IDB Invest, the private sector arm of the Inter-American Development Bank (IDB), has welcomed the United Kingdom as its 48th member country, an announcement that comes after building a “long-term” relationship with the IDB, of which it already has been a member since 1976.
With its admission to IDB Invest, the United Kingdom “reinforces” its commitment to increase economic and social development in Latin America and the Caribbean through the private sector.
The official declaration of membership was signed during an accession ceremony led by UK Development Minister Andrew Mitchell, Inter-American Development Bank (IDB) President Ilan Goldfajn and IDB Invest CEO James P. Scriven.
In 2017, the IDB, IDB Invest and the UK partnered to create the UK Sustainable Infrastructure Program (UK SIP), a £177.5 million (approximately €200 million) trust fund, mobilizing private sector investments to increase climate action through sustainable low-carbon infrastructure, which helps countries in the region meet their commitments in the Paris Agreements.
“Attracting new investors to Latin America and the Caribbean can help us address shared global challenges, such as food insecurity and the need for clean energy,” said President Ilan Goldfajn.
For his part, the head of IDB Invest has indicated his intention to connect global investors with sustainable development in Latin America and the Caribbean, to “guarantee a real impact” on people’s lives. “We are very happy to see the UK join IDB Invest, and we look forward to mobilizing new investment to the region,” he added.