WASHINGTON, DC, United States (CMC) — Caribbean countries are expected to benefit from the decision of Inter-American Development Bank Group (IDB Group) and Japan International Cooperation Agency (JICA) to increase co-financing under the Cooperation for Economic Recovery and Social Inclusion (CORE) programme.

The Washington-based financial institution said that the one billion US-dollar increase will expand the programme’s funding to four billion dollars, and extends its period until December 2028.

It said that the new expansion of CORE will substantially boost the funds available for co-financing and co-investment opportunities in quality infrastructure, disaster-risk reduction, universal health coverage, poverty alleviation, and climate change initiatives.

Established in 2011, CORE was initially funded with one billion dollars in commitments from JICA, aiming to enhance renewable energy and energy efficiency in Central America and the Caribbean.

Since then, the programme has tripled its funding and broadened its sectoral and geographical focus to encompass the entire Latin America and Caribbean region.

“We are thrilled about the expansion of the CORE programme, a cornerstone of our partnership with the Government of Japan and JICA. This co-financing partnership has been a very effective and innovative way through which we can meet the needs of our region. This new chapter will only make it stronger,” said IDB President Ilan Goldfajn.

JICA President Tanaka Akihiko said the partnership with IDB Group is of great significance for JICA.

“We are very pleased and honoured to sign this memorandum for the expansion of CORE, which allows us to provide co-financing resources to the region, increasing the target amount to four billion dollars.

“We will continue to contribute to further recovery and growth of the region by deepening our collaboration with the IDB Group,” said Akihiko.

Under the CORE framework, collaboration with both IDB Invest and IDB Lab has also been promoted. The collaboration between IDB Lab and JICA also includes the TSUBASA Programme, which aims to support Japanese start-ups aiming to tackle the development agenda in the region.

The IDB said a total of 19 applicants were selected for acceleration assistance in matching with potential local partners and creating business plans.