Major increase over projections includes record private finance mobilisation and climate finance.
The Inter-American Development Bank (IDB) and its private-sector arm, IDB Invest, achieved nearly $23.4bn in new financing approvals, commitments and private-sector mobilisations in 2021 – representing significant financial assistance to Latin America and the Caribbean through the year.
The new record includes IDB Invest’s mobilisation of private funding, which amounted to almost $3bn – more than during any year in its history. The total also includes record or near-record levels of IDB funding approvals in priority areas for the region’s recovery and sustainable, inclusive growth, including health and the COVID-19 response, climate change, supply chains and digitalization.
Highlights from the IDB’s financing include a record $4.5bn of funding for climate-related projects, and a record $2.3bn of financing to strengthen regional supply chains.
The new report significantly updates and exceeds previous estimates for 2021, raising the total by more than $3bn. This comes at the same time as the IDB launches its Australian Dollar sustainable development bond.
The 10-year fixed rate sustainable development bond will support IDB’s strategic priorities to reduce poverty and inequality in Latin America and the Caribbean in a sustainable and climate friendly manner.
Meiji Yasuda Life Insurance Company is the sole investor of $180m in the bond, which is rated at AAA by ratings agencies.