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Credit: IDB Invest Japan International Cooperation Agency (JICA) plans to contribute $1 billion to a new IDB Invest fund to spur private investment in sustainable projects in Latin America and the Caribbean. The initiative represents the Japanese agency’s biggest private-sector fund in the region, and has the potential to grow to $1.5 billion within three years, said IDB Invest, the private-sector financing arm of the IDB Group. The fund “will provide IDB Invest with additional resources, streamline co-financing with JICA by reducing duplication, and leverage IDB Invest’s expertise,” according to a press release published on Tuesday. “This initiative will not only catalyze private investment but also foster sustainable development, innovation, and economic growth in the region,” IDB Group President Ilan Goldfajn added in the release.
