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INTER-AMERICAN DEVELOPMENT BANK APPROVED $5.3 BILLION IN LOANS IN 1991, THE HIGHEST IN THE BANK'S HISTORY

 INTER-AMERICAN DEVELOPMENT BANK APPROVED $5.3 BILLION
 IN LOANS IN 1991, THE HIGHEST IN THE BANK'S HISTORY
 WASHINGTON, Dec. 23 /PRNewswire/ -- The Inter-American Development Bank approved a record $5.3 billion in loans for 51 economic and social development projects in Latin America and the Caribbean in 1991, up sharply from $3.8 billion for 37 projects in 1990.
 In its 32 years of operations the bank has lent more than $52 billion for projects with a total value exceeding $140 billion.
 The bank's 1991 disbursements on previously approved loans reached a record $3.3 billion, up from $2.6 billion in 1990.
 "Most of the bank's indicators improved dramatically," IDB President Enrique V. Iglesias told the bank's executive board.
 With its 1991 loan approvals, the bank has regained its leading role among multilateral lenders to the region, particularly as regards the less developed countries.
 "While bank achievements in 1991 were considerable, crucial challenges loom on the horizon," Iglesias said. "The region needs massive assistance for its social sectors, industrial reorganization, physical and technological integration, and institutional strengthening."
 To meet these challenges, in 1992 the bank's governors will explore possibilities for increasing the IDB's resources for the 1994-97 period, he said.
 The bank's preliminary estimates show the institution well on track to fulfill its goal of $22.5 billion in lending in 1990-93. This level of operations is made possible by the $26.5 billion seventh general increase in bank resources increase authorized by the IDB's board of governors in 1989.
 The bank expects to approve $6.3 billion in loans in 1992, and $7.2 billion in 1993.
 Lending during 1991 included $2.1 billion for 12 rapid- disbursement sector loans, up from $1.3 billion for six such loans in 1990, to support economic policy reforms, privatization and streamlining of public enterprises, and reorganization of key sectors such as agriculture, exports and foreign trade, energy and finance.
 The bank made its first loans within the goals of the U.S. Enterprise for the Americas Intitative, supporting the efforts of four countries in carrying out reforms to encourage private investment. The first loan, for $150 million, was approved for Chile. It was followed by a $142 million financial package for Bolivia, a $75 million loan to Jamaica, and a $205 million financial package for Colombia.
 For the four countries, the external debt reduction made possible by the IDB financing approaches $1 billion. Other countries have applied for similar IDB investment sector loans.
 The largest volume of bank lending in 1991 -- $2.6 billion or 49 percent -- was for productive sectors, up from $1.5 billion, or 39 percent, in 1990. Infrastructure projects received loans for $1.4 billion, or 26 percent, down from $1.6 billion, or 43 percent, in 1990. Social sectors received loans for $1.3 billion, or 25 percent, up sharply from $711 million, or 19 percent, in 1990.
 The bank approved $140 million in nonreimbursable financing for 286 technical cooperation projects in 1991, up from $57 million for 186 operations in 1990.
 In 1991, the bank's small projects program reached its highest level of approvals with 43 projects for a combined value of $21 million in loans plus $5 million in parallel nonreimbursable technical cooperation. This compares with 13 projects for a total amount of $6 million in 1990. Women are the principal beneficiaries of this bank program.
 -0- 12/23/91
 /NOTE: There may be more than one loan per project. Lending and disbursement data are subject to change due to exchange-rate and other adjustments./
 /CONTACT: Carlos Brezina of Inter-American Development Bank, 202-623-1360/ CO: Inter-American Development Bank ST: District of Columbia IN: FIN SU:


DS-MK -- DC004 -- 4759 12/23/91 10:25 EST
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Publication:PR Newswire
Date:Dec 23, 1991
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