IDB Group agreement with Japan International Cooperation Agency lays the groundwork for quality private sector infrastructure
MENDOZA, Argentina—The Inter-American Development Bank (IDB), the IDB Group’s private sector institution IDB Invest and the Japan International Cooperation Agency (JICA) today formalized a Memorandum of Cooperation to jointly promote quality infrastructure and co-finance eligible projects for the private sector. The agreement was signed by IDB President Luis Alberto Moreno, IDB Invest CEO James P. Scriven, and JICA Senior Vice President Shigeru Maeda. The signing took place in the presence of Mr. Kenichiro Ueno, State Minister of Finance of Japan, during the Annual Meeting of the Boards of Governors of the IDB and IDB Invest. The agreement builds upon the longstanding collaboration between the IDB Group and JICA, and the partners’ shared commitment to finance quality infrastructure in Latin America and the Caribbean. The partners intend to closely align future efforts with the Co-financing for Renewable Energy and Energy Efficiency (CORE) program originally established in 2012 between JICA and the IDB, as well as the Japan Quality Infrastructure Initiative (JQI) created in 2016. The collaboration between IDB Invest and JICA will prioritize co-financing private sector infrastructure projects, expanding on the work between the IDB Group and JICA in energy to include transportation and water and sanitation. The signing of this MOC is also significant as the first-ever agreement signed between JICA and IDB Invest, the IDB Group’s newly rebranded private sector institution. About the Inter-American Development Bank (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. About IDB Invest IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of $11.6 billion under management and 330 clients in 21 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients. As of November 2017, IDB Invest is the trade name of the Inter-American Investment Corporation.