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Brazil, IDB, sign memorandum of understanding to hold Bank´s 47th Annual Meeting in Belo Horizonte, Minas Gerais

With Brazil’s President Luiz Inácio Lula da Silva as a special guest, Planning Minister Paulo Bernardo Silva and Inter-American Development Bank President Luis Alberto Moreno today signed a memorandum of understanding that sets the framework for the 47th Annual Meeting of the IDB Board of Governors in Belo Horizonte, capital of the state of Minas Gerais, on April 3-5.

“This is an excellent opportunity for the Bank to hold its meeting in Brazil,” said Moreno.

Paulo Bernardo Silva, who is governor for the Bank for Brazil, commented that the “agreement makes formal the responsibilities that will make this event possible in Belo Horizonte, which will gather a large number of participants and result in discussions and decisions on important issues.”

The event will be the fourth IDB Annual Meeting held in Brazil, one of the institution’s founding members that played a key role in the creation of the oldest and largest regional development bank that is now the main source of multilateral development financing in Latin America and the Caribbean.         

Concurrently with the meeting of the IDB governors, 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 21st Annual Meeting.

The Annual Meeting is the most important yearly event for the two institutions. The governors of the IDB and IIC will review past activities and the Annual Report, and they will also discuss and set new policies and programs for the future.

Prior to the plenary sessions of the governors a series of official seminars will be held beginning on March 29 on the following topics: technological innovation and competitiveness, youth, remittances and microfinance, clean energy, programs for the conditional transfer of resources, debt policies and instruments, the business climate for private investment in infrastructure and disaster risk management.

 IDB loans to the region totaled $7 billion during 2005, an increase of 17 percent compared with the previous year. Almost 50 percent of the loans were dedicated to programs to reduce poverty and enhance social equity, exceeding the target. The Bank approved $83 million for technical cooperation projects, while the IIC during 2005 approved a record level of financing that totaled $341.6 million.


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