The Inter-American Development Bank (IDB) has teamed up with Spanish telecom giant Telefonica in order to accelerate the growth of nearly 600 startups across Latin America.
Under the program called CIV-LAC, Telefonica will connect young entrepreneurs with large corporate companies. The program includes organizing workshops on artificial intelligence (AI) and big data.
The program is designed to move startups up the value chain, giving them access to expert advice as well as technology solutions.
A partnership with Telefonica will “help bring new solutions” to the region, stated the bank in a press release.
“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,” said IDB President Mauricio Claver-Carone.
The Spanish telecom firm, which has extensive operations in many countries throughout the region, also has similar partnerships with the bank’s subsidiaries such as the IDB Lab and IDB Invest.
“The platform 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,” stated the bank.