The IDB Cultural Center was created in 1992 with the mission of advancing the concept of culture as a component of development. The Center has two primary objectives:

to contribute to social development by administering a grants program that sponsors and co-finances small-scale cultural projects that will have a positive social impact in the region, and

to promote a better image of the IDB member countries, with emphasis on Latin America and the Caribbean, through culture and increased understanding between the region and the rest of the world, particularly the United States and Europe.

The Center programs are aligned with the IDB agenda. Cultural programs at headquarters feature new as well as established talent from the region. Recognition granted by Washington, D.C. audiences and press often helps propel the careers of new artists. The Center also sponsors lectures on Latin American and Caribbean history and culture, and supports cultural undertakings in the Washington, D.C. area for the local Latin American and Caribbean communities, such as Spanish-language theater, film festivals, and other events.

The IDB Cultural Center Exhibitions and the Inter-American Concert, Lecture and Film Series stimulate dialogue and a greater knowledge of the culture of the Americas. The Cultural Development Program funds projects in the fields of youth cultural development, institutional support, restoration and conservation of cultural patrimony, and the preservation of cultural traditions. The IDB Art Collection, gathered over several decades, is managed by the Cultural Center and reflects the relevance and importance the Bank has achieved after four decades as the leading financial institution concerned with the development of Latin America and the Caribbean.