IDB new program for Latin America, Caribbean microenterprises
21 Dec '07
3 min read
The Inter-American Development Bank Group approved new operations totaling more than US$9.6 billion in 2007, confirming its role as the leading source of multilateral lending for Latin America and the Caribbean.
In his year-end report to the IDB Board of Executive Directors, President Luis Alberto Moreno said these results reflect the Bank's efforts to serve "a region with diverse visions and different development models, by striving to be more flexible, efficient and versatile to meet their needs and become our countries' premier partner."
In 2007 the IDB proper approved US$9 billion in financing for 97 projects, the largest volume of approvals since 1999. In 2006 it had approved US$6.4 billion in new operations.
The Inter-American Investment Corporation, the IDB Group affiliate specialized in financing for small- and medium-sized businesses, also had a good year. The IIC approved 53 operations totaling US$486 million this year, up from 48 projects for US$337.7 million in 2006.
The Multilateral Investment Fund, the IDB Group program that focuses on microenterprises, approved 117 projects totaling US$134.3 million, of which nearly US$100 million were grants. Last year it approved US$125 million in new projects.
In his comments to the Board, which represents the IDB's 47 member countries, Moreno highlighted the significance of the IDB's financing for infrastructure and competitiveness projects, which rose to US$5.7 billion this year.
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