and social financial services, and opportunities and skills for the youth”, underscored Guy Ryder

The IDB and the ILO agreed that bilateral cooperation is of paramount importance to address these and other development priorities in Latin America and the Caribbean.

Representatives of the institutions will hold meetings at least once a year to review the implementation of the MOU and to discuss additional areas of work.