Japan International Cooperation Agency signed a memorandum of understanding with IDB Invest to promote private sector co-financing in developing Latin American and Caribbean countries.

IDB is part of the Inter-American Development Bank Group, whose objective is to boost development in the Latin American and Caribbean regions via private sector investment.

The Japanese body said in a March 26 release that the pact aims to speed up the formulation and due diligence process when co-financing projects with IDB. It will also promote collaborative financing that prioritizes Quality Infrastructure Investment projects, a global policy led by Japan's government.