According to a Washington Post article, money transfer services have encountered difficulties in Haiti due to the earthquake that struck on January 12, 2010 [1].Those trying to send funds for food, water, and other purposes have found that many transfer offices in Port-au-Prince are closed, and others lack cash because many banks in the country are not operating. Security at transfer offices is also a concern. According to an Inter-American Development Bank survey, one-third of Haitians receive remittances from other countries, and remittances totaled USD 1.9 billion in 2008, nearly a quarter of Haiti’s gross domestic product (GDP).
By Christopher Maggio, Research Assistant
About:
Inter-American Development Bank (IDB)
Description:
The Inter-American Development Bank (IDB) was established in 1959 and provides multilateral financing in Latin America and the Caribbean. The bank works with governments, companies and non-governmental organizations (NGOs) to provide both loans and grants to support small and medium enterprises (SMEs), health, and education, among other sectors. It also provides technical assistance and research in these areas. Its Board of Executives are elected by 48 member countries, 26 of which are from Latin America and the Caribbean.
The IDB does not report to the MIX Market, the microfinance information clearinghouse.
Organization’s Website:
http://www.iadb.org/
Just the Facts:
-Country of Incorporation: United States
-Year Founded: 1959
-Legal Status: Multilateral Development Bank
-Total Assets: USD 6.3 billion (as of 31/Dec/08)
-Ordinary Capital: USD 101 billion (as of 31/Dec/08)
-Area of Operation: Latin America and the Caribbean
-Participant(s)/Backer(s)/Investor(s): 48 member countries, 26 from Latin America and the Caribbean
-President: Louis Alberto Moreno
Contact Information:
By Mail:
1300 New York Avenue, N.W.
Washington, D.C. 20577
United States of America
By Telephone:
+1 202 623-1000
By fax:
+1 202 623-3096
Additional Resources:
IDB Basic Information: http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=2095587
MICROCAPITAL.ORG STORY: Inter-American Development Bank (IDB) Approves USD 7 Million Loan for Salvadorian Housing Fund Fondo Nacional de Vivienda Popular’s (FONAVIPO): https://www.microcapital.org/microcapitalorg-story-inter-american-development-bank-idb-approves-usd-7-million-loan-for-salvadorian-housing-fund-fondo-nacional-de-vivienda-popular%E2%80%99s-fonavipo/
MicroCapital’s Microfinance Universe profile: IDB
Bibliography:
[1] Washington Post article entitled ‘Sending money home to Haiti from the U.S. proves difficult’: http://www.washingtonpost.com/wp-dyn/content/article/2010/01/22/AR2010012203401.html
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