31 March 2009: The Boards of Governors of the Inter-American Development Bank (IDB) adopted a set of initiatives to promote green growth at its 50th Annual Meeting held in Medellín, Colombia, from 29-30 March 2009. Finance ministers and central bank presidents from IDB’s 48 member countries discussed the current financial crisis and addressed the IDB’s reform, calling for a capital increase that contemplates a strategy to make effective use of additional resources to support social safety net programmes, poverty and inequality reduction, infrastructure investment and measures related to climate change.

Activities to promote green growth include: a cooperation agreement on Green Growth between the Government of the Republic of Korea and IDB, to develop and promote the use of renewable energy, efficient energy technologies and practices, and carbon finance activities in Latin America and the Caribbean; and a US$5 million contribution by the Japanese Government to an IDB fund that promotes investments in economically and environmentally sound energy options. The Japan International Cooperation Agency (JICA) and the IDB will also sign an agreement to offer financial support through concessional loans and technical assistance resources, for example, for projects in economic and social infrastructure, as well as in relation to environment and climate change. [IDB Annual Meeting website]