Your article "Development banks: an idea whose time has gone" (Economic Viewpoint, July 11) makes questionable assertions about institutions such as the Inter-American Development Bank. In fact, our record is one in which our 46 member countries take great pride. Defaults on IDB loans have been virtually nonexistent, and our rate of arrearages is very low. Our bonds enjoy a triple-A rating.
IDB-financed projects are helping to modernize the economies and institutions of Latin America and the Caribbean and bring this important part of the world into the 21st century.
Muni Figueres de Jimenez
External Relations Advisor
Inter-American Development Bank