Canada's finance minister Jim Flaherty has announced a US$5mn contribution to the Regional Infrastructure Fund as part of a multinational initiative to boost infrastructure in the Americas, with a specific focus on the Caribbean.
With additional contributions from the US and other donors, the Regional Infrastructure Fund is expected to reach a total value of US$20mn, to be managed by the IDB.
Canada's support to the multilateral trust fund will help countries in Latin America and the Caribbean build a strong foundation for sustainable growth by providing an incentive to invest in strategic cross-border infrastructure projects, the minister said.
The fund will support investments that reduce high transport and logistic costs, which can hinder trade and employment growth, and will also improve regulations overseeing infrastructure between countries, encouraging more efficient and secure movements of goods and services throughout the region, Flaherty added.
"Expanding economic engagement in the Americas and building resilient and sustainable economies through increased trade and investment makes us all stronger," he said.