Inter-American Development Bank is like a mutual aid society that packs an economic punch. The institution was founded in 1959 to aid in the social and economic development of Latin America and the Caribbean. It provides grants and loans to help fund public and private projects, promote sustainable growth, modernize public institutions, foster free trade, and fight poverty and injustice. The bank is also involved in cross-border issues such as infrastructure and energy. Governments, government organizations (such as state banks and universities), civil societies, and private-sector companies are all eligible to receive Inter-American Development Bank loans.