The Inter-American Development Bank (IDB) approved a $3.5 billion capital increase for IDB Invest, its private sector arm, the bank's head, Ilan Goldfajn, told an event on Sunday. With the capital injection, IDB Invest's size will double in the next few years, Goldfajn said, adding it will have more power to fund projects aimed at reducing poverty and addressing climate change. "We need more resources to tackle global challenges, and we will only do it with the private sector," Goldfajn said.