MIAMI, United States (CMC) — The Inter-American Development Bank Group (IDB Group) Wednesday opened its first office in the United States outside of Washington DC, as part of  the efforts to advance private-sector-led development and strengthen the financial institution’s role in connecting global investors with opportunities in Latin America and the Caribbean (LAC).

“Miami is where investors are, where decisions are made, and where deals are structured,” said IDB Group President Ilan Goldfajn.

“By being here, we can bring investment into Latin America and the Caribbean and also bring opportunities from the region to global investors,  scaling private-sector-led development on both sides,” he  added.

The IDB Group said that the office brings it closer to where investment decisions are made, describing Miami as a major financial and corporate hub and home to more than 1,600 multinational companies as well  as more than 60 international banks, with a growing venture capital and technology ecosystem.

The IDB Group said that the opening comes as the bank scales up its role as a private-sector multilateral development institution that has successfully closed its US$3.5 billion subscription process for the recapitalisation of IDB Invest, supporting its new originate-to-share business model, and finalised the replenishment of IDB Lab with a more scalable and sustainable business model and new leadership.

“The Miami office will deepen engagement with investors and partners, strengthen co-financing and mobilisation, and support the structuring of projects across key sectors. It will also support IDB Invest and IDB Lab in expanding business development and bringing investment into Latin America and the Caribbean.”