Capital Increase
On July 21, 2010, the Board of Governors agreed to increase the Bank’s ordinary capital by $70 billion, the largest expansion of resources in the Bank’s history, and to provide an unprecedented package of financial support to Haiti. The agreement also includes a replenishment of the Fund for Special Operations, which finances operations in the region’s poorest nations.
The Bank’s capital increase will be implemented through 2015 as parliaments in each of its member countries appropriate the necessary funds.
Read more about this topic: Inter-American Development Bank
Famous quotes containing the words capital and/or increase:
“Mr. Whistler always spelt art, and we believe still spells it, with a capital “I.””
—Oscar Wilde (1854–1900)
“We go on multiplying our conveniences only to multiply our cares. We increase our possessions only to the enlargement of our anxieties.”
—Anna C. Brackett (1836–1911)