IDB Capital Increase Awaits Formal Vote

Inter-American Development Bank President Luis Alberto Moreno signing a loan for Peru during the bank's Annual Meeting held in Cancun, Mexico. Photo by: Arlette Pedraglio / IDB

A formal vote on the Inter-American Development Bank’s capital increase is due to take place before the end of June.

According to a May 21 press release, IDB governors have 30 days to formally vote on the document titled “Report on the Ninth General Increase in the Resources of the Inter-American Development Bank.” The governors reached an agreement during the IDB annual meeting in Cancun in March to add USD70 billion to the bank’s resources to maintain a yearly lending volume of USD12 billion.

The proposal entails providing USD2 billion in aid to Haiti over the next 10 years, turning another USD186 million in unreleased loans into grants, and cancelling USD479 million in Haiti’s debt. It also recommends full financing of the Fund for Special Operations, a concessional facility.

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  • Eliza Villarino

    Eliza Villarino currently manages one of today’s leading publications on humanitarian aid, global health and international development, the weekly GDB. At Devex, she has helped grow a global newsroom, with talented journalists from major development hubs such as Washington, D.C, London and Brussels. She regularly writes about innovations in global development.