Inter-American Development Bank (IDB)

1300 New York Ave., NW
Washington, DC 20577
Tel: 202-623-1000
Fax: 202-623-2096
http://www.iadb.org

The Inter-American Development Bank, the oldest and largest regional multilateral development institution, was established in December 1959 to help accelerate economic and social development in Latin America and the Caribbean.  IDB was created in response to a longstanding desire on the part of the Latin American nations for a development institution that would focus on the pressing problems of the region.  IDB's principal functions are to utilize its own capital, funds raised by it in financial markets, and other available resources, for financing the development of the borrowing member countries; to supplement private investment when private capital is not available on reasonable terms and conditions; and, to provide technical assistance for the preparation, financing, and implementation of development plans and projects.

Today, membership totals 46 nations.  In addition to the Bank, the IDB Group consists of the Inter-American Investment Corporation (IIC) and the Multilateral Investment Fund (MIF).  The IIC, an autonomous affiliate of the Bank, was established to promote the economic development of the region by financing small and medium-scale private enterprises.  The MIF was created in 1992 to promote investment reforms and to stimulate private-sector development.