United States, July 9 -- The Inter-American Development Bank (IDB) and the World Bank have approved the Full Mutual Reliance Framework (FMRF), an innovative cofinancing arrangement that will help streamline jointly financed development projects in Latin America and the Caribbean.This framework delivers on a longstanding request from shareholders for multilateral development banks (MDBs) to work more effectively as a system and maximize development impact. Under the FMRF, the IDB and the World Bank may rely on one another's operational policies when cofinancing eligible projects, reducing duplication and simplifying project preparation and implementation.The IDB and World Bank engaged with accountability mechanism experts and civil society o...