IDB Invest, the private sector arm of the Inter-American Development Bank, has welcomed the United Kingdom (UK) as its 48th member country.

The official declaration of membership was signed during a joining ceremony led by UK Development Minister Andrew Mitchell, Inter-American Development Bank (IDB) President Ilan Goldfajn and IDB Invest CEO James P. Scriven. 

Since 1976, the UK has been a member of the IDB, and its admission to IDB Invest is expected to reinforce its commitment to increasing economic and social development in Latin America and the Caribbean through the private sector. 

In 2017, IDB, IDB Invest and the UK partnered to create the UK Sustainable Infrastructure Program (UK SIP), a £177.5-million trust fund, mobilising private sector investments to increase climate action through sustainable low-carbon infrastructure, supporting countries in the region to deliver on their Paris Agreement commitments. 

“Attracting new investors to Latin America and the Caribbean can help us tackle shared global challenges, such as food insecurity and the need for clean energy,” said Goldfajn.

“Our continued partnership with the UK government represents an important step to increasing sustainable and inclusive growth in our region.”

Said Scriven: “We want to connect global investors to sustainable development in Latin America and the Caribbean, to ensure we can have a real impact on people’s lives.

“We are very pleased to see the UK joining IDB Invest, and we look forward to mobilising new investments to the region to increase climate action, gender equality and sustainable infrastructure.”