The Inter-American Development Bank (IDB) was the primary source of multilateral lending for Latin America and the Caribbean in 2006, according to the Bank's end-of-year summary statement. President Luis Alberto Moreno said the Bank approved 112 projects during the course of the year for close to $6.4 billion and made almost $6.5 billion in disbursements, 18% more than last year. Approvals included 76 loans for public-sector investment projects, totaling close to $3.6 billion, 17 policy-based loans for close to $1.8 billion and 19 operations without sovereign guarantees for $904 million, said the Bank. Looking to the future, Moreno stressed the need for the Bank to adapt and change to remain relevant and "make a difference in the long term".