Inter-American Development Bank

Inter-American Development Bank (IADB), also known as Banco Interamericano de Desarrollo (BID), organization founded on April 8, 1959; it began operations on December 30 of the same year. The purpose of the IADB is to promote economic and social development in Mexico, the Caribbean, and Central and South America by coordinating efforts to assist countries in the region. Loans are granted to specific projects, with the IADB covering a maximum of 80 per cent of a project’s cost. Remaining support must come from another lending agency. As with other regional banks, IADB membership includes several extra-regional donor countries.

At its inception, the IADB had 20 members: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, United States, Uruguay, and Venezuela.