Within the framework of the Cooperation for Economic Recovery and Social Inclusion (CORE) program, the IDB Group and the Japan International Cooperation Agency (JICA) signed a memorandum of collaboration to increase co-financing by 1 billion dollars (reaching a total of 4 billion dollars) and extend its period until December 2028.

The CORE program was originally created in 2011 with the purpose of enhancing renewable energy and energy efficiency in Central America and the Caribbean. Over the years it has expanded its sectoral and geographical scope. The resources obtained through the current memorandum will be allocated to co-financing and co-investment opportunities in quality infrastructure, disaster-risk reduction, universal health coverage, poverty alleviation and climate change initiatives.

Some of the projects that CORE has supported in the past include promoting access to efficient and sustainable electricity service in rural and isolated areas of Nicaragua; and safe and efficient water and sewage services in Ciudad del Este, Paraguay.

The collaboration between IDB Lab and JICA also includes the TSUBASA Program, which aims to support Japanese startups seeking to address the development agenda in the region.