National leaders from Latin America and the Carribbean join Mexican President,Felipe Calderón,in Cancun today,for the annual meeting of the Inter-American Development Bank (IDB).
The IDB funds initiatives to support economic and social development in Latin American and the Caribbean countries.
The location for the 2010 annual meeting is particularly apt. The IDB’s first ever tourism loan was for Cancun,where the money was used to help build the airport,a port and the city's first hotels. Since then,Cancun has been a runaway success story.
Talking about the IDB's relationship with Mexico,the bank's president,Luis Alberto Moreno,explained,"In the past half century,Mexico received more than $25 billion in support from the IDB,including $3.1 billion last year,when the country had to deal with the global economic crisis and the H1N1 flu outbreak".
The conference started last Friday and finishes tomorrow. Important discussions and decisions have already been made about a pre-approved emergency facility and a system to stop contagion from financial crises.