Following World War II, the Gold War created tensions and divisions that often sent the IADB and the OAS on divergent paths, Tomic said.
In 2002, the OAS General Assembly instructed the Permanent Council to begin seeking consensus on the role of the IADB and its relationship with the OAS, keeping in mind the principles of civilian oversight and the "democratic formation of its authorities.
Tomic, who brought the negotiations to a successful conclusion as Chairman of the Permanent Council's Committee on Hemispheric Security, stressed that the statutes fully meet the requirements for democratic, civilian control of both the IADB and its Inter-American Defense College.
Daniel Riordan, executive vice president and managing director at Zurich Emerging Markets Solutions said, "Zurich has longstanding relationships with development banks, such as the IADB, and we are delighted to have the opportunity to partner with them on this project.
The reinsurance allowed us to leverage our own resources to better support private sector operations," said Hiroshi Toyoda, Manager of the Private Sector Department of IADB.
Furthermore, the Aguas IADB, TGS US$75 million, TGS US$176 million, and TGN IFC I and II transactions benefit from an IFC or IADB preferred creditor status umbrella.
US$140 million IADB B loan BBB- BBB-/Watch Neg Structured Transactions With Global Ratings Lowered and Removed From CreditWatch Rating To From TGN IFC Trust I BB+ BBB-/Watch Neg TGN IFC Trust II BB+ BBB-/Watch Neg TGN CRIBs Financial Trust I BB+ BBB-/Watch Neg TGS S.
and Video Network Communications are actively collaborating on the design and implementation of innovative video applications to enhance the Bank's internal and external communications, accelerate project cycles, and support distance-learning, marketing, and recruiting initiatives.
Of the total financing of US$100 million granted to TGS, US$25 million will be financed from funds of the IADB and held in what is commonly called an "A loan", and US$75 million will be held in the B loan; Standard & Poor's is rating the B loan.
The extension of the preferred creditor status of the IADB to this B loan allows the structure to utilize the issuer credit rating of TGS as the rating for the structure, as the Argentine government would not, in the opinion of Standard & Poor's, interfere with the transfer or convertibility of local currency to the U.
The transaction meets Standard & Poor's criteria to benefit from the IADB preferred creditor status umbrella:
While the rating on the transaction is based on Aguas' credit strength and the preferred creditor status of the IADB, the structure also benefits from the company's right to compensation if the concession agreement to provide water and sewage services is terminated by the Argentine government or by the company for any reason.