Calgary, March 25, 2011
Archived - Government of Canada Contributes $5 Million to Support Infrastructure Investments Throughout Latin America and the Caribbean
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The Honourable Jim Flaherty, Minister of Finance, today announced a $5-million contribution to the Regional Infrastructure Integration Fund as part of a multi-nation initiative to boost regional infrastructure investments in the Americas, with a particular focus on the Caribbean. The announcement, part of Canada’s commitment to a stronger economy throughout the Americas, was made prior to the 4th Meeting of Finance Ministers of the Americas and the Caribbean and the annual meeting of the Inter-American Development Bank, which are being held in Calgary.
“Expanding economic engagement in the Americas and building resilient and sustainable economies through increased trade and investment makes us all stronger,” said Minister Flaherty. “As Chair of this weekend’s meeting of regional finance ministers, I am pleased that Canada is investing in strengthening the infrastructure connecting nations throughout the region, while promoting greater economic development. Canada recently made unprecedented investments in infrastructure in our own country, so we know full well the benefits regional infrastructure will bring.”
Canada’s support for the multilateral trust fund will help countries in Latin America and the Caribbean build a solid foundation for sustainable growth by providing an incentive to invest in strategic cross-border infrastructure projects. The fund will support investments that reduce high transport and logistics costs that can hinder trade and employment growth. The fund will also improve regulations overseeing infrastructure between countries, encouraging more efficient and secure movement of goods and services throughout Latin America and the Caribbean.
With additional contributions from the United States and other donors, the total value of the Regional Infrastructure Integration Fund is expected to be approximately $20 million. The fund will be managed by the Inter-American Development Bank, with oversight from Canada and other donors.
For further information, media may contact:
Office of the Minister of Finance
Department of Finance
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