In reference to your article "Development Banks: An idea whose time has gone" (Economic Viewpoint, July 11), even though Latin American governments are downsizing, there remain many social-interest projects that are not suitable for privatization because they are not profitable. If it were not for the funding of institutions such as the World Bank, those projects with a big social impact would never see the light.
Never expect the World Bank to financially behave like a private commercial bank, nor think of it as a money sink, which it is not. Development banks were established with the purpose of rebuilding postwar Europe and later proceeded on the development of Third World countries, which is not even a little bit close to completion. So why do you deny Latin America an opportunity to complete its development with your proposal of closing development banks?
Alvaro Mendoza Cortissoz