NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Thursday, June 8, 2006

(Excerpt) The Inter-American Development Bank (IADB) has unveiled an initiative aimed at generating economic opportunities for low-income people in Latin America and the Caribbean. IADB President Luis Alberto Moreno told reporters Tuesday [6 June] that the “Building Opportunities for the Majority” initiative would seek innovative solutions to help low-income people develop their economic potential and accumulate assets. Moreno said that the benefits of economic growth had not trickled down to most people in Latin America and the Caribbean. IADB said nearly 360 million people, or 70 per cent of the region’s population have incomes with a purchasing power of under 3,000 US dollars a year.