THE AMERICAS: New Development Bank

In a dramatic reversal of long-frozen policy, the U.S. last week agreed to help set up an international bank for Latin American economic development. At a special session of the Organization of American States, World Financier C. Douglas Dillon, now Under Secretary of State for Economic Affairs, announced: "The U.S. is prepared to consider the establishment of an inter-American regional-development institution." Latin America's joyous response was summed up by El Salvador Delegate Julio Heurtematte: "It is the realization of an old dream."

The dream of an inter-American development bank goes back to...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!