[Congressional Record Volume 145, Number 42 (Wednesday, March 17, 1999)]
[Extensions of Remarks]
[Page E453]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




THE INTER-AMERICAN DEVELOPMENT BANK: HELPING TO EXPAND OPPORTUNITIES IN 
                             THE HEMISPHERE

                                 ______
                                 

                        HON. ILEANA ROS-LEHTINEN

                               of florida

                    in the house of representatives

                       Wednesday, March 17, 1999

  Ms. ROS-LEHTINEN. Mr. Speaker, the Inter-American Development Bank 
was established in 1959 with the purpose of helping to develop economic 
markets in Latin America and the Caribbean. Its original membership 
included 19 Latin American and Caribbean countries and the United 
States. Today, it boasts a membership of 46 countries, 28 within the 
region and 18 in Europe, Asia, and the Middle East. The Bank has 
committed itself to financing projects that seek to improve the lives 
of our neighbors within the region by promoting small business, 
supporting state modernization projects with the purpose of 
strengthening democratic systems, and complementing ongoing public 
sector and economic reforms which focus on energy, transportation, and 
communications systems.
  In an era of increased trade globalization and market 
diversification, the Inter-American Development Bank has played an 
essential role in helping expand competitive trade markets for Latin 
American and Caribbean countries. By 1997 in fact, the Bank had 
approved 2,456 loans totaling $84 billion to help these countries work 
towards economic integration. As part of the Free Trade of the Americas 
process, the Inter-American Development Bank had been a key force in 
implementing strategies to support sub-regional integration and provide 
support for the FTAA Working Groups.
  IDB's programs have served to strengthen the Western Hemisphere by 
helping to expand trade, diversify exports, and increase 
competitiveness. As the Inter-American Development Bank celebrates its 
40th year of service, I commend their dedication to mobilizing 
resources for the region and for its role as a catalyst for social and 
economic development within the Hemisphere.

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