February 3, 2003

IDB TO HOLD ANNUAL MEETING IN MILAN, ITALY, MARCH 24-26

Board of Governors to review Annual Report, discuss challenges to Latin America

The Board of Governors of the Inter-America Development Bank will hold its 44th Annual Meeting in Milan, Italy, March 24-26 to review the Bank’s Annual Report and to discuss policies and programs to promote the development of Latin America and the Caribbean and to deal with an increasingly challenging and competitive international environment.

Concurrently the Inter-American Investment Corporation, a member of the IDB Group that supports small- and medium-sized businesses with loans and investments, will hold its 18th Annual Meeting.

IDB President Enrique V. Iglesias and Italy’s Vice Minister of Economy and Finance Mario Baldassarri gave an outline of the event in a press conference today in Rome at the Council of Ministers in the Palacio Chigi.

Among the many issues expected to be discussed by the IDB governors are ways to deal with the economic and financial crisis suffered in 2002 by many countries of Latin America and the Caribbean, how to resume economic growth, new lending instruments, integration, technology, business competitiveness and poverty reduction.

These and other topics will be examined at meetings and at five official seminars, beginning March 20, and in parallel seminars and conferences held during the Annual Meeting by other organizations. The governors will hold four formal plenary sessions March 24-26.

The IDB Annual Meeting is the premier world forum on Latin American and Caribbean development issues. It attracts thousands of development and banking experts from around the world representing both the public and private sectors and academia, as well as representatives of civil society.

Italy’s highest authorities are scheduled to hold a reception for the governors and other distinguished guests, including visiting heads of state. By hosting the Annual Meeting, Italy is reaffirming its commitment to supporting economic and social development of Latin America and the Caribbean. Of special interest during the conference will be Italy’s approach to supporting private sector growth, particularly small- and medium-sized businesses.

IDB leading source of financing

Founded in 1959, the IDB is now the leading source of multilateral development financing for Latin America and the Caribbean. As of Jan. 1, 2003, it has approved loans totaling more than $117 billion, supporting projects with a total cost of $281 billion.

The Board of Governors is the IDB’s top policymaking body. Its members hold the rank of finance ministers, economy ministers, or central bank presidents. The governors represent 46 different countries, including 28 in the Western Hemisphere, 16 in Europe, one in Asia and one in the Middle East.

Five IDB official seminars will explore an integral approach to private sector development, E-governance, social inclusion, regional development, and dealing with risk and fiscal constraints in employment policies.

Parallel seminars will include a discussion of Europe’s relationship with the Mercosur, the South American Common Market, with a special focus on Italy’s role.

The schedule for the IDB official seminars is as follows:

Registration for the Annual Meeting begins Wednesday, March 19.

All official meetings and seminars, including the four plenary sessions of the Board of Governors on March 24 through March 26, will be held at the Fiera Milano Congressi Center. The entrance will be at Porta Gattamelata, Padiglione 17.