Inter-American Development Bank is like a mutual aid society that packs an economic punch. The institution was founded in 1959 to aid in the social and economic development of Latin America and the Caribbean. It provides grants and loans to help fund public and private projects, promote sustainable growth, modernize public institutions, foster free trade, and fight poverty and injustice. The bank is also involved in cross-border issues such as infrastructure and energy. Governments, government organizations (such as state banks and universities), civil societies, and private-sector companies are all eligible to receive Inter-American Development Bank loans.
Inter-American Development Bank is owned by its 48 member nations, which include 26 borrowing members in Central America, South America, and the Caribbean, plus nonborrowing members such as the US, Canada, and some European countries. Borrowing members control slightly more than half of the voting power on Inter-American Development Bank's board.
In 2010 the bank implemented its first capital increase since 1995. The largest expansion in Inter-American Development Bank's history included a package of financial support for earthquake-ravaged Haiti and the financing of operations in the bank's poorest regions. The bank also plans to increase its lending to microbusinesses. – less