/raid1/www/Hosts/bankrupt/TCRLA_Public/230327.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, March 27, 2023, Vol. 24, No. 62
Headlines
A R G E N T I N A
ARGENTINA: Bonds Slide After Government Orders Public Sector Sale
ARGENTINA: Confirms Plans to Force Debt Swap on State Entities
B A H A M A S
FTX GROUP: To Sell Stake in Mysten Labs in Push to Shore up Funds
J A M A I C A
JAMAICA: EPOC Expects Country to Withstand Banking Sector Jitters
P U E R T O R I C O
ANOINTED SECURITY: Seeks to Hire El Bufete Del Pueblo as Counsel
T R I N I D A D A N D T O B A G O
TRINIDAD & TOBAGO: No 'Adverse Effect' from Credit Suisse Crisis
X X X X X X X X
LATAM: IDB Signs Important Deal with 5 Countries at Annual Meeting
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Bonds Slide After Government Orders Public Sector Sale
-----------------------------------------------------------------
Ignacio Olivera Doll & Scott Squires at Bloomberg News report that
Argentina's overseas bonds are falling after the government said it
would force state-run institutions to sell the securities to the
private sector, a move that could save the government around US$4
billion in debt payments.
The nation's US$16.1 billion in bonds due 2030 fell as much as 1.4
cents March 22 to around 27 cents, a three-month low, according to
Bloomberg News. Notes due 2041 followed suit, slipping 1.3 cents
to around 26 cents, before paring losses, Bloomberg News relays.
It's a move that aims to preserve the Central Bank's dwindling cash
reserves and ease pressure on the official exchange, Bloomberg News
notes. The government is trying to avoid a sharp one-time currency
devaluation that would fuel inflation already running at more than
100 percent, Bloomberg News says.
While measures could save Argentina around US$3.7 billion, provided
the Central Bank does not participate in the sale, the move may
backfire by exacerbating demand for dollars ahead of Presidential
elections in October, according to local brokerage Portfolio
Personal Inversiones, Bloomberg News says.
"This operation undermines Argentina's debt sustainability by
converting public sector held debt to private bondholders' debt,"
PPI analysts led by Pedro Siaba Serrate wrote in a note. "The
government is willing to 'undersell' bonds at low prices in
exchange for a brief calm in the FX market," Bloomberg News
notes.
Argentina's Economy Ministry will issue two decrees to execute the
change, Bloomberg News says. The first will force public sector
institutions to sell dollar debt to the market under local
Argentine law through a schedule that policy makers will establish,
Bloomberg News notes. The second will mandate the same
institutions to swap their global bonds controlled under New York
law for bonds in pesos, Bloomberg News relays.
Separately, the government is reopening the sale of local-law,
dollar bonds that mature in 2029, Bloomberg News recalls. Economy
Minister Sergio Massa will meet with financial sector executives to
pitch the offer, Bloomberg News says.
An Economy Ministry spokesman declined to comment.
Argentina's parallel exchange rate, known locally as the blue-chip
swap, strengthened about 1.4 percent after the announcement to
around 397 pesos per dollar, Bloomberg News notes. The rate,
derived from buying securities locally and selling them abroad, has
weakened more than 12 percent against the dollar this year,
Bloomberg News discloses.
"This measure is tantamount to acknowledging that the situation in
the FX market is critical, so it could actually fuel more dollar
demand," said Ramiro Blazquez, head of strategy at BancTrust & Co.
in Buenos Aires, notes the report. "Not to mention there could be
legal consequences that arise from this," he added.
Argentina's sovereign-risk spread over US Treasuries widened as
many as 126 basis points on March 22 to almost 2,500, its widest in
four months, according to JPMorgan Chase & Co data, Bloomberg News
notes. It's the second time since July the measure has risen more
than 100 basis points in a day, even as the nation seeks to calm
volatility in its parallel currency market in the run-up to
presidential elections in October, Bloomberg News adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.
Argentina has the third largest economy in Latin America. The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.
Last March 25, 2022, Argentina finalized agreement with the IMF for
a new USD44 billion Extended Funding Facility (EFF) intended to
fund USD40 billion in looming repayments of the defunct Stand-By
Arrangement (SBA), with an extra USD4 billion in up-front net
financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris Club debt.
S&P Global Ratings, on Jan. 20, 2023, affirmed its 'CCC+/C' foreign
currency and 'CCC-/C' local currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings remains negative.
S&P's 'CCC+' transfer and convertibility assessment is unchanged.
The negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Global capital
markets are closed to Argentina. Moreover, disagreement within the
government coalition and infighting among the opposition constrains
the sovereign's ability to implement timely changes in economic
policy.
Fitch Ratings, on the other hand, downgraded in October 2022
Argentina's Long-Term Foreign-Currency (FC) and Local-Currency (LC)
Issuer Default Ratings (IDRs) to 'CCC-' from 'CCC'. The downgrade
reflects deep macroeconomic imbalances and a highly constrained
external liquidity position, which Fitch expects to increasingly
undermine repayment capacity as foreign-currency debt service ramps
up in the coming years.
Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings. The outlook remains stable. The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.
DBRS confirmed Argentina's Long-Term Foreign Currency Issuer Rating
at CCC and Long-Term Local Currency Issuer Rating at CCC (high) on
July 21, 2022.
ARGENTINA: Confirms Plans to Force Debt Swap on State Entities
--------------------------------------------------------------
Scott Squires & Ignacio Olivera Doll at Bloomberg News report that
Argentina's government is moving ahead with its plans to force
public agencies to dump their holdings of dollar-denominated bonds
in a bid to shore up its dwindling foreign-exchange reserves.
State banks and the National Social Security Administration (ANSES)
must swap 100 percent of their foreign bond holdings under New York
law for peso-denominated debt, according to a decree published in
the Official Gazette, reports Bloomberg News.
The peso bonds maturing in 2036 will pay the higher rate of either
a dollar-linked or inflation-linked option, the report notes.
Investors will also have to sell their holdings of dollar bonds
under Argentine law, known locally as Bonars, to the market at the
government's request, and must use 70 percent of the proceeds to
buy so-called "dual" bonds, according to another decree, the report
notes. The remaining 30 percent of the funds can be used as
liquidity, the report relays.
Argentina announced the measure with the aim of bolstering foreign
exchange reserves and easing pressure on the parallel 'blue dollar'
exchange rate, which recently hit a record low of around 405 pesos
to the dollar, the report relays. According to local brokerage
Portfolio Personal Inversiones, the project could boost reserves by
US$3.7 billion, the report says.
The government is trying to avoid a sharp devaluation of the
currency that would fuel inflation that already exceeds 100
percent, the report notes.
The National Securities Commission (CNV) also removed some
restrictions on trading the instruments within its own portfolios,
according to a third decree, the report discloses.
The International Monetary Fund said Argentina needs "prudent debt
management" to improve its bond and currency markets, and that the
measures should not increase vulnerabilities in the future,
spokeswoman Julie Kozack told reporters, the report adds.
About Argentina
Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.
Argentina has the third largest economy in Latin America. The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.
Last March 25, 2022, Argentina finalized agreement with the IMF for
a new USD44 billion Extended Funding Facility (EFF) intended to
fund USD40 billion in looming repayments of the defunct Stand-By
Arrangement (SBA), with an extra USD4 billion in up-front net
financing. This has averted the risk of a default to the IMF
and is facilitating a parallel rescheduling of Paris Club debt.
S&P Global Ratings, on Jan. 20, 2023, affirmed its 'CCC+/C' foreign
currency and 'CCC-/C' local currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings remains negative.
S&P's 'CCC+' transfer and convertibility assessment is unchanged.
The negative outlook on the long-term ratings reflects risks
surrounding pronounced economic imbalances and policy uncertainties
before and after the 2023 national elections. Global capital
markets are closed to Argentina. Moreover, disagreement within the
government coalition and infighting among the opposition constrains
the sovereign's ability to implement timely changes in economic
policy.
Fitch Ratings, on the other hand, downgraded in October 2022
Argentina's Long-Term Foreign-Currency (FC) and Local-Currency (LC)
Issuer Default Ratings (IDRs) to 'CCC-' from 'CCC'. The downgrade
reflects deep macroeconomic imbalances and a highly constrained
external liquidity position, which Fitch expects to increasingly
undermine repayment capacity as foreign-currency debt service ramps
up in the coming years.
Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings. The outlook remains stable. The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.
DBRS confirmed Argentina's Long-Term Foreign Currency Issuer Rating
at CCC and Long-Term Local Currency Issuer Rating at CCC (high) on
July 21, 2022.
=============
B A H A M A S
=============
FTX GROUP: To Sell Stake in Mysten Labs in Push to Shore up Funds
-----------------------------------------------------------------
Reuters reports that bankrupt cryptocurrency exchange FTX said it
would sell its stake in Web3-focused startup Mysten Labs for $95
million, as it strives to pay back its customers.
The exchange had paid nearly $101 million last year for preferred
shares of Mysten and led a funding round that valued the platform
which provides infrastructure for Web3 adoption at more than $2
billion, according to Reuters.
Web3 refers to a version of the internet that is decentralized, and
operates on blockchain technology, the report notes.
The new management at FTX, which filed for bankruptcy protection in
November, has been trying to recover assets to clear liabilities,
the report relays.
The company reached a deal to recoup more than $400 million in cash
from hedge fund Modulo Capital, the report adds.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to
sell itself to its giant rival Binance, but Binance walked away
from the deal amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations.
At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets. However, only
$900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims
agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
=============
J A M A I C A
=============
JAMAICA: EPOC Expects Country to Withstand Banking Sector Jitters
-----------------------------------------------------------------
RJR News reports that the Economic Programme Oversight Committee
(EPOC) has asserted that Jamaica is sufficiently insulated from the
banking sector fall out happening in the United States.
Silicon Valley Bank folded after a run on the institution, making
it the second largest bank to fail in US history, according to RJR
News.
Signature Bank also collapsed shortly afterwards as depositors
began demanding their funds, the report notes.
Chairman of EPOC Keith Duncan, while conceding that there may be
some effects here in Jamaica, said that he does not expect the
sector to be crippled, the report relays.
As reported in the Troubled Company Reporter-Latin America in March
2022, Fitch Ratings has affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.
=====================
P U E R T O R I C O
=====================
ANOINTED SECURITY: Seeks to Hire El Bufete Del Pueblo as Counsel
----------------------------------------------------------------
Anointed Security Services, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire El Bufete
Del Pueblo, PSC as its legal counsel.
The Debtor requires legal counsel to:
(a) give advice with respect to rights, powers, duties and
obligations of the Debtor in the administration of its Chapter 11
case, the operation of its business, and the management of its
property;
(b) prepare pleadings and applications, and conduct
examinations incidental to administration;
(c) advise and represent the Debtors in connection with all
applications, motions or complaints for reclamation, adequate
protection, sequestration, relief from stay, appointment of a
trustee or examiner, and all other similar matters;
(d) develop the relationship of the status of the Debtor to
the claims of creditors;
(e) assist in the formulation and presentation of a Chapter
11
plan pursuant to Chapter 11 Subsection V of the Bankruptcy Code
and
concerning any and all matters relating thereto; and
(f) perform all other legal services.
El Bufete Del Pueblo will charge $200 per hour for its services.
The firm received a retainer in the amount of $5,000.
As disclosed in court filings, El Bufete Del Pueblo does not hold
nor represent any interest adverse to the Debtor or its estate.
The firm can be reached through:
Hector Figueroa Vincenty, Esq.
El Bufete Del Pueblo, PSC
Luisa Street 61Apartment 1-A Condado
San Juan, PR 00907
Phone: (787) 378-1154
Email: quiebras@elbufetedelpueblo.com
About Anointed Security Services
Anointed Security Services, Inc. sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 23-00365)
on Feb. 10, 2023, with $100,001 to $500,000 in both assets and
liabilities. Judge Mildred Caban Flores oversees the case.
Hector J. Figueroa Vincenty, Esq., at El Bufete Del Pueblo, PSC
represents the Debtor as counsel.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
TRINIDAD & TOBAGO: No 'Adverse Effect' from Credit Suisse Crisis
----------------------------------------------------------------
Ria Taitt at Trinidad Express reports that Trinidad and Tobago has
not been adversely affected by the recent difficulties faced by
Credit Suisse, Prime Minister Dr Keith Rowley said.
"This is because the Government did not have any deposits that were
threatened by this situation," he said, according to Trinidad
Express. He said Credit Suisse had arranged bond financing for the
Government and recently for Heritage Petroleum Company Ltd but
these were not affected since the Government was not a depositor of
Credit Suisse," he said, as he responded to a question from
Chaguanas West MP Dinesh Rambally during Prime Minister's Question
Time in the House of Representatives at the Red House in Port of
Spain, the report notes.
Credit Suisse collapse, which came with a plunge in its share
price, led Swiss authorities to broker the bank's emergency sale to
UBS, the report relays.
Asked by Rambally whether in light of Credit Suisse share price
plunge and the bailout by UBS, Government had concerns about the
management of any of its portfolios by Credit Suisse, the Prime
Minister said: "We are not and I don't expect that we will, be
interfering with the managers of our portfolio in the HSF, largely
because the amount of our exposure to Credit Suisse is very small
and it would be handled by the managers in the normal way. And
secondly the threat and nervousness of difficulty faced by Credit
Suisse has been considerately ameliorated or removed by the
purchase of Credit Suisse by UBS. That has stabilized the market
and therefore we have no real reason to want to talk to our
managers about how they handle our small Credit Suisse portfolio,"
the report discloses.
Told that the US Department of State was investigating both UBS and
Credit Suisse officials for potentially evading US sanctions and
whether he was concerned about this, the Prime Minister said
Trinidad and Tobago had a small exposure and the Government did not
propose to interfere in the portfolio management on the basis of
this investigation, the report discloses.
Implementing recommendations of 2020
Financial System Stability Assessment Report
Questioned on the whether the Government and the Central Bank had
adopted or implemented any of the recommendations of the 2020
Financial System Stability Assessment report which makes
recommendations to improve the resilience of the financial system
to shocks and contagion, the Prime Minister said the Central Bank
was actively engaged in adopting and/or implementing the
recommendations of the 2020 Financial System Stability Assessment
Report, Trinidad Express relays. In addition, he said, the IMF in
its 2023 Article 4 Consultation concluding statement that T&T's
financial system appeared to be sound and resilient, the report
notes. Although there were issues that required monitoring, the
IMF said it welcomed the progress being made by the authorities
towards enhancing the resilience of the banking and insurance
sectors in line with the recommendations of the 2020 Financial
System Stability Assessment Report, Trinidad Express adds.
===============
X X X X X X X X
===============
LATAM: IDB Signs Important Deal with 5 Countries at Annual Meeting
------------------------------------------------------------------
The presence of Governors and international partners enabled the
signing of 13 credit contracts and other agreements within the
meeting's framework.
The Annual Meeting of the Boards of Governors of the Inter-American
Development Bank and IDB Invest, held in Panama from March 16 to
19, provided a setting to sign agreements to support member
countries in Latin America and the Caribbean. The presence of the
Governors of the IDB and IDB Invest, as well as other international
partners, made the agreements possible. The agreements will allow
progress in areas such as climate change and biodiversity,
productivity, sustainable development, education and social
protection, among others.
In the case of the operational program with the public sector, IDB
President Ilan Goldfajn, together with government representatives,
signed seven credit agreements to advance the implementation of
projects previously approved by the IDB's Board of Executive
Directors, in addition to three IDB Invest agreements with
countries, all aimed at supporting the region's development.
Argentina: three programs to support the agriculture and wine
sectors, and solid waste management.
President Goldfajn and Argentina's Economy Minister Sergio Massa
signed loan agreements for three operations totaling $235 million.
* Strengthening agricultural health services and enhancing the
sustainability of marine resources: This $125 million operation is
expected to improve the effectiveness of the control and prevention
of pests and diseases that affect the country's animal and plant
health assets, increase the diagnostic capacity of plant and animal
health laboratories, and strengthen research on oceanographic
resources, marine ecosystems, and the coastline. The loan will
benefit more than one million private stakeholders in the
agricultural sector.
* Social, economic, and environmental sustainability of Argentina's
wine sector: This $40 million loan seeks to promote the use of
technologies and marketing capacity among small and midsize
producers, as well as encourage micro, small, and midsize
enterprises (MSMEs), especially those led by women and young
people, to participate in the sector.
* Improving the integrated management of urban solid waste: The
signing of two agreements, one for a line of credit of up to $300
million, and a second loan agreement for the first associated
operation for $70 million, allows for the financing of works and
equipment that will contribute to the proper disposal of solid
waste, improve its recovery, and mitigate the negative
environmental impacts of open-air dumps, with a focus on social
inclusion. The first operation, with additional contributions from
the European Investment Bank and the national budget, will directly
benefit more than 900,000 residents.
Chile: boosting productivity and promoting sustainable
development.
President Goldfajn and Chile's Finance Minister Mario Marcel signed
the loan agreement for a credit line of up to $1 billion. The line
of credit aims to increase productivity and promote sustainable
development in the areas of finance, climate action, and
internationalization. With this program, Chile's economic
development agency (CORFO), will channel resources for access to
credit for MSMEs through institutions, with a focus on those led by
women or that support climate action. In total, more than 170,000
MSMEs will benefit, in addition to training close to 8,000 people.
Honduras: strengthening the social protection system and fighting
poverty.
President Goldfajn and Honduran Secretary of State for Finance Rixi
Moncada Godoy signed a $75.9 million loan agreement for the Program
to Support the Integrated Social Protection System II, which will
improve the living conditions of 50,000 households in areas of
extreme poverty and promote the generation of their human capital
and self-management capacity. The program will focus on increasing
the minimum income of participating households, improving the use
and supply of health and nutrition services for women and children,
and basic education and support services for young people, as well
as strengthening the Social Protection System.
Uruguay: strengthening post-pandemic public policy and fiscal
management.
President Goldfajn and Uruguay's Economy and Finance Minister
Azucena Arbeleche signed a $145 million loan agreement for the
Program to Strengthen Public Policy and Fiscal Management in
Response to the Health and Economic Crisis, which will help design
and implement effective and fiscally responsible measures to
promote the availability and timely execution of public resources
to address the crisis. The operation also seeks to strengthen the
countercyclical effect of fiscal policy through temporary policies
to protect the income of vulnerable households and increase
corporate liquidity, support the provision of essential goods and
services, and promote economic and fiscal recovery. This operation
is the second in a series to support the Uruguayan Government's
strategy to address the pandemic. Uruguay was the region's first
country to complete this series.
Similarly, IDB Invest, which provides financing and technical
assistance to the private sector, signed the following contracts:
Colombia: first sustainable subordinated bond with Banco de
Bogota.
Gema Sacristán, General Business Director of IDB Invest, and
Gerardo Hernández Correa, Legal Vice-President of Banco de
Bogotá, signed the subscription agreement for the first
sustainable subordinated bond issued in the international market by
Banco de Bogotá for US$230 million. The bond will be subscribed by
IDB Invest, as lead investor, and other multilateral entities and
impact funds and, with this issuance, Banco de Bogotá will finance
its social portfolio aimed at MSMEs and social and priority
housing. Regarding the green portfolio, Banco de Bogotá will
finance green buildings, renewable energy, energy efficiency
projects, circular economy and sustainable agriculture, among
others.
South Korea: bank confirmation agreement with the KEXIM credit
agency.
James Scriven, general manager of IDB Invest, and Yoon Hee-sung,
president of South Korea's official export credit agency, KEXIM,
signed the incorporation of this entity as a Confirming Bank in IDB
Invest's Trade Finance Facilitation Program (TFFP). The program
aims to promote global and intraregional integration through trade
and guarantee liquidity in periods of market volatility.
Costa Rica: financing to the private sector through Davivienda.
James Scriven, general manager of IDB Invest, and Arturo Giacomin,
president of Banco Davivienda Costa Rica, one of the country's
leading private banks, closed a financing deal for of up to $115
million to increase Davivienda's portfolio of green products. Costa
Rica has committed to an absolute maximum of net emissions by 2030,
in line with Paris Agreement goals, and this project will help
reduce greenhouse gas emissions by supporting and financing the
environmental and social agenda of banking in Costa Rica.
In addition, three signed agreements will allow IDB Invest to work
with key partners to finance initiatives related to
decarbonization, biodiversity and education in Latin America and
the Caribbean:
Canada: collaboration agreement to foster nature-based solutions.
To promote the adoption of nature-based solutions in Latin America
and the Caribbean, President Goldfajn met with a group of delegates
from Global Affairs Canada, led by Cheryl Urban, director of
Economic Development and International Financial Institutions,
after signing a CAD$5 million program funded by the Canadian
Government. The program aims to improve the integration of
biodiversity and ecosystem services, increase private sector
investment, improve the allocation of national budgets and promote
gender-sensitive policies. It also aims to create enabling
conditions in recipient countries to build climate resilience and
protect ecosystems, while generating opportunities that address the
needs of the infrastructure, agriculture, forestry and other
land-use sectors.
Caribbean: collaboration agreement to decarbonize the shipping
industry.
Richard Martinez, the IDB's vice president for countries, signed an
agreement with Marc Sampson, president of the Caribbean Shipping
Association (CSA), and Milaika Capella Ras, the association's
general manager to accelerate the decarbonization of the shipping
industry and boost economic and social development in the region.
The agreement also aims to improve the efficiency and effectiveness
of maritime transport activities and services, as well as to
optimize port operations and related internal connection
activities.
Croatia: education and digital transformation program in the
region.
The IDB and Croatian Finance Minister Marko Primorac signed a
collaboration agreement to develop education projects that reduce
inequality in Latin America and the Caribbean. The goal is to
ensure that young people acquire the skills needed to thrive and
improve productivity. Opportunities will be explored to develop
life skills, digital transformation and STEAM (science, technology,
engineering, arts and mathematics) skills training for women and
girls.
In addition to these commitments, together with the Governors,
extensive discussions and agreements were reached to strengthen
strategic support for the Amazon region between the IDB, countries
in the region and donor countries to address the call for urgent
and coordinated action to protect the ecosystems of the Amazon
Basin.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
Copyright 2023. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
.
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