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Japan offers $70 million to support IDB operations

Date Posted: 2005-04-19

Japan rallied behind the Inter-American Development Bank during its four-day conclave in Okinawa, commiting $70 million to help replenish a fund used to promote small and midsize companies struggling in the Caribbean and Latin America.

IDB’s 47 member nations approved a $501 million replenishment of its Multilateral Investment Fund as the annual conference began on Okinawa. Heading the 38 countries offering financial assistance was the United States, pledging $150 million. Spain joined Japan in kicking in $70 million, and new member South Korea promised $50 million, while Canada agreed to $30 million.

The Multilateral Investment Fund, created 12 years ago to promote investment in small and midsize companies in the Latin America and Caribbean zone, was forecast to run out of money in 2007. Roughly 80% of the money goes to private enterprise promotion, while the balance is used to assist the regional governments in improving their investment portfolios and investment opportunities.

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