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MEDELLIN, Colombia — The Inter-American Development Bank’s leadership on Sunday proposed nearly tripling the lending body’s capital to $280 billion, but its biggest stakeholder, the United States, did not commit to the plan.
Treasury Secretary Timothy Geithner told fellow bank governors at the IADB’s annual meeting that Washington was “prepared to review” the merit of an increase, adding that it expects “a continued ongoing commitment to good governance.”
The U.S. has 30 percent ownership of the 48-member bank, which was founded in 1959 with a mission of fighting poverty and inequality in the region with the world’s widest gap between rich and poor.
