IDB, Japan expand partnership for economic recovery in Latin America and CaribbeanFriday, April 09, 2021
The Inter-American Development Bank (IDB) says it has expanded its long-standing partnership with the Government of Japan to reinvigorate their commitment to social and economic recovery in Latin America and the Caribbean (LAC).
“We are thrilled to strengthen our partnership with the Government of Japan. These new agreements give the IDB Group more flexibility in the use of resources from Japan in a time of critical need for the region,” said IDB President Mauricio Claver-Carone.
“Expanding co-financing for quality infrastructure, disaster-risk reduction and global health coverage will be crucial in helping the region recover and prosper after COVID-19 and hurricanes Eta and Iota, as will our extended partnership with the Japan International Cooperation Agency,” he said.
The partnership amendment was signed with the Japanese Ministry of Finance (MOF), and a new memorandum of collaboration (MOC) was signed with the Japan International Cooperation Agency (JICA).
The amendment was signed by Claver-Carone and Japan's State Minister of Finance Kenji Nakanishi, while the MOC was signed by Claver-Carone, IDB Invest CEO James Scriven, and JICA President Shinichi Kitaoka.
Specifically, the IDB-MOF amendment has enlarged the scope of the Japan Special Fund (JSF) to make money available to the IDB's innovation laboratory, IDB Lab, and private sector entity IDB Invest, thereby enabling the region's private sector to access JSF grant resources.
Established in 1988, the JSF has been a critical platform for Japan-IDB collaboration that has financed upwards of 650 projects for US$400 million. In addition, since 2011, co-financing provided by JICA has reached approximately $1.5 billion for energy and water and sanitation projects in Costa Rica, Ecuador, Honduras, Jamaica, Nicaragua, and Paraguay.
The new amendment also expands the Japan Quality Infrastructure Initiative, established under the umbrella of the JSF in 2016, to include a focus on natural disaster resilience and universal health coverage.
Additionally, the new MOC signed by the IDB and JICA extends the partners' collaboration for five additional years through March 2026, reaffirming JICA's US$3-billion commitment and expanding the scope and reach of the partners' CORE Programme, now rebranded as the Cooperation for Economic Recovery and Social Inclusion to reflect the new areas of collaboration.
Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at https://bit.ly/epaper-login