IDB Invest 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 development in Latin America and the Caribbean through the private sector.
In 2017, IDB, IDB Invest and the United Kingdom created the UK Sustainable Infrastructure Program (UK SIP), a £177.5 million trust fund, mobilizing private investments to increase climate action to support countries deliver on 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 IDB 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, IDB Invest CEO. “We are pleased to see the UK joining IDB Invest and look forward to mobilizing new investments to increase climate action, gender equality and sustainable infrastructure.”