The Inter-American Development Bank is in the process of forming a new entity to handle its private sector activities, according to a bank employee with knowledge of the plans.
Bank officials are discussing details around the new institution — which does not yet have an official name but is being referred to internally as New Corp. or IIC+ — this week at the annual meeting of the board of governors in Busan, South Korea, which ends Sunday.
It would be the latest in a series of moves by multilateral and bilateral aid agencies over the past few years to create new financing instruments and tap into corporate investments in the developing world which far outnumber official development assistance.