The Organization of American States drafts an agreement to create the Inter-American Development Bank.
The Inter-American Development Bank (IADB or IDB or BID) is the largest source of development financing for Latin America and the Caribbean. Established in 1959, the IDB supports Latin American and Caribbean economic development, social development and regional integration by lending to governments and government agencies, including State corporations.
The IDB has four official languages: English, French, Portuguese, and Spanish. Its official names in the other three languages are as follows:
In all three other languages the Bank uses the acronym "BID".
The Organization of American States (OAS; Spanish: Organización de los Estados Americanos, Portuguese: Organização dos Estados Americanos, French: Organisation des États américains; OEA) is an international organization that was founded on 30 April 1948 for the purposes of solidarity and co-operation among its member states within the Americas. Headquartered in the US capital, Washington, D.C., the OAS has 34 members, which are independent states in the Americas. Since the 1990s, the organization has focused on election monitoring. The head of the OAS is the Secretary General; the incumbent is Uruguayan Luis Almagro.