The Immunities and Prerogatives Agreement between the IDB and the Kingdom of Spain was approved by the Council of Ministers of Spain on 23 March 2012. The agreement was signed on Friday between Carlos M. Jarque, the IDB representative for Europe and Israel, and Fernando Jiménez Latorre, State Secretary for Economic Affairs and Support for Companies.
The IDB has two offices outside of the American continent, located in France (Paris) and Japan (Tokyo). The Bank is transferring its office from Paris to Madrid due to the significant volume of operations between Spain and Latin America, the close relations between Spain and the region and the support from the Government of Spain and the Mayoralty of Madrid for the successful operation of the office in Madrid.
Under this agreement, Spain offers the IDB a suitable framework for it to carry on and extend its activities in Spain and in Europe.
The strategic association between the two regions translates to increasing trade flows, investments, international cooperation, cultural exchanges and other areas. In this respect, the ties between Spain and the region are fundamental.
This framework will enable relations between Spain, Europe and Latin America and the Caribbean to be enhanced. In light of the current economic situation, Latin America is a region of opportunities, given that it has a young population, a dynamic economy, stable public finances and a growing market. Latin America has recorded average growth of 5.5% annually which, should this continue in the coming years, will result in per capita income in the region doubling in an economy in which companies are playing an increasingly important role.
The Inter-American Development Bank (IDB) is a regional development bank with its headquarters in Washington. Its Article of Agreement was signed in Washington on 8 April 1959. The main objective of the IDB is to contribute to the individual and collective economic and social development of the countries in Latin America and the Caribbean. The IDB is currently the largest multilateral source of funding in the region. It currently has 48 members, including regional and extra-regional members, such as Spain, which has been a member of the IDB since 9 July 1976, together with 15 other European countries.
The new IBD offices in Madrid will be inaugurated shortly.