Mexican finance minister José Antonio Meade has announced the launch of an infrastructure fund for Mesoamerica and the Caribbean.
The fund will aim to contribute to the region's economic, social and institutional development, Meade said during IDB's annual meeting, taking place in Montevideo, Uruguay.
IDB and the Central American Bank for Economic Integration (Cabei) will help design projects and channel resources, Mexico's finance ministry (SHCP) said in a release.
Mexican President Felipe Calderón announced the creation of the infrastructure fund in December last year during a meeting of Central American and Caribbean presidents held in Mérida, Yucatán state.
An increase in the demand for financial and technical cooperation has led to a need for a new, more flexible financing scheme, Meade said. As well as project finance, the fund can absorb the cost of hiring technical assistance, engineers, finance experts and project managers.
While Calderón previously said the fund would be for US$160mn, the finance minister did not confirm the total resources available.
The Mesoamerica region extends from central Mexico to Belize, Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica.
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