The Inter-American Development Bank (IDB) is welcoming the announcement by the United States of a capital increase for IDB Invest, the private-sector entity that finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region.
With a portfolio of US$14.8 billion in assets under management and 376 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
US President Joe Biden addressing the just concluded ninth Summit of the Americas in Los Angeles, said ‘we will together reinvigorate the hemisphere’s regional economic institutions, such as the Inter-American Development Bank, including through reforms to drive climate ambition, social inclusion and private sector development with the possibility of future capital for IDB Invest, and ensure international financial and economic institutions adequately prioritize the region”.
In a statement, the IDB said while it is proud of the support it has received over the past year from its member countries, “we welcome the announcement from United States President Joe Biden regarding a capital increase for IDB Invest, our private-sector entity.
“This reaffirms the important role that the IDB Group will continue to play as the partner of choice for Latin America and the Caribbean in addressing its financing needs to ensure a more transparent, prosperous economic future for all.”
The IDB said in March this year, its board of governors approved a roadmap for a capital-increase proposal for IDB Invest and “unanimously supported our proposals for institutional reforms to improve efficiency, enhance stakeholder engagement, and ensure a whole-of-institution response to help countries reduce poverty, create jobs, and create a more equitable region for women”.
The IDB said it is particularly excited for the bipartisan support that it has received, including the historic backing in the US Congress, “a first for our institution and look forward to working with all stakeholders toward a capital increase that will support the region in advancing transparency, overcoming endemic challenges and the ongoing crises stemming from COVID-19 and Russia’s war in the Ukraine”.
CMC/
