Washington D.C., August 28, 2024—The International Finance Corporation (IFC) and Microsoft signed a strategic agreement to identify and enhance investment opportunities in digital transformation across Latin America and the Caribbean. This collaboration focuses on sectors such as mining, energy, smart cities, transportation, and public services, with the goal of driving sustainable development and technological innovation in these industries throughout the region.
Through this agreement, IFC will provide its clients with advisory services and financing aimed at digital transformation, while Microsoft will contribute its technological solutions. The partnership focuses on emerging technologies such as Artificial Intelligence (AI), to transform digital infrastructure, improve operational efficiency, and boost the region's productivity.
Global spending on digital transformation is expected to reach nearly USD 4 trillion by 2027, and Latin America is positioned to be a key part of this global push toward digital transformation.
"We are convinced that the adoption and integration of technologies like Artificial Intelligence and cloud computing are essential to stimulate sustainable growth in Latin America and the Caribbean. Through this collaboration with IFC, we will work with key sectors for the development of the region, driving the opportunities that these technologies present to Latin American markets," said Tito Arciniega, President of Microsoft Latin America. "Our goal is to empower every company to reach its full potential through technology, creating a positive impact on their activities and the communities in which they operate. We consider this collaboration an important step in that direction."
In addition to optimizing operations, the adoption of digital technologies plays a crucial role in promoting environmental sustainability. Innovative solutions, such as smart energy systems and resource management based on data analytics, can significantly reduce companies' carbon footprint, contributing to the achievement of international sustainability goals and supporting companies in meeting their Environmental, Social, and Governance (ESG) targets.
"One of IFC's priorities in the region is to increase private sector productivity. With this collaboration, we will drive innovation and the adoption of new technologies, key factors in accelerating productivity and inclusion," said Alfonso García Mora, IFC's Vice President for Europe and Latin America and the Caribbean. "This agreement will allow us to redouble our efforts to support our clients in their digital transformation and continue driving sustainable development in the region," he added.
This initiative aligns with IFC's digital strategy, which seeks to stay at the forefront of technological developments in an increasingly tech-driven world.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
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