The IDB in Brief
- The Inter-American Development Bank was created in 1959 to help accelerate
the economic and social development of its member countries in Latin
America and the Caribbean and to promote regional integration.
- The Bank uses its own resources and those it raises on financial markets.
In 1994 its authorized capital was increased by $40 billion to $101
billion.
- The Bank has 47 member countries: 28 in the Western Hemisphere, 16
in Europe, as well as Israel, Japan and Korea. The Latin American and
Caribbean countries hold half the shares in the institution.
- The IDB's highest authority is its Board of Governors, which meets
annually to review Bank operations and make major policy decisions.
The Board of Executive Directors (14 principals and 14 alternates) is
responsible for the conduct of Bank operations.
- IDB President is elected by the Bank's governors for a five-year term.
President Enrique V. Iglesias, of Uruguay, was elected in 1988 and re-elected
in 1993, 1998 and 2003.
- As of the end of 2004 the Bank had approved loans, funds and guarantees
for nearly $136 billion for projects in such areas as energy, agriculture,
transportation and communications, environment, poverty reduction, public
health, economic and social reform, government modernization, urban
development, education, science and technology, competitiveness and
trade, tourism and small enterprises.
- In 2004 the Bank approved $6 billion in loans and guarantees.
- Priority areas for future IDB support include poverty reduction and
social equity enhancement, competitiveness and an enabling business
climate, economic reform and modernization of the state, regional integration,
private sector growth and environmental protection. Education, small
business and microenterprise, and science and technology are also key
areas for development.
- The Multilateral Investment Fund is an independent fund administered
by the IDB. Established in 1993, it plays an essential role in the IDB's
efforts to reduce poverty and promote economic growth through private
sector development and investment in Latin America and the Caribbean.
At the close of 2004, MIF's net approvals exceeded $924 million for
667 projects. Including counterpart funding from its partners, MIF projects
have put nearly $2 billion to work.
- The Inter-American Investment Corporation, an autonomous Bank affiliate,
supports small- and medium-sized enterprises with loans and equity investments.
In 2004 the IIC approved 31 transactions in 15 countries, including
two regional operations, for a total of $164 million.
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