The Alianza: Our Bank

In Washington's alphabet soup, the Inter-American Development Bank is known by its initials IDB. Latin Americans call it el BID, or simply "our bank," and it is one part of the Alianza that no one complains about. Latin Americans had the original idea, have their own man in charge, and put up more than half of the initial $813 million capital. At the bank's annual meeting in Panama City last week, hemisphere finance ministers could count the impressive results: by the end of 1963, el BID had authorized no fewer than 192...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

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