The Kingdom of Spain and the Inter-American Development Bank (IDB) have signed an agreement today in Madrid that allows the transfer of this organism's office in Europe to Madrid.

The Agreement on Immunities and Prerogatives between the IDB and the Kingdom of Spain was approved by the Spanish Council of Ministers on March 23. The agreement was signed today between Carlos M. Jarque, IDB representative in Europe and Israel, and Fernando Jiménez Latorre, Secretary of State for Economy and Business Support.

The IDB has two offices outside the American continent, which are located in France (Paris) and Japan (Tokyo). The Bank moves its office from Paris to Madrid due to the significant volume of operations that Spain carries out with Latin America, the close relations that this country maintains with the region, and the support of the Government of Spain and the Mayor of Madrid for the proper functioning from the Madrid office.

With the signing of this agreement, Spain offers the IDB an adequate framework for it to carry out and expand its activities in Spain and Europe.

The strategic partnership between the two regions translates into growing trade, investment, international cooperation, cultural exchange and other flows. In this context, Spain's link with the region is essential.

With this framework, relations between Spain, Europe and Latin America and the Caribbean will be strengthened. In the current situation, Latin America is a region of opportunities, given that it has a young population, economic dynamism, stable public finances, and a growing market. Latin America has registered an average growth of 5.5% per year, which, if continued in the coming years, will double the region's per capita income in an economy in which companies play an increasingly fundamental role.

The Inter-American Development Bank (IDB) is a regional development bank, with its headquarters in Washington, whose Articles of Agreement were signed in that city on April 8, 1959. The main purpose of the IDB is to contribute to individual economic and social development and collective of the countries of Latin America and the Caribbean. The IDB is currently the largest multilateral source of financing for the Region. Currently, the IDB has 48 members, including regional and extra-regional, such as Spain, which has belonged to the IDB since July 9, 1976, along with 15 other European countries.

The new IDB facilities in Madrid will be inaugurated soon.

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