INTER-AMERICAN DEVELOPMENT BANK (IDB)HEADQUARTERS1300 New York Avenue, NW Telephone: [1](202)623-1000 Washington, DC 20577 Facsimile: [1](202)623-3096 USA E-mail: info@iadb.org Internet: www.iadb.org President: ... Enrique V. IGLESIAS Executive Vice President: ... Dennis E. Flannery Vice President for Planning and Administration: ... Paulo PAIVA Principal Officers Chief, Office of the Presidency: ... Euric A. BOBB Chief Advisor, Office of the Executive Vice-President: ... Joseph ENGELHARD Secretary of the Bank: ... Carlos FERDINAND Deputy Secretary: ... Armando CHUECOS Auditor General: ... Ms. Elizabeth J. FOLSOM External Relations Advisor: ... Ms. Mirna LIÉVANO de Marques Manager of the Multilateral Investment Fund: ... Donald F. TERRY Deputy Manager: ... Noriaki KISHIMOTO Manager, Regional Operations Department 1: ... Ricardo L. SANTIAGO Deputy Manager: ... Ms. Luisa C. RAINS Manager, Regional Operations Department 2: ... Miguel E. MARTÍNEZ Deputy Manager: ... Jairo SÁNCHEZ Manager, Regional Operations Department 3: ... Ciro DE FALCO Deputy Manager ... Maximo JERIA Manager, Finance Department: ... Charles O. SETHNESS Senior Deputy Manager/Treasurer: ... Eloy B. GARCíA Deputy Manager: ... Ira J. KAYLIN General Counsel, Legal Department: ... J. James SPINNER Manager, Strategic Planning and Budget Department: ... Manuel RAPOPORT Manager, Integration and Regional Programs Department: ... Ms. Nohra REY de Marulanda Deputy Manager: ... Robert DEVLIN Manager, Private Sector Development: ... Hiroshi TOYODA Deputy Manager: ... Bernardo FRYDMAN Manager, Sustainable Development Department: ... Carlos M. JARQUE Deputy Manager: ... Christof KUECHEMANN Chief Economist, Research Department: ... Guillermo CALVO Manager, Information Technology and General Services: ... Richard J. HERRING Manager, Human Resources Department: ... Manuel LABRADO Special Representative in Europe: ... Carlo BINETTI LANGUAGES: English, French, Portuguese, SpanishESTABLISHMENT AND FUNCTIONSThe Inter-American Development Bank, the oldest and largest regional multilateral development institution, was established in December of 1959 to help accelerate economic and social development in Latin America and the Caribbean. The Bank was created in response to a long-standing desire on the part of the Latin American nations for a development institution that would focus on the pressing problems of the region. The Bank’s original membership included 19 Latin American and Caribbean countries and the United States. Subsequently, eight other Western Hemisphere nations, including Canada, joined the Bank. From the beginning, the Bank developed links with many industrialized countries on other continents and in 1974 the Declaration of Madrid was signed to formalize their entry into the Bank. Eighteen non-regional countries joined the Bank between 1976 and 1993. Today Bank 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. The Bank, whose headquarters are in Washington, DC, has Country Offices in each of it's borrowing member countries and in Paris and Tokyo. In its 40 years of operations, the Bank has become a major catalyst in mobilizing resources for the region. The Bank's Charter states that its principal functions are (1) to utilize its own capital, through funds raised in financial markets, and other available resources, for financing the development of the borrowing member countries; (2) to supplement private investment when private capital is not available on reasonable terms and conditions; and (3) to provide technical assistance for the preparation, financing, and implementation of development plans and projects. In carrying out its mission, the Bank has mobilized financing for projects that represent a total investment of $273 billion. Annual lending has grown dramatically from the $294 million in loans approved in 1961 to almost $5.8 billion in 2001. The Bank's operations cover the entire spectrum of economic and social development. In the past, Bank lending emphasized the productive sectors of agriculture and industry, the physical infrastructure sectors of energy and transportation and the social sectors of environmental and public health, education and urban development. Current lending priorities include poverty reduction and social equity, modernization of the state, competitiveness and integration. During the 1960s and 1970s the Bank was a pioneer in financing social projects such as health and education. The Bank has made an effort to see to it that its lending operations directly benefit low-income populations. Its innovative Small Projects Program seeks to provide small funds to microentrepreneurs and small-scale farmers and since 1990 the Bank has broadened its support to the informal sector. In recent years, the Bank has financed sector reform loans and debt reduction programs. In 2002, it began lending up to 10 percent of its ordinary capital resources directly to the private sector, without government guarantees. The financial resources of the Bank consist of the ordinary capital account comprised of subscribed capital, reserves and funds raised through borrowings, and Funds in Administration, comprised of contributions made by member countries. The Bank also has a Fund for Special Operations for lending on concessional terms for projects in countries classified as economically less developed. The Bank has borrowed funds for its operations from the capital markets of Europe, Japan, Australia, Latin America, the Caribbean and the United States. The Bank's debt is AAA rated by the three major rating services in the United States, and is accorded equivalent status in the other major capital markets. COMPOSITION46 member countries: Argentina, Austria, The Bahamas, Barbados, Belgium, Belize, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, Croatia, Denmark, Dominican Republic, Ecuador, El Salvador, Finland, France, Germany, Guatemala, Guyana, Haiti, Honduras, Israel, Italy, Jamaica, Japan, Mexico, Netherlands, Nicaragua, Norway, Panama, Paraguay, Peru, Portugal, Slovenia, Spain, Suriname, Sweden, Switzerland, Trinidad and Tobago, United Kingdom, United States, Uruguay and Venezuela. STRUCTUREThe Board of Governors, the Bank’s highest authority, is composed of one Governor and one Alternate Governor for each member country. It meets annually and on other occasions as necessary. Governors are usually Ministers of Finance, Presidents of Central Banks or officers of comparable rank. The Board of Governors has delegated many of its operational powers to the Board of Executive Directors, which is responsible for the conduct of the Bank's operations. The Board of Executive Directors is composed of 14 Executive Directors, including one appointed by the United States. The Directors are elected by groups of Latin American and Caribbean countries, by the non-regional members, and one by Canada, to serve for three-year terms. The Board operates in continuous session. The President of the Bank acts as Chairman of the Board of Executive Directors.
Board of Executive Directors
Executive Director
Elected by: Alternate Executive Director
Argentina, Haiti Eugenio DIAZ BONILLA
Bolivia, Paraguay, Uruguay Juan E. NOTARO FRAGA
Jorge CRESPO-VELASCO
(Appointed by)United States José A. FOURQUET
Dominican Republic, Mexico Agustín GARCÍA-LÓPEZ
Héctor J. SANTOS
Canada Charles Philip BASSETT
Alan F. GILL
Brazil, Suriname Martus TAVARES
Frederico ÁLVARES
Colombia, Peru Luis G. ECHEVERRI
Jaime A. PINTO
Chile, Ecuador Germán QUINTANA
Victor Manuel ACOSTA
Belize, Costa Rica, El Salvador,
Guatemala, Honduras, Nicaragua José Carlos CASTAÑEDA
Ms. Sandra Regina MIDENCE
The Bahamas, Barbados, Guyana,
Jamaica, Trinidad and Tobago Luis Alberto RODRIGUEZ
Havelock BREWSTER
Austria, Denmark, Finland,
France, Norway, Spain, Sweden Michel PLANQUE
Paal I.M. AAVATSMARK
Panama, Venezuela José Alejandro ROJAS
Eduardo E. LINARES
Croatia, Japan, Portugal,
Slovenia, United Kingdom Yoshihisa UEDA
Toshitake KUROSAWA
Belgium, Germany, Israel,
Italy, Netherlands, Switzerland Ms. Michaela ZINTL
Paolo CAPPELLACCI
GENERAL PUBLICATIONSAnnual Report; Economic and Social Progress in Latin America (annual); Proceedings of the Meetings of the Board of Governors (annual); The IDB On-Line (on-line publication); IDBAmerica (on-line publication) UPDATED: December 2003
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