Signing of a Memorandum of Collaboration (MoC) to Expand JICA’s Partnership with the Inter-American Development Bank (IDB) Group: Promoting further economic recovery and social inclusion in the LAC region
2024.01.24
On January 23, the Japan International Cooperation Agency (JICA) and the Inter-American Development Bank (IDB) Group signed a new Memorandum of Collaboration (MoC) for the Cooperation for Economic Recovery and Social Inclusion (CORE) partnership framework in the Latin America and the Caribbean (LAC) region.
The signing took place at JICA Headquarters between IDB President Ilan Goldfajn—as the representative of the IDB Group as a whole*—and JICA President Tanaka Akihiko. This new MoC extends the framework from its current period of 2026 to 2028 and further expands the target amount from USD 3 billion to USD 4 billion, to be financed with Japanese ODA Loan and Private-Sector Investment Finance.
In the LAC region, while economic social development is progressing, there are still many challenges such as inequality, vulnerability to natural disasters, and inadequate infrastructure development. The economic situation in the region is envisioned to remain severe due to the effects of the recent pandemic and the conflict in Ukraine, and there are concerns that poverty rates will increase and income inequality will widen further.
In order to solve these challenges, and based on the MoC, the IDB and JICA stated that they would work on promoting investment in high-quality infrastructure and strengthening resilience to natural disasters (disaster risk management), while also reaffirming their commitment to strengthening efforts in the field of global health, including improving access to quality health care services (universal health coverage: UHC).
In 2011, the IDB and JICA first signed the CORE partnership framework, and since then, the two parties have cooperated in the fields of renewable energy and energy efficiency, water and sanitation, and health, among others. As of the end of 2023, JICA has provided a cumulative total of 20 ODA Loan and Private-Sector Investment Finance (approximately USD 2.4 billion), co-financed by the IDB, to nine countries in the LAC region.
By further deepening its cooperation with the IDB Group, JICA will continue to promote development cooperation in the LAC region.
* The IDB Group is the leading source of development financing for Latin America and the Caribbean. It contributes to improving lives by providing financial solutions and development expertise to public- and private-sector clients. The Group comprises the IDB, which has worked with governments for more than 60 years; IDB Invest, which serves the private sector; and IDB Lab, which tests innovative ways to enable more inclusive growth.
Signing Ceremony (Right: President Ilan Goldfajn, Left: President TANAKA Akihiko)
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