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IDB President Concludes First Visit to Japan with Key New Agreements and Support for the Bank’s Path Forward
Inter-American Development Bank Group (IDB Group) President, Ilan Goldfajn
Kaieteur News – President of the Inter-American Development Bank (IDB), Ilan Goldfajn, successfully concluded a three-day visit to Tokyo on Wednesday, deepening ties with Japan, a major development partner for Latin America and the Caribbean.
During his visit, Goldfajn met with high-ranking government officials at the Ministry of Finance and Ministry of Foreign Affairs, as well as private-sector leaders in the context of the BID for the Americas initiative, securing key new agreements and gaining support for the IDB’s path forward, the bank said in a press release. He also delivered a lecture for students at Tokyo’s Sophia University, a longtime partner of the IDB in Japan, which sponsors internships programs at the Bank’s headquarters in Washington.
The president signed new partnerships with Japan’s International Cooperation Agency (JICA) and the NEC Corporation, while also receiving support for the IDB Group’s path forward, including the forthcoming Institutional Strategy, a new business model and recapitalization proposal for IDB Invest, and the replenishment proposal for IDB Lab.
“It was an honor to be in Japan for my first visit as president of the IDB. Since joining as one of our initial non-regional member countries in 1976, Japan has played a critical role in promoting sustainable development in Latin America and the Caribbean. The new agreements we signed and the authorities’ support for the ongoing initiatives to reform the IDB Group are a testament to our strong bond and Japan’s commitment to improving lives in our region,” said President Goldfajn.
A new memorandum of collaboration between the IDB Group and JICA paves the way for a $1 billion increase in co-financing under the Cooperation for Economic Recovery and Social Inclusion (CORE) framework. Established in 2011, CORE supports projects in areas such as quality infrastructure, disaster-risk preparedness, universal health coverage and climate change. With the new agreement, total funding for the program will reach $4 billion and will be extended until December 2028.
The IDB and NEC Corporation, a Japanese multinational company specializing in the integration of IT and network technologies, signed a new cooperation agreement, focusing on building knowledge programs through conferences and workshops on digital infrastructure and technology applications, including artificial intelligence.
The partnership also includes training, capacity building, course and material development, collaborating on proofs of concept, pilot programs, and identifying potential co-financing or co-investment projects in Latin America and the Caribbean. The agreement also incentivizes future collaborations in areas such as citizen security and models for climate resilience, as well as potential engagements with IDB Invest and IDB Lab. In addition to the JICA and NEC signings, President Goldfajn met with a range of high-level officials and representatives in Tokyo, including from the Ministry of Finance and the Ministry of Foreign Affairs. He also met with other partners from business and academia, such as the Japan External Trade Organization (JETRO), the Japan Institute for Overseas Investment (JOI), the Japan Association of Latin America and the Caribbean (JALAC) and Sophia University. In collaboration with JETRO, JOI and JALAC, the IDB organized a session to introduce BID for the Americas to Japanese companies. The program seeks to enhance the participation of international firms in IDB bidding and investment opportunities in Latin America and the Caribbean.
President Goldfajn also delivered a lecture at Sophia University, where he shared his insights on the IDB’s role, priorities and vision for Latin America and the Caribbean. He emphasized the importance of the partnership with Japan, which has been a key ally and supporter of the Bank and the region’s development goals. He also highlighted the agreement between the IDB and Sophia University for internships at the bank, and the career opportunities at the IDB for young professionals and students interested in working for the region.
- Caribbean, Ilan Goldfajn, Inter-American Development Bank Group (IDB Group) President, Key New Agreements, Latin America
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