This article inter bank currency trading additional citations for verification. The IDB has four official languages: English, French, Portuguese, and Spanish. In all three other languages the Bank uses the acronym “BID”. At the First Pan-American Conference in 1890, the idea of a development institution for Latin America was first suggested during the earliest efforts to create an inter-American system.
The IDB became a reality under an initiative proposed by President Juscelino Kubitshek of Brazil. The Bank is owned by 48 sovereign states, which are its shareholders and members. Only the 26 borrowing countries are able to receive loans. The IDB is the largest multilateral source of financing for the Latin America and the Caribbean region.
The IDB is governed by its Board of Governors, a 48-member body who regularly meets once a year. The developing countries that borrow from the IDB are the majority shareholders, and therefore control the majority of the decision-making bodies of the Bank. In March 2015, the Bank updated its Institutional Strategy for 2010-2020. The document says that to ultimately transform Latin American and the Caribbean ‘into a more inclusive and prosperous society, three main development challenges must be addressed: social exclusion and inequality, low productivity and innovation, and limited economic integration. The IDB’s Education Division works in partnership with 26 borrowing countries in Latin America and the Caribbean to ensure that children and adolescents exercise their right to a quality education, achieve their potential, and reverse the cycle of poverty. The IDB supports readiness to learn interventions so that children can have access to quality programs within the region.