The IDB Group is composed of the Inter-American Development Bank, the Inter-American Investment Corporation (IIC) and the Multilateral Investment Fund (MIF). The IIC focuses on support for small and medium-sized businesses, while the MIF promotes private sector growth through grants and investments, with an emphasis on microenterprise.
The Inter-American Development Bank (IDB) was formally created in 1959, when the Organization of American States drafted the Articles of Agreement establishing the Inter-American Development Bank. Over the years, the IDB has added new member countries and it has increased its capital nine times. Today, there are 48 member countries, including 26 Latin American and Caribbean borrowing members, who have a majority ownership of the IDB. The IDB is the largest source of development financing for Latin America and the Caribbean, with a strong commitment to achieve measurable results, increased integrity, transparency and accountability.
The mandate of the IDB is to support efforts by Latin America and the Caribbean countries to reduce poverty and inequality. Thus, the Bank aims to bring about development in a sustainable, climate-friendly way. While IDB is a regular bank in many ways, it is also unique in some key respects. Besides loans, IDB also provide grants, technical assistance and do research. IDB has a Fund for Special Operations (FSO), which provides concessional financing to the most vulnerable countries in Latin America.
The IDB’s key priorities are: 1) Reducing poverty and social inequalities; 2) Addressing the needs of small and vulnerable countries; 3) Fostering development through the private sector; 4) Addressing climate change, renewable energy and environmental sustainability; and 5) Promoting regional cooperation and integration.
Denmark’s cooperation with the IDB
Denmark works with the IDB on key issues of importance for Danish Development Assistance including gender & diversity and environment, climate & Green Growth´. Together with likeminded countries, Denmark is represented on the Bank’s Board of Directors. Moreover, Denmark participates actively in the Board of Governors, including in the Bank’s annual meetings. Denmark has regularly contributed to the Bank’s capital increase and to various trust funds within the Bank. Finally, Denmark works with the ICC, when it comes to private sector investments.