IDB approvals up +18% in 2008

The Inter-American Development Bank (IDB) increased its loan and credit guarantee approvals by +18% last year to US$ 11.2 billion. Disbursements reached US$ 7.6 billion, almost US$ 500 million more than in 2007.

The IDB supported infrastructure projects in 2008, including roads, sanitation projects, renewable energy and reform and modernization of the state.

About US$ 7.2 billion (64%) of the total approvals were for projects to "improve competitiveness and quality of life", including US$ 2.4 billion for transportation and communication projects and US$ 1.2 billion in loans for water and sanitation projects.

Another US$ 3.6 billion supported projects in energy, capital markets, tourism and agricultural infrastructure, such as irrigation systems.

Almost US$ 3.3 billion (30%) was earmarked for projects designed to reduce poverty, while US$ 707 million (6%) helped finance projects designed to reform and modernize governments in Latin America.