IDB Studies Capital Increase
- The Inter-American Development Bank (IDB) said Sunday that its board authorized studies to consider a capital increase as part of a multi-pronged program to resume economic growth in Latin America and the Caribbean.
- According to the President of IDB, Mauricio Claver-Carone, the IDB arranged almost $24.00Bn in financing to diminish the impact of the COVID-19 pandemic in 2020 and it has earmarked $1.00Bn to buy and distribute vaccines in the region.
- The Washington DC-based development bank has also identified five areas for investment in a new program called "Vision 2025, Reinvest in the Americas," including regional integration and strengthening value chains, support for small and medium-sized businesses to narrow a $1.00Tn financing gap, promoting the digital economy and prioritizing investments for gender equality and climate change responses.
- The development bank also committed $1.25Bn in financing for economic recovery plans in Colombia and added $500.00Mn to the Korea Infrastructure Development Co-financing Facility for Latin America and the Caribbean (KIF) with the South Korean government. This will be helpful in improving economic recovery prospects and governments’ fiscal performance.
(Source: Latin Finance)