IDB and OPIC aim to invest $10 billion in Latin America

September 26, 2019 GMT

WASHINGTON (AP) — The Inter-American Development Bank and the Overseas Private Investment Corporation are pledging to invest $3 billion in development projects in Latin America and the Caribbean over the next five years.

The organisms say they aim to match this investment by catalyzing additional capital from the private sector, for a total ranging between $6 billion and $10 billion.

OPIC is a U.S. government agency that helps American businesses invest in emerging markets.

The agreement was signed as the IDB celebrates its 60th anniversary this week.