Agreement for the development of blockchain ecosystem in Latin America and the Caribbean
The Latin American Cooperation of Advanced Networks (RedCLARA) and the Multilateral Investment Fund of the Inter-American Development Bank (IDB LAB) signed, on Monday, October 19th 2020, a Memorandum of Understanding (MoU) with the aim of creating a non-exclusive framework for cooperation and understanding, and to also facilitate collaboration between the Parties for the development of LACChain, a project for the creation of a blockchain ecosystem in Latin America and the Caribbean.
The agreement, signed by Luis Eliécer Cadenas, Executive Director of RedCLARA, and Irene Arias Hofman, General Manager of the IDB LAB, entered into force from the date of signature and will remain in force until a final agreement is reached. Among other actions, the MoU foresees that the two organizations share relevant and complementary information about the blockchain-based services that they are developing and offering; develop new materials, tools and concepts in blockchain, and organize joint workshops and meetings to strengthen their activities in the area. To achieve these objectives, the parties will hold periodic bi-annual meetings on matters of common interest, to develop and monitor matters related to the execution of the agreement.
The Inter-American Development Bank (“IDB”) is a public international organization, whose purpose is to contribute to the acceleration of the economic and social development process of its regional developing member countries in Latin America and the Caribbean.
The Multilateral Investment Fund III (the "IDB Laboratory") was established by the Agreement Establishment of the Multilateral Investment Fund III, it is administered by the IDB and has the purpose of promoting social innovation as a tool to improve equality in Latin America and Caribbean.
The Latin American Cooperation of Advanced Networks (RedCLARA) is an international non-governmental organization organized under the laws of the Eastern Republic of Uruguay with the capacity to be considered a partner or associate or contributor for the purpose of contributing with resources as specified in Annex 1 of the MoU.