Bank approved a record volume of $830.1 million in grants in 2010, many benefitting Haiti
CALGARY, Canada - The Inter-American Development Bank approved $12.136 billion in new operations in 2010 and made $10.341 billion in loan disbursements from its ordinary capital, according to its latest annual report issued today.
The IDB Ordinary Capital also recorded strong financial results in 2010, with operating income of $1.252 billion. The Bank’s Ordinary Capital continues to be well capitalized, with 33.4 dollars in equity for every 100 dollars in loans and net guarantee exposure, according to the report.
The loan approvals included 162 loans from the Bank’s ordinary capital and 31 parallel loans from the Fund for Special Operations (FSO), its concessional lending window.
The IDB approved a record amount for grants in 2010. Grant instruments including technical cooperation, knowledge and capacity products, developmental grants, and investment grants totaled $570.8 million. When financing from the Social Entrepreneurship Program and the IDB Grant Facility are included, the total reached a record level of $830.1 million.
As part of the IDB's Ninth General Capital Increase, approved in July, 2010, the Bank's Board of Governors also approved a number of measures to assist Haiti. These included $72 million in income transfers from the Ordinary Capital to the IDB Grant Facility and $364 million in transfers from FSO, including $236 million representing advance contributions received to date, to help expand grants for Haiti’s earthquake reconstruction efforts.
In addition, the IDB’s members made $236 million in advance contributions to the FSO in 2010, thereby enabling the Bank to forgive Haiti’s outstanding IDB debt.
Separately, Moody's Investor Services reaffirmed its long-standing AAA credit rating for the IDB in a March 22 report, citing the Bank’s a robust capital base, strong support from member countries, sound financial management, and preferred creditor status.