WASHINGTON – On November 3, Treasury Secretary Yellen hosted a discussion with Inter-American Development Bank (IDB) President Goldfajn, Barbados Prime Minister Mia Mottley, Costa Rican President Rodrigo Chaves, Dominican Republic President Luis Abinader, Ecuadorean President Guillermo Lasso, Peruvian President Dina Boluarte, and Uruguayan President Lacalle Pou. Also in attendance were Chilean Minister of Economy Nicolás Grau, Colombian Commerce Minister German Umaña Mendoza, Mexican Foreign Affairs Secretary Alicia Barcena, and Panamanian Minister of Foreign Affairs Janaina Tewaney. Special Presidential Advisor for the Americas Christopher Dodd also participated.
Secretary Yellen discussed the challenges faced in delivering on our shared vision of hemispheric prosperity, including increasing productivity to generate good jobs and higher wages, and combatting climate change.
She reiterated her commitment to working with the IDB Group and its shareholders on defining ambitious institutional reforms that will enable a capital increase for IDB Invest – the IDB’s private sector arm – and position the IDB Group to better take on pressing regional and global challenges. She stressed that the IDB is the financial partner of choice for U.S. engagement with the region, and reiterated United States support of the IDB Group’s efforts to increase the effectiveness of financing for the Americas.
The Secretary noted the challenges of attracting private sector investment in the region – including crime and violence, corruption, and illicit finance – and discussed efforts by the IDB Group and the United States to work with Americas Partnership members in supporting the region’s supply chain integration.
These efforts include new initiatives that President Biden announced today to deepen cooperation with United States Departments and Agencies and to strengthen the role of the IDB Group in mobilizing private sector finance, addressing migration-related challenges, and building resilience to climate change: a Memorandum of Understanding establishing a joint investment platform between the U.S. Development Finance Corporation and IDB Invest that will channel billions of dollars in private investments, including for modernizing this region’s infrastructure; a United States letter of intent to contribute $25 million to the IDB’s Grant Facility to support projects that address the challenges of irregular migration and forced displacement; and a new partnership between the United States and the IDB to establish a fund that provides Americas Partnership countries with technical assistance in developing innovative nature-based financing tools that can drive more private capital into preserving the Americas’ remarkable biodiversity.