UK Strengthens Partnership with IDB to Foster Sustainable Development in Latin America and the Caribbean

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The United Kingdom (UK) has reaffirmed its dedication to sustainable development in Latin America and the Caribbean through a comprehensive support package for the Inter-American Development Bank (IDB). The announcement was made by UK Secretary of State for Foreign, Commonwealth, and Development Affairs, David Lammy, and IDB President Ilan Goldfajn during the Regional Security and Justice Summit in Bridgetown, Barbados.

The package underscores the UK’s confidence in IDB’s capacity to drive sustainable development, private-sector growth, and regional cooperation.

IDB Invest Capital Increase and Originate to Share Model

The UK will invest up to £80 million ($100 million) in the capital increase for IDB Invest. This represents a potential fivefold increase in the UK’s share in the institution’s capital.

The UK is backing IDB Invest’s innovative "Originate to Share" business model, which enables greater private-sector collaboration for impactful development.

Support for IDB Lab

The UK supports the replenishment of IDB Lab, the IDB’s innovation laboratory and venture capital arm, which focuses on addressing critical development challenges in the region.

Targeted Caribbean Investments

The UK has committed £15 million ($19 million) for targeted Caribbean initiatives, including:

£5 million ($6.3 million) for the ONE Caribbean Multidonor Trust Fund to enhance climate adaptation, citizen security, food security, and private-sector engagement across seven nations: Barbados, Belize, Guyana, Jamaica, Suriname, The Bahamas, and Trinidad and Tobago.

£10 million ($12.7 million) for COMPETE CARIBBEAN+, a program aimed at increasing economic competitiveness while promoting climate resilience, gender equality, and sustainable growth.

Expansion of the UK Sustainable Infrastructure Program (UKSIP)

Launched in 2017, UKSIP has showcased the power of blended finance, supporting private-sector initiatives through concessional financing. Now in Phase II, the program’s funding scope has expanded to include climate adaptation and nature-based solutions.

The UK’s contributions could reach £177.5 million ($223.5 million) by 2029, with £66 million ($84 million) earmarked for Phase II and £17 million ($21.6 million) already available in 2024.

Statements from Leaders IDB President Ilan Goldfajn commended the UK’s steadfast partnership: “The United Kingdom has been a steadfast partner in supporting the IDB’s work in addressing some of the pressing challenges in Latin America and the Caribbean. Together, we are advancing citizen security, bolstering climate resilience, and creating economic opportunities to improve lives and strengthen communities across the region.”

UK Secretary of State David Lammy, reflecting on his Guyanese heritage, emphasized the personal and strategic importance of the partnership: “As the son of Guyanese parents, I am living proof of the ties the UK shares with the Caribbean. Building our ties with these fast-growing economies in the region will make the UK and the Caribbean safer, stronger, more prosperous, and more resilient against the climate crisis.”

Driving Regional Growth and Resilience The UK’s contributions are strategically aligned to address urgent challenges such as climate change, economic inequality, and regional security. By leveraging blended finance, promoting innovation, and fostering regional integration, the UK-IDB partnership is poised to drive impactful and sustainable growth.

The initiative exemplifies how international collaboration can unlock new opportunities, improve resilience against global challenges, and enhance the quality of life for communities across Latin America and the Caribbean.

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