MENDOZA, Argentina — IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, has cemented a partnership with Denmark’s Investment Fund for Developing Countries (IFU) through a new memorandum of understanding, formalized at the IDB Group’s Annual Meeting of the Boards of Governors in Mendoza. Signed by IDB Invest CEO James P. Scriven, and IFU Vice President Helle Bjerre, the collaboration will promote the financing of private sector projects in Latin America and the Caribbean.
The partnership with IFU, an independent government-owned fund that offers risk capital and advice to Danish companies setting up business in emerging markets, will actively identify opportunities for co-financing and co-investment in private sector projects.
The partners will target sectors in which market-based solutions have the potential to drive substantial progress and scalability in line with the United Nations Sustainable Development Goals. IDB Invest and IFU have already begun to develop a pipeline of projects in Colombia, and also plan to work together through robust knowledge, information, and best practice exchange efforts.
The new agreement builds on a historic partnership between the IDB Group and Denmark, which includes joint support to national development banks across the region to catalyze private sector investment in energy efficiency and Denmark’s active participation in the IDB-managed Gender and Diversity Fund. The partnership’s private sector focus is in line with the IDB’s ongoing engagement of Danish companies including the Maersk Group, Novozymes, Vestas, and LEGO.
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.