QUEBEC CITY, Canada – The Inter-American Development Bank devoted more than $15 billion from 1998 to 2000 to support projects related to the goals of the Summit of Americas process, IDB President Enrique V. Iglesias said today.
"The IDB has supported the Summit of the Americas and will continue to do so," Iglesias said during the inauguration of the meeting of 34 heads of state and government of the Western Hemisphere. "Our priorities, set by our member countries, coincide with the summit’s top issues: social reform to combat poverty, competitiveness and regional integration to stimulate economic growth, and modernization of the state and governance to strengthen democracy."
According to a report on the fulfillment of the mandates of the Summit of the Americas meeting held in Santiago, Chile in 1998, the IDB has provided diverse assistance in many areas for countries of the region.
This includes the financing of educational reform; programs to strengthen and consolidate democratic systems; modernization of justice and protection for human rights; activities to advance economic integration; and plans to fight poverty and discrimination.
In the education sector, the IDB has an active loan portfolio of more than $3 billion. The annual average for lending for education programs has grown sixfold over the past decade.
During 1998-2000 the Bank approved more than $7 million in loans to finance investments to benefit the very poor and programs for social protection.
In addition, the IDB loaned more than $1.5 billion to member countries for prevention, mitigation, and reconstruction following natural disasters.
The Bank approved credits of about $1 billion in the area of modernization of the state and support for local administration. It also intensified its activity on behalf of small and medium-sized businesses, channeling $3.35 billion in financing to that sector.
The IDB has also supported the negotiation process for the Free Trade Area of the Americas as a member of the Tripartite Committee, which also includes the Organization of American States and the U.N. Economic Commission for Latin America and the Caribbean. At the same time the Bank actively participates in several negotiating groups and provides financial and technical assistance to the Secretariat of FTAA.
"Just as we did in Santiago, we have followed the Quebec process very closely, and we are firmly committed to supporting the agreements reached at this meeting," Iglesias said. "These summits generate high expectations," he said. "We hope to work with our member countries so that the purposes expressed by the leaders of the hemisphere will shortly become a reality."
The IDB plans to announce on Sunday, April 22 a portfolio of 22 initiatives through which it hopes to support the goals of the Action Plan endorsed by the leaders attending the summit. The projects cover areas such as democratic governance, regional integration, the environment, equity and human development, and connectivity.