The Inter-American Development Bank (IDB) and the OPEC Fund for International Development have launched a $3 million facility expected to unlock more than $400 million in infrastructure projects across Latin America and the Caribbean over the next five years, the IDB said. The new facility will help 24 countries get infrastructure projects ready for major financing.
IDB Group President Ilan Goldfajn and OPEC Fund President Abdulhamid Alkhalifa signed the deal in Riyadh during the 9th Future Investment Initiative. It builds on an agreement the two institutions made in Washington back in April. Goldfajn calls the facility “a bridge between vision and co-financing-ready projects,” mixing the IDB’s regional know-how with the OPEC Fund’s global connections.
The money will pay for technical work to get projects ready for funding—things like feasibility studies, safeguards, and procurement planning. Priority areas include transport, renewable energy, water and sanitation, digital infrastructure, and social services. The work will help improve project design, implementation, and build up local capacity to manage them.
OPEC Fund President Abdulhamid Alkhalifa says the partnership creates a stronger foundation for future investment and growth. “By supporting well-prepared, high-impact projects, this new facility will help channel more resources where they can make a lasting difference,” he said.
The facility has two parts. First, project design and implementation funding will cover technical studies, legal reviews, monitoring systems, and evaluation tools. Second, institutional support will help build capacity, improve regulations, and develop digital tools for better project management and transparency. The IDB will run the facility, which covers technical cooperation in 24 eligible Latin American and Caribbean countries.
