IFC invests US$ 5 bn to stimulate development in Latin America and the Caribbean Countries

IFC, a member of the World Bank Group, boosted its operations in Latin America and the Caribbean in fiscal year 2018 with committed investments of $ 5 billion to help boost sustainable economic growth in the region. innovations and build new infrastructures.     

IFC invested about $ 2.5 billion from its own resources and mobilized another $ 2.5 billion of third-party resources during the last fiscal year, ending June 30. The investments were directed to support the region's private sector in creating new jobs, combating climate change and financing small businesses.

After years of economic slowdown and recession, growth in Latin America and the Caribbean is expected to accelerate in 2019. However, the region remains one of the most unequal in the world, with increasing demands for better services, jobs, education and inclusion financial management. Today, one in four people in the region lives below the poverty line.   IFC support has enabled businesses in the region to create more than 389,000 jobs by 2017, generate power for about 9.5 million people, provide education for 2.1 million students, and provide medical services to more than 5.3 million of patients. 

"Over the past 12 months, we have intensified efforts to help the private sector implement new alternatives that can help address critical development challenges in the region," said Gabriel Goldschmidt, IFC Latin America and Caribbean Director . "We are also helping the private sector to innovate, for example by supporting the first issue of green bonds from a private bank in Argentina with $ 100 million and using the resources of a local currency bond to finance affordable housing in Costa Rica." 

Other notable transactions in the last fiscal year include support for the GuiaBolso startup, a digital platform that provides financial services to unserved sectors of the population in Brazil, loans in Colombia and Mexico that will help boost housing finance for low-income sectors of the population, structuring of public-private partnerships in Brazil for road concessions and investments of US $ 115 million in the tourism sectors of Santa Lucia and the Dominican Republic. IFC also implemented 65 technical consulting projects in the region that focused on improving business regulation, promoting gender equality and working with the private sector to combat climate change. 

Over the next fiscal year, IFC will continue to focus on high-impact projects that can help mitigate climate change, promote financial inclusion, and create new jobs.  About IFC 

IFC, a sister organization of the World Bank and a member of the World Bank Group, is the largest privately owned global development institution in emerging markets. We work with more than 2,000 companies around the world, using our capital, experience and influence to create markets and opportunities in the most difficult areas of the world. In fiscal year 2018, we delivered more than $ 23 billion in long-term financing to developing countries, boosting the power of the private sector to eradicate extreme poverty and leverage shared prosperity.

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