Skip to main content

IDB and Telefónica Launch Initiative to Connect Entrepreneurs and Corporations

MADRID – Inter-American Development Bank (IDB) President Mauricio Claver-Carone and Telefónica Chief Executive Officer José María Álvarez-Pallete met today to strengthen the institutional alliance maintained by both organizations and to continue promoting inclusive digital transformation in Latin America and the Caribbean.

“The IDB will continue to advance inclusive digitalization in Latin America and the Caribbean because we recognize the importance of maximizing the use of and access to technology to create jobs and new opportunities for students, entrepreneurs, and leaders of micro, small, and medium-sized enterprises. We hope to strengthen our partnership with Telefónica to bring new solutions that help advance sustainable development in our region,” said IDB President Mauricio Claver-Carone.

The collaboration covers different areas, such as education and training through AI and big data workshops, employability, migration, and the ethical and responsible use of technology. Telefónica is also a partner in key entrepreneurial initiatives with IDB Lab, the IDB Group’s innovation laboratory, and cutting-edge financing schemes with IDB Invest, the Group’s private sector arm.

Telefónica President José María Álvarez-Pallete said: “This partnership and collaboration enables us to maximize our contribution toward just socioeconomic development through a green and inclusive digitalization of the region that helps narrow the gaps and help entrepreneurs and corporations consolidate their place at the forefront of the digital world.”

One of the meeting’s highlights was the launch of CIV-LAC, a regional corporate entrepreneurial platform. The initiative will help scale up some 600 startups through open innovation processes with large and medium-sized companies from Spain and Latin America, helping strengthen the digital ecosystem.

This platform’s development is conducted by IDB Lab and Wayra, Telefónica’s innovation laboratory. CIV-LAC will facilitate access to trading networks as well as resources and knowledge to benefit technology-based startups and those with high socio-environmental business models. The initiative will also connect startups with companies that support these solutions through innovation and investment projects.

Nearly 60% of the technological solutions supported by this platform will target vulnerable communities, while the remaining 40% will focus on improving environmental impact.

The two leaders met at Telefónica’s Madrid headquarters, where they also reviewed other key projects, including Chile’s Destino Empleo (Destination Employment), an employability program; and Internet para Todos (IpT, Internet for All) Peru. They looked at possibilities for expanding IpT's success to Ecuador and Colombia. To date, IpT Peru has improved connectivity for more than 3 million people in remote locations.

About the IDB

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.

About Telefónica

Telefónica is one of the world’s leading suppliers of telecommunications services, providing landline and mobile connectivity as well as a wide array of digital services to private and corporate customers. The company operates in Europe and Latin America, serving over 365 million clients.

Telefónica is a wholly private company, trading on the continuous market in Spain’s stock exchange as well as the stock exchanges of New York and Lima.