“What was agreed in the declaration … is a capital increase of $70 billion,” Finance Minister Oscar Zuluaga told reporters after a meeting of governors ended.
Zuluaga said the capital increase was tied to a separate move to forgive $479 million in loans to Haiti, which is in desperate need of aid after an earthquake hit near its capital in January.
The IADB lends money and provides grants to its borrowing members in the Caribbean and Latin America. The bank enjoys a strong credit rating because its work is underwritten by advanced economies like the United States and China.
