Rep. Salazar Bill to Increase U.S. Ownership of Inter-American Development Bank Passes House

WASHINGTON, D.C. - Today, Representative Salazar's legislation H.R. 6892,the IDB Capital Increase Act, passed the House of Representatives as part of the House Appropriations Committee funding bill (H.R. 7006). The act would authorize the Secretary of the Treasury to purchase 75 million dollars in new shares of the Inter-American Investment Corporation (IDB invest).

The Inter-American Investment Corporation is a division of the Inter-American Development Bank (IDB) that invests in private sector projects. This will directly benefit American companies, increase America's influence over the direction of the bank, and further the United States interests in the region.

Representative Salazar has been a supporter of the Inter-American Development Bank throughout her time in Congress. This infusion of capital will increase the Inter-American Investment Corporations capacity to lend to private sector development projects across the Western Hemisphere.

"America benefits from a stable and economically secure Western Hemisphere," said Representative Salazar."The additional purchase of shares in the IDB will create novel opportunities for American companies while alleviating poverty and funding development projects across Latin America and the Caribbean."

You can watch House Committee on Financial Services Chairman French Hill's comments in support of HR 6892, Rep. Salazar's IDB Capital Increase Act, here.

Background:

The United States is the largest shareholder at the Inter-American Development Bank, which was founded in 1959 to finance development in the Americas. In 2023, the IDB financed a total of $24.3 billion across its three components, supporting public infrastructure and private sector projects across the Western Hemisphere.

This bill would instruct the Secretary of the Treasury to acquire an additional 25,000 shares of the capital stock of the Inter-American Investment Corporation.

You can read the full bill here.