Investment company in Latin America and the Caribbean creates partnerships with Finnish companies 

James Scriven, Chief Executive Officer of IDB Invest, which is a member of the Inter-American Development Bank Group, visited Finland on 28–29 November. Scriven met with Finnish businesses, which had an opportunity to showcase their expertise. IDB Invest aims to leverage private funding to Latin America and the Caribbean. 

The Inter-American Development Bank (IDB) Group is a major financial provider promoting sustainable development in Latin America and the Caribbean (LAC). Finland is a shareholder in the Bank. The main purpose of the visit was to present Finnish companies' solutions to IDB Invest, which offers contacts, funding and advice to private sector representatives operating in the LAC region.

The role of IDB Invest in financing the LAC region has increased in recent years. It operates in several sectors that interest Finnish companies, such as bioeconomy, health, infrastructure, energy and digital connectivity policy. At the same time, developing countries in the region need investments from Europe, which is seen as an increasingly interesting partner. Opportunities for cooperation should be discussed directly with IDB's country offices.

During his visit, CEO Scriven met Minister for Foreign Trade and Development Ville Tavio and Under-Secretary of State Pasi Hellman, who is IDB’s Governor in Finland, and representatives of the Finnish private sector. Minister Tavio considers IDB Invest a credible partner for Finnish companies operating in diverse sectors.

“I encourage Finnish companies to cooperate with international financial providers, such as IDB Invest. Most Latin American and Caribbean countries are low middle-income and middle-income countries, and Finland has good opportunities in these emerging markets,” Minister Tavio said.

The visit also included a debate with the Ministry for Foreign Affairs and the Finnish-Latin American Business Council to explore the diverse opportunities of the market in the LAC region for the Finnish business sector and the opportunities for cooperation offered by IDB Invest. At the event, CEO Scriven highlighted the needs of the LAC countries' social and climate agenda, concluding that especially European technology solutions are high in demand. Scriven also stressed the ability of IDB Invest to bear the risks of joint investments.

Kirsi Seppäläinen, Chair of the Finnish-Latin American Business Council says that the Council promotes trade and investments between Finland and Latin America.

“We have been working consistently to promote cooperation between the market in the LAC region and Finnish companies, but the potential remains enormous. Combining the know-how of the region's key financial provider and what the Finns have to offer is welcome,” says Seppäläinen. 

Last year, Finland made a development policy investment of EUR 50 million in IDB Invest, a part of the IDB Group financing the private sector, and the Climate Fund it administers. The Fund invests in companies operating in Latin America and the Caribbean that promote climate objectives. Investments are made especially in poorer and lower-income countries and the Caribbean island states.