Historical Milestones 1999-2008
- The IDB holds a meeting in Stockholm of the Consultative Group for the Reconstruction and Transformation of Central America, which serves to increase to more than $9 billion the amount of resources pledged to the subregion. The IDB pledges $3 billion.
- A record financial package for Brazil: $3.4 billion for reform of the social sector, social protection, and small and medium enterprises.
- Vice President's Office for Planning and Administration created as part of a realignment of the organization of the Bank.
- A $200 million emergency line of credit for countries that need to prepare their computer systems for the transition to the year 2000.
- Short-term note issue program begins.
- Governors of the IIC approve an increase of $500 million in the capital of the Corporation.
- The IDB participated in an international financial package of support for Argentina with a $400 million loan for fiscal balance and social management.
- The Bank approved a sector loan for $150 million to Ecuador to support macroeconomic stabilization. The country adopted the U.S. dollar as its currency.
- The Bank approved a loan to Ecuador, for $10.4 million, aimed at reversing environmental threats to the Galápagos Islands, and one to Brazil, for $82.5 million, to protect the Pantanal, the world's largest wetlands complex.
- A loan to Colombia for $270 million supported the peace process in that country with programs for employment, training, youth and family.
- The Bank approved its first credit guarantee, for $75 million, in support of a bond issue to finance upgrading a toll road in Chile.
- The Bank issued a $2 billion global bond which was subsequently increased by an additional $1 billion, thus raising the total outstanding amount to $3 billion, the Bank's largest bond ever.
- The Bank responded quickly to the increasing financial needs of the region during a time of economic stress, approving $7.9 billion in loans in 2001. This marked a record amount for the institution’s regular lending program.
- The Bank launched three new product lines that, taken together, make up its flexible lending instruments: innovation loans, multi-phase loans and sector facility loans. These new flexible lending instruments were used in 29 operations for a total of $963 million.
- Lending for poverty reduction and social equity continued to be the centerpiece of Bank lending. In 2001, 54 percent of the total loan volume and 59 percent in terms of number of operations supported investments in poverty reduction and social equity.
- The Bank received the mandate to take on a leadership role within the Puebla-Panama Plan (PPP), an ambitious regional integration proposal encompassing Belize, Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua and Panama. The institution since then coordinates de PPP Commission.
- The Bank approved $240 million in financing to support the Central American Electric Interconnection System (SIEPAC), a project seeking to build the first regional transmission network, setting the stage for a pan-regional wholesale electricity market.
- The Bank took several measures to enhance its response capacity. It created a new lending framework which consisted of three permanent lending categories: investment loans, policy-based loans and emergency loans. The Board approved the creation of the Trade Finance Reactivation program.
- The Bank backed the introduction of a new securitization instrument into the Colombian capital market, by approving its first private sector mortgage bond guarantee in support of the equivalent of $50 million in mortgage bonds to be issued by Colpatria, a private bank, to local institutional investors.
- The Bank adopted the Millenium Development Goals, within the context of the particular circumstances and priorities of the IDB member countries.
- As part of the Heavily Indebted Poor Countries Initiative, the Bank in 2002 delivered debt relief to each of the four eligible member countries: Bolivia, Guyana, Honduras and Nicaragua. The IDB’s debt relief initiative totaled $ 123 million.
- Projects to improve the competitiveness of the region’s economies reached $1.26 billion in Bank funding, or 27.6 percent of the portfolio.
- The Oversight Committee on Fraud and Corruption began its first full year of operations and instituted a toll-free hotline for the anonymous reporting of allegations.
- The Bank's lending reached $6.81billion and disbursements totaled a record $8.9 billion.
- The Bank approved two new instruments: a conditional credit line for investment projects and a pilot program for performance-driven loans.
- Five new funds in administration were founded: the Canada Trade Fund, Danish Trust Fund for Consulting Services, the Italian Information and Communication Technology for Development Fund, the Fund for Social Inclusion, and the Finnish Technical Assistance Program.
- Two new offices were established at the Bank: the Office of Institutional Integrity (OII), which reports directly to the president and has assumed all investigative functions related to allegations of fraud and corruption, and the Development Effectiveness Unit within the office of the Executive Vice President.
- The Bank started issuing bonds denominated in Latin American currencies. The new borrowing modality included a global bond issue denominated in Mexican pesos for the equivalent of $269 million, two bond issues in Brazilian reais totaling some $262 million, and a bond in Colombian pesos for the equivalent of $44 million.
- The Bank launched a series of innovative institutional and operational changes, including the proposal of a new framework for lending instruments, a new policy on expenditures eligible under IDB loans and approval of sector-wide approaches (SWAps) to lending.
- The Bank increased the cap for resources to be provided on a case-by-case basis, in response to emergencies.
- Luis Alberto Moreno was elected President for a five-year term on July 27, 2005. He inaugurated his mandate in October by calling for a results-based culture, individual responsibility and achievement.
- The Republic of Korea became a member country in March 2005. It is the second Asian nation to have joined the IDB.
- The 38 donor countries of the Multilateral Investment Fund (MIF) concluded an agreement to establish MIF II with a capital replenishment of $502 million.
- The IDB approved a New Lending Framework for lending operations from ordinary capital. For the period 2005 to 2008 the Bank will be able to undertake investment loans, policy-based loans and emergency loans for up to $36.4 billion.
- The Bank introduced a new Local Currency Facility and expanded its capacity to lend without sovereign guarantees to both the private sector and subnational entities.
- The IDB launched Opportunities for the Majority, an initiative to expand access for the vast majority of the population in Latin America and the Caribbean to services that can help them accumulate assets and improve their living standards.
- Partnerships with the private sector were initiated to respond to client demand for more specialized products.
- The Bank established two new funds: InfraFund for infrastructure projects and the Disaster Prevention Fund, which finance the preparation of future development operations.
- The Bank's Sustainable Energy and Climate Change Initiative offers help to the region to reduce dependence on hydrocarbons and promote energy efficiency.
- An organizational realignment provides the IDB Group with a new structure to improve its effectiveness, create closer ties with member countries and assert a more results-oriented focus.
- Governors recommend an increase in resources and give the Bank the mandate to grant sector loans, allocate 50 percent of the lending program to low-income sectors, protect the environment, strengthen the role of women in development, and provide stronger backing to microenterprise.
- First financing for the environmental management of a river basin. The $14.9 million benefits the Paute River basin in Ecuador.
- The Board of Executive Directors approves a reorganization of the Bank.
- Special ProjectPreparation Facility established.
- New methodology for interest rates on loans from ordinary capital.
- IIC begins operations. Loans and investments to Argentine, Brazilian and Uruguayan firms.
- Bank commemorates fiftieth year with record lending of $11.2 billion, amid growing global financial crisis.
- Government of Spain provides $1.5 billion in grant resources for the Cooperation Fund for Water and Sanitation.
- Opportunities for the Majority program launched, providing access to credit for the “base of the pyramid.”
- Sustainable Energy and Climate Change Initiative begins operations, including policy-based loan for Mexico, multi-donor grant funds.