Third Delegated Legislation Committee
1 September 2026
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Third Delegated Legislation Committee House of Commons
00:00 - 00:10
Speaker 1
Draft Inter-American Investment Corporation Further Payments to Capital Stock Amendment Order 2026. Minister to move the motion.
00:10 - 02:14
Speaker 2
Thank you, Chair. It's a pleasure to see serve under your chairmanship. I beg to move that the committee has considered the draft Inter-American Investment Corporation Further Payments to Capital Stock Amendment Order 2026, laid before the House on the 16th of June. This draft order will permit the UK government to make financial contributions to the Inter-American Investment Corporation up to the stated values. Allow me to briefly take the committee through the background and purpose of the draft order.
The order permits the UK government to make further payments to the Inter-American Investment Corporation, also known as IDB Invest, which is the private sector arm of the Inter-American Development Bank Group. The Inter-American Development Bank Group, or IDB, is a larger source of development finance for Latin America and the Caribbean, with the group's overall financing reaching about $35 billion in 2025 alone. IDB is a trusted partner and is instrumental to the achievement of regional objectives on sustainable development, action on climate change, biodiversity protection, and pandemic and disaster preparedness. The G20 have called upon multilateral development banks to adopt new business models to stretch balance sheets, increase lending, and take on more risk to support smaller businesses. In response, IDB Invest has committed to implementing a new business model.
IDB Invest will shift to an originate-to-share approach to transfer its investments to the private sector, recycling funds and enabling greater impact through increased scale. IDB Invest's innovative approach to development is why, together with other shareholders, the UK agreed to a $3.5 billion capitalization package to allow IDB Invest to more than double the support it provides the region, from around $8 billion to more than $20 billion annually. The UK is a strong proponent of this new model and the leadership and innovation showcased by IDB Invest. In 2025, the UK authorized an increase in its shareholding in the corporation from 0.22% up to 1.5%, subject to shares being available, for a total value of up to $106 million. When IDB Invest's share subscription period closed in March 2026, more shares became available than initially anticipated.
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