SME Finance Forum member, Inter- American Development Bank (IDB) will work through its “investment arm” IDB Invest to target the private sector.
According to the article, IDB will focus on tourism, agribusiness, renewable energy and general manufacturing with a goal of bringing in US$3.5 billion in direct private sector capital.
“The IDB Group wants to develop and promote best practices, financial inclusion and sustainable financing. In order to create development, you need both a public and private sector working together, said Enrique Cañas, Chief of Financial Institutions for IDB Invest.
According to Cañas more than 70 percent of employment is derived from the private sector. IDB will create an avenue for investment to contribute to the growth of this sector.
In addition, support for women-led SMEs was encouraged, Cañas noted that women-led SME are among the portfolios that see the most growth.