Domingo Brief — Foreign investment in Mexico hits a new high

Each Sunday, take two minutes to catch key stories and opportunities shaping Latin America.

🇦🇷 Argentina is looking at a potential $8B bounty following a massive recent investment from Chinese firm Tibet Summit Resources to expand lithium production and exploration  in the country’s northern Salta province.

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🇧🇷 Brazilian economist Ilan Goldfajn has been elected the country’s first-ever President of the Inter-American Development Bank (IDB). Goldfajn formerly led the Brazilian Central Bank and the IMF’s Western Hemisphere Department.

Latinometrics: With the exception of Mauricio Claver-Corone, who resigned earlier this year, the President of the IDB has traditionally always come from a Latin American country. Nominations must be approved by a majority of the bank’s member countries.

What’s the IDB? This multilateral development bank, established in 1959 and headquartered in Washington, D.C., is the largest source of development financing for Latin America and the Caribbean. The 48-member institution committed an impressive $23.4 billion in financing for the region last year.

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🇲🇽 Mexico has had its best year for foreign direct investment (FDI) on record, with over $32 billion flowing into the country between January and September, more than the total amount for 2021.