During the COP28, IDB Invest and the philanthropic investment organization Allied Climate Partners (ACP) agreed to support climate-related projects in Central America and the Caribbean with the aim to accelerate the growth of bankable, climate-related projects and businesses in the region.

ACP seeks to consolidate an 825 million dollars global investment platform, backed by 235 million dollars in philanthropic capital, to support the establishment of funds focused on the early stages of development of climate-related projects and businesses, initially in four regions: Africa, Southeast Asia, the Caribbean and Central America, and India. Around 75% of each fund will be senior equity, provided by multilateral development banks (MDBs), development financial institutions (DFIs), sovereign entities and mission-aligned private sector investors.

The agreement includes the contribution of IDB Invest’s experience in manager selection and fund creation activities, and also IDB Invest’s potential investment in the ACP fund for the Caribbean and Central America region.