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Inter-American Development Bank raises capital

Inter-American Development Bank raises capital

22 March 2010 16:50 (UTC +04:00)

Baku â€“ APA. The governing board of the Inter-American Development Bank agreed early on Monday to raise $70 billion in fresh capital and erase $479 million of Haitian debt, Colombia’s finance minister said, Reuters reported.

"What was agreed in the declaration ... is a capital increase of $70 billion," Finance Minister Oscar Zuluaga told reporters after a meeting of governors ended.

Zuluaga said the capital increase was tied to a separate move to forgive $479 million in loans to Haiti, which is in desperate need of aid after an earthquake hit near its capital in January.

The IADB lends money and provides grants to its borrowing members in the Caribbean and Latin America. The bank enjoys a strong credit rating because its work is underwritten by advanced economies like the United States and China.

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