LONDON – Today, IDB Invest (the private sector arm of the Inter-American Development Bank) welcomed the United Kingdom as its 48th member country. The official declaration of membership was signed during a joining ceremony led by UK Development Minister Andrew Mitchell, Inter-American Development Bank (IDB) President Ilan Goldfajn and IDB Invest CEO James P. Scriven.
The announcement follows a long-standing relationship with the IDB. Since 1976, the United Kingdom has been a member of the IDB, and its admission to IDB Invest reinforces its commitment to increasing economic and social development in Latin America and the Caribbean through the private sector.
In 2017, IDB, IDB Invest and the United Kingdom partnered to create the UK Sustainable Infrastructure Program (UK SIP), a £177.5 million trust fund, mobilizing private sector investments to increase climate action through sustainable low-carbon infrastructure, supporting countries in the region to deliver on their Paris Agreement commitments.
“Attracting new investors to Latin America and the Caribbean can help us tackle shared global challenges, such as food insecurity and the need for clean energy,” said President Ilan Goldfajn. “Our continued partnership with the UK government represents an important step to increasing sustainable and inclusive growth in our region.”
“We want to connect global investors to sustainable development in Latin America and the Caribbean, to ensure we can have a real impact on people’s lives,” said James P. Scriven, CEO of IDB Invest. “We are very pleased to see the UK joining IDB Invest, and we look forward to mobilizing new investments to the region to increase climate action, gender equality and sustainable infrastructure.”
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region. Access our virtual tour.
About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $15.3 billion in asset management and 375 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.