Inter-American Development Bank (IDB)
The IDB, the oldest and largest regional multilateral development institution, was established in 1959 to help accelerate economic and social development in Latin America and the Caribbean. The Bank’s original membership included 19 Latin American and Caribbean countries and the USA. Today, membership totals 48 nations, including non-regional members.
Members. Argentina, Austria, The Bahamas, Barbados, Belgium, Belize, Bolivia, Brazil, Canada, Chile, China, Colombia, Costa Rica, Croatia, Denmark, Dominican Republic, Ecuador, El Salvador, Finland, France, Germany, Guatemala, Guyana, Haiti, Honduras, Israel, Italy, Jamaica, Japan, South Korea, Mexico, the Netherlands, Nicaragua, Norway, Panama, Paraguay, Peru, Portugal, Slovenia, Spain, Suriname, Sweden, Switzerland, Trinidad and Tobago, UK, USA, Uruguay, Venezuela.
Activities. The Bank’s total lending up to 2013 was US$230bn. for projects with a total cost of over US$481bn. Its lending increased dramatically from the US$294m. approved in 1961 to US$13·8bn. in 2013.
Current lending priorities include poverty reduction and social equity, modernization and integration, and the environment. The Bank has a Fund for Special Operations for lending on concessional terms for projects in countries classified as economically less developed. An additional facility, the Multilateral Investment Fund (MIF), was created in 1992 to help promote and accelerate investment reforms and private-sector development throughout the region.
The Board of Governors is the Bank’s highest authority. Governors are usually Ministers of Finance, Presidents of Central Banks or officers of comparable rank. The IDB has country offices in each of its borrowing countries, and in Paris and Tokyo.
Official languages: English, French, Portuguese and Spanish.
Headquarters: 1300 New York Ave., NW, Washington, D.C., 20577, USA.
President: Luis Alberto Moreno (Colombia).