Slovenia joins IDB Invest to boost development cooperation in Latin America

Ljubljana, 13 April (STA) - Slovenia, which is already a member of the Inter-American Development Bank (IDB), has also joined IDB Invest, part of the IDB group, the Finance Ministry has announced.

While noting the membership comes without any additional financial obligations, the ministry said the move meant Slovenia was "strengthening its commitment to development in Latin America and the Caribbean via the private sector, which will also contribute to close cooperation in the region".

IDB Invest furthers the economic development of countries in Latin America and in the Caribbean by helping fund private sector projects. It manages US$ 12.1bn in funds and has 329 clients in 21 countries.

The funds earmarked for IDB Invest by countries are considered multilateral official development assistance. Slovenia's focus is on areas that reflect the guidelines set down in international development cooperation documents.

"While Slovenia's economy is presently not involved in projects under the IDB's auspices to a significant extent, membership in IDB Invest is also expanding possibilities for a more substantial entry of Slovenian companies in deals financed in this region by IDB Invest," the ministry wrote.