The Inter-American Development Bank is the oldest regional development bank

Background

Created in 1959, the Inter-American Development Bank (IDB) is the oldest regional development bank and the largest source of multilateral development financing for Latin America and the Caribbean.
The IDB provides support to the public sector and is part of the IDB Group.
The Group also includes IDB Invest, responsible for private sector operations, and IDB Lab, a trust fund that serves as the Group's innovation laboratory.
IDB Lab was created in 1993.
The IDB and IDB Invest consist of 48 member states, compared to 40 for IDB Lab.
A total of 26 member countries from the Latin America and Caribbean region are engaged in all three entities.
The overarching objectives of the IDB Group are to reduce poverty and inequality and to promote sustainable economic growth in the region.