Inter-American Development Bank boosted Caribbean loans 50 percent in 2003

Tuesday, December 30, 2003

WASHINGTON, USA (AFP): The Inter-American Development Bank said Monday that in 2003 it boosted its loans to Latin America and the Caribbean by nearly 50 percent compared with 2002, with record disbursements to the region as it began to recover.

IDB president Enrique Iglesias said in his end of year report to the board that the region is set to grow 3.5 to 4.0 percent next year, compared with 1.5 percent in 2003 -- higher than average figures for the past five years.

In 2003, the IDB approved 6.8 billion dollars in loans, compared with 4.550 billion in 2002.

Disbursements reached 8.06 billion dollars, close to the record 8.4 billion reached in 1999.

For the tenth consecutive year, the IDB was the main source of multilateral finance for development in the Caribbean, especially to the smallest, least developed countries.

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