The Alianza: Everyone's Bank

In Caracas this week, the finance ministers of 20 Hemisphere nations will hear a report on one part of the Alliance for Progress that no one complains about. It is the Inter-American Development Bank, a sort of hemispheric version of the World Bank, founded three years ago in Washington and run ever since by Chile's Felipe Herrera, 40, an able and articulate economist. To give the bank its $1 billion capital, the U.S. subscribed $450 million; Latin American nations put up the rest, each giving according to its wealth. On top of...

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