LONDON, March 2, 2023 (Reuters) /PRNewswire/
IDB Invest welcomed the United Kingdom as its 48th member. The formal MoU was signed during a ceremony presided over by UK Development Secretary Andrew Mitchell, Inter-American Development Bank (IDB) President Ilan Goldvag, and International Development Bank (IDB Invest) CEO James P. Scriven.
This announcement comes after a long-standing relationship with the Islamic Development Bank. The United Kingdom has been a member of the Islamic Development Bank since 1976 and its inclusion in IDB Invest confirms its commitment to promoting private sector development in Latin America and the Caribbean.
In 2017, IDB, IDB Invest and the UK launched the Sustainable Infrastructure Program (UK SIP), a £177.5m trust fund to mobilize private investment to scale up climate action and help countries meet Paris Agreement commitments.
“Attracting new investors to Latin America and the Caribbean can help us address common global challenges such as food insecurity and clean energy needs,” stated IIlan Goldfajn, President of the Islamic Development Bank.
said James B. Scriven, CEO of IDB Invest: “We aim to connect global investors with sustainable development in Latin America and the Caribbean to ensure we can make a real impact on people’s lives.” “We are excited to be joining the UK on IDB Invest and about mobilizing new investment to advance climate action, gender equality and sustainable infrastructure.”
Information about the Islamic Development Bank
The Inter-American Development Bank is dedicated to improving people’s lives. Founded in 1959, the Islamic Development Bank is a major source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The Islamic Development Bank also conducts cutting-edge research and provides policy advice, technical assistance and training to private and public sector clients around the world. Visit our virtual tour.
About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral development bank dedicated to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest funds sustainable companies and projects to achieve financial results and maximize economic, social and environmental development in the region. With a $15.3 billion wealth management portfolio and 375 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services to meet the needs of its clients across a variety of industries.
Press contact Ana Escudero [email protected]
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