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International financing review (IFR), a trade publication, named the IDB “Supranational Borrower of the Year” for 1999. The magazine, which covers the activity in the bond markets, cited the Bank’s Finance Department for successfully increasing its funding target and broadening its investor base during last year’s difficult economic environment.

The IDB generates funds by selling bonds on the international markets at favorable rates and then lending the proceeds to its Latin American and Caribbean member countries.

Although its AAA credit rating gives the Bank access to a wide range of borrowing options, the negative investor sentiment produced by financial crises in Latin America during 1999 made it somewhat harder for it to obtain ideal terms for its bond issues.

The need for additional funds to provide emergency funding to countries affected by the financial crises and natural disasters put additional pressure on the IDB. According to Stephen Abrahams, head of the IDB’s Capital Markets Division, the Bank borrowed $9 billion in 1999, up 50 percent from the previous year.

The IFR commended the IDB for its sophisticated choices of currency, bond pricing and issue timing throughout the year. It also praised the Bank for attracting a number of new bond buyers in the United States, Canada, Asia and the United Kingdom.


Jorge Elena, formerly the IDB’s representative in Brazil, has been named representative in Argentina, effective April 1. He is succeeded by Waldemar F. Wirsig, who was manager of the Bank’s Sustainable Development Department.

J. James Spinner, previously deputy general counsel of the IDB’s Legal Department, has been named general counsel and manager of the same department.

Jairo Sánchez, who was the Bank’s representative in Mexico, has been named deputy manager for Regional Operations Department 2. He succeeded Terry Powers, who has retired after many years with the IDB.

Maritza Izaguirre, previously an advisor to the manager of Regional Operations Department 2, has succeeded Sánchez as IDB representative in Mexico.

Martin Stabile, formerly the Bank’s representative in Nicaragua, has been named representative in Uruguay. He succeeds William Large, who has retired after many years with the IDB.

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