Narayan AmmachchiThe International Finance Corporation (IFC) has claimed that it invested US$5 billion in the Latin America and the Caribbean (LAC) region during the last financial year ending on June 30, 2018.
A member of the World Bank Group, IFC says its financial support led to the creation of more than 389,000 jobs, with the investment flowing into the construction of new infrastructure and the encouragement of innovation. The bank has also invested millions of dollars in education, healthcare, and electricity generation projects.
All these investments will yield good results in years to come, stated the bank, adding that it expects the regional economies to rebound in 2019 after years of slowdown.
“During the last 12 months we intensified our efforts to help the private sector implement new alternatives that can help solve the region’s critical development challenges,” said Gabriel Goldschmidt, IFC’s Director for LAC.
The international bank says it has helped several private businesses continue growing despite economic slowdown in their country. For example, it helped an Argentine bank issue a green bond for the first time in order to raise US$100 million.
GuiaBolso, the Brazilian startup in which IFC invested US$14 million has now grown into a major player in the South American country, providing financial services to the unbanked.
Similarly, IFC invested US$115 million in the tourism sectors of Saint Lucia and the Dominican Republic, leading to the creation of thousands of jobs.
The bank says it will now focus on mitigating climate change and promoting financial inclusion in the region.
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