Latin America Bank $80 Billion Capital Boost Gets Senate Backers
(Bloomberg) -- More senators are joining the effort to win a capital increase for the top Latin America development bank, seeking to build momentum for a lending boost to fight Covid-19 and climate change in the hard-hit region.
Democrat Bob Menendez and Republican Marco Rubio plan to reintroduce a bill that would send $600 million to the Inter-American Development Bank over the next five years and authorize $23.4 billion in backup capital, according to a draft seen by Bloomberg News. The bill was initially introduced in December at the end of the last Congress.
Democratic Senators Tim Kaine and Ben Cardin and Republican Senator Bill Cassidy are joining as co-sponsors, signaling growing support for the bill. The measure would also urge the IDB to create an environment fund for disaster preparedness, sustainability and conservation.
The U.S. is the bank's largest shareholder, responsible for 30% of its resources. Washington's contribution is part of the senators' broader call for the bank's 48 member countries to agree on a total increase of $80 billion in capital stock. It would be the Washington-based IDB's first such boost since a 2010 accord.
Read more: Why the IDB's Chief Says It Needs a Capital Hike
©2021 Bloomberg L.P.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
