IDB opens first office in the U.S. outside of Washington

The In­ter-Amer­i­can De­vel­op­ment Bank Group (IDB Group) Wednes­day opened its first of­fice in the Unit­ed States out­side of Wash­ing­ton D.C., as part of ef­forts to ad­vance pri­vate-sec­tor-led de­vel­op­ment and strength­en the fi­nan­cial in­sti­tu­tion’s role in con­nect­ing glob­al in­vestors with op­por­tu­ni­ties in Latin Amer­i­ca and the Caribbean (LAC).

“Mi­a­mi is where in­vestors are, where de­ci­sions are made, and where deals are struc­tured,” said IDB Group Pres­i­dent Ilan Gold­fa­jn.

“By be­ing here, we can bring in­vest­ment in­to Latin Amer­i­ca and the Caribbean and al­so bring op­por­tu­ni­ties from the re­gion to glob­al in­vestors, scal­ing pri­vate-sec­tor-led de­vel­op­ment on both sides,” he added.

The IDB Group said the of­fice brings it clos­er to where in­vest­ment de­ci­sions are made, de­scrib­ing Mi­a­mi as a ma­jor fi­nan­cial and cor­po­rate hub and home to more than 1,600 multi­na­tion­al com­pa­nies as well as more than 60 in­ter­na­tion­al banks, with a grow­ing ven­ture cap­i­tal and tech­nol­o­gy ecosys­tem.

The IDB Group said the open­ing comes as the bank scales up its role as a pri­vate-sec­tor mul­ti­lat­er­al de­vel­op­ment in­sti­tu­tion that has suc­cess­ful­ly closed its US$3.5 bil­lion sub­scrip­tion process for the re­cap­i­tal­i­sa­tion of IDB In­vest, sup­port­ing its new orig­i­nate-to-share busi­ness mod­el, and fi­nal­ized the re­plen­ish­ment of IDB Lab with a more scal­able and sus­tain­able busi­ness mod­el and new lead­er­ship.

“The Mi­a­mi of­fice will deep­en en­gage­ment with in­vestors and part­ners, strength­en co-fi­nanc­ing and mo­bi­liza­tion, and sup­port the struc­tur­ing of projects across key sec­tors. It will al­so sup­port IDB In­vest and IDB Lab in ex­pand­ing busi­ness de­vel­op­ment and bring­ing in­vest­ment in­to Latin Amer­i­ca and the Caribbean.” —MI­A­MI (CMC)