Representative María Elvira Salazar’s bill, H.R. 6892, known as the IDB Capital Increase Act, has passed the House of Representatives as part of the House Appropriations Committee funding legislation (H.R. 7006). The bill would allow the Secretary of the Treasury to buy $75 million in new shares of the Inter-American Investment Corporation, a division of the Inter-American Development Bank (IDB) that supports private sector projects.
According to Rep. Salazar, this move is expected to benefit American companies and increase U.S. influence within the bank. “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.”
Rep. Salazar has consistently supported the Inter-American Development Bank during her time in Congress. The new capital is intended to expand the corporation’s ability to lend for private sector development throughout the Western Hemisphere.
The United States currently holds the largest share in the Inter-American Development Bank, which was established in 1959 with a mission to finance development across countries in the Americas. In 2023, total financing by IDB reached $24.3 billion across its divisions, supporting both public infrastructure and private sector initiatives throughout Latin America and the Caribbean.
If enacted, H.R. 6892 would direct the Secretary of Treasury to acquire an additional 25,000 shares of capital stock in the Inter-American Investment Corporation.
A video featuring comments from House Committee on Financial Services Chairman French Hill supporting HR 6892 is available online.
You can read more about IDB’s role at https://www.iadb.org/en/about-us/overview-of-idb-group.