Inter-American Development Bank to meet in Rovaniemi
Press release 10/2010
18 January, 2010
The first meeting of the Inter-American Development Bank (IDB) in Finland will be held in Rovaniemi on 26–27 January. Minister for Foreign Trade and Development Paavo Väyrynen will open the meeting on Tuesday, 26 January. Väyrynen will also meet with Luis Alberto Moreno, President of the IDB.
The meeting agenda includes the IDB’s ongoing negotiations for capital increases and additional financing and, among others, the bank’s climate policy and other topical issues.
Established in 1959, the Inter-American Development Bank is the largest and oldest regional development bank. Its aim is to support sustainable economic growth, reduce poverty and increase social equality in Latin America and the Caribbean region. The bank is the largest source of development financing in Latin America; in 2008 lending amounted to 11.3 billion dollars. The largest loan recipients in 2008 were Brazil, Panama, Argentina, Columbia and Mexico.
Alongside long-term financing, the IDB strives to respond quickly in crisis situations, and it has granted 200,000 dollars in emergency assistance to victims of the earthquake in Haiti. Haiti is the poorest member of the IDB and is the only country to receive donor aid rather than loans from the bank.
The non-regional meeting held once a year is an informal meeting between the IDB President and member countries outside the American continent. There are 20 such countries in all: Austria, Belgium, Croatia, Denmark, Finland, France, Germany, Italy, The Netherlands, Norway, Portugal, Slovenia, Spain, Sweden, Switzerland and the United Kingdom as well as Israel, Japan and South Korea. Also included is China, which joined in 2009.
The IDB headquarters are in Washington, D.C. and the bank has 48 member states. Finland has been a member since 1977. Finland gives untied general aid to the IDB budget and finances the partnership fund and two thematic funds. These provide support for projects focusing on the climate, renewable energy and the information society.
The Nordic countries at present have two representatives as Executive Directors at IDB Headquarters. One of them is Leena Viljanen of Finland, whose term continues until summer 2011.
In its activities the IDB has five priorities: promotion of development in order to increase equality and productivity; improvement of infrastructure; development of institutions; enhancement of regional and international competitiveness; and environment protection, improvement of food supply and responding to climate change.
A second IDB meeting will also be held in Rovaniemi on 28–29 January. The IBD’s fund policy and the focal points of activities will be discussed at the annual meeting of donors. The focal points of activities include the environment and renewable energy, trade and development, and gender equality.
Additional information: First Secretary Saana Halinen, Unit for Development Financing Institutions, tel. +358 9 1605 6200 and Annika Saarikko, Press Attaché to the Minister for Foreign Trade and Development, mobile tel. +358 400 739 824