# EDGAR Filing Document

**Accession Number:** 0000311670
**File Stem:** 0001193125-23-062685
**Filing Date:** 2023-3
**Character Count:** 82550
**Document Hash:** cd84f945cf805270fbc9e379cd9c6f2c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-062685.hdr.sgml**: 20230307

**ACCESSION NUMBER**: 0001193125-23-062685

**CONFORMED SUBMISSION TYPE**: DSTRBRPT

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20230307

**DATE AS OF CHANGE**: 20230307

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INTER-AMERICAN DEVELOPMENT BANK
- **CENTRAL INDEX KEY:** 0000311670
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **IRS NUMBER:** 526040854

**FILING VALUES:**
- **FORM TYPE:** DSTRBRPT
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 083-00001
- **FILM NUMBER:** 23711667

**BUSINESS ADDRESS:**
- **STREET 1:** 1300 NEW YORK AVE., NW
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20577
- **BUSINESS PHONE:** 202-623-2682

**MAIL ADDRESS:**
- **STREET 1:** 1300 NEW YORK AVE., NW
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20577

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INTER AMERICAN DEVELOPMENT BANK/
- **DATE OF NAME CHANGE:** 20001025

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IADB
- **DATE OF NAME CHANGE:** 20000101

**File No. 83-1** 

**Regulation IA** 

**Rule 3** 

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**100 F Street, NE** 

**Washington, D.C. 20549** 

------

**REPORT OF** 

**THE INTER-AMERICAN DEVELOPMENT BANK** 

**(the "Bank")** 

**In respect of the Bank's** 

**Series No. 015, Tranche No. I** 

A$450,000,000 4.25% Medium Term Notes due 11 June 2026, as from 23 February 2023 to be consolidated and form a single Series with each of the Bank's existing A$50,000,000 4.25% Medium Term Notes due 11 June 2026 issued on 11 June 2014 (Series No. 015, Tranche No. A), the Bank's A$50,000,000 4.25% Medium Term Notes due 11 June 2026 issued on 20 April 2016 (Series No. 015, Tranche No. B), the Bank's A$60,000,000 4.25% Medium Term Notes due 11 June 2026 issued on 27 June 2016 (Series No. 015, Tranche No. C), the Bank's A$30,000,000 4.25% Medium Term Notes due 11 June 2026 issued on 15 July 2016 (Series No. 015, Tranche No. D), the Bank's A$50,000,000 4.25% Medium Term Notes due 11 June 2026 issued on 18 August 2016 (Series No. 015, Tranche No. E), the Bank's A$100,000,000 4.25% Medium Term Notes due 11 June 2026 issued on 14 July 2017 (Series No. 015, Tranche No. F), the Bank's A$140,000,000 4.25% Medium Term Notes due 11 June 2026 issued on 27 July 2021 (Series No. 015, Tranche No. G), and the Bank's A$300,000,000 4.25% Medium Term Notes due 11 June 2026 issued on 1 September 2022 (Series No. 015, Tranche No. H)

**Filed pursuant to Rule 3 of Regulation IA** 

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**Dated: February 23, 2023** 

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File No. 83-1

Regulation IA

Rule 3

The following information is filed pursuant to Rule 3 of Regulation IA in respect of the issuance by the Bank of A$450,000,000 4.25% Medium Term Notes due 11 June 2026, Series No. 015, Tranche No. I (the "<u>Notes</u>"), as from 23 February 2023 to be consolidated and form a single Series with each of the Bank's existing A$50,000,000 4.25% Medium Term Notes due 11 June 2026 issued on 11 June 2014 (Series No. 015, Tranche No. A), the Bank's A$50,000,000 4.25% Medium Term Notes due 11 June 2026 issued on 20 April 2016 (Series No. 015, Tranche No. B), the Bank's A$60,000,000 4.25% Medium Term Notes due 11 June 2026 issued on 27 June 2016 (Series No. 015, Tranche No. C), the Bank's A$30,000,000 4.25% Medium Term Notes due 11 June 2026 issued on 15 July 2016 (Series No. 015, Tranche No. D), the Bank's A$50,000,000 4.25% Medium Term Notes due 11 June 2026 issued on 18 August 2016 (Series No. 015, Tranche No. E), the Bank's A$100,000,000 4.25% Medium Term Notes due 11 June 2026 issued on 14 July 2017 (Series No. 015, Tranche No. F), the Bank's A$140,000,000 4.25% Medium Term Notes due 11 June 2026 issued on 27 July 2021 (Series No. 015, Tranche No. G), and the Bank's A$300,000,000 4.25% Medium Term Notes due 11 June 2026 issued on 1 September 2022 (Series No. 015, Tranche No. H), under the Bank's Australian Dollar Medium Term Note Program. The Notes are being issued pursuant to: the Information Memorandum dated December 18, 2009 (the "<u>Information Memorandum</u>") and the Dealer Agreement dated July 16, 1999, as amended (both previously filed); the Subscription Agreement dated February 21, 2023 (the "<u>Subscription Agreement</u>"); and the Pricing Supplement dated February 21, 2023 (the "<u>Pricing Supplement</u>") (both attached hereto). This report contains information specified in Schedule A to Regulation IA concerning a particular issue of securities which has not been previously available.

Item 1. <u>Description of Securities</u>

&nbsp;&nbsp;&nbsp;&nbsp;See cover page and pages 12 through 28 of the Information Memorandum; and the attached Pricing Supplement.

Item 2. <u>Distribution of Securities</u>

&nbsp;&nbsp;&nbsp;&nbsp;See pages 20 through 21 of the Information Memorandum; and the attached Subscription Agreement.

Item 3. <u>Distribution Spread</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| Price to the Public | Selling Discounts<br>and Commission<sup>1</sup> | Selling Discounts<br>and Commission<sup>1</sup> | Proceeds to the<br>Bank<sup>2</sup> | Proceeds to the<br>Bank<sup>2</sup> |
|  Per |  |  |  |  |
|  Note: 100.269% |  | 0.061% |  | 100.208% |
|  Total: A$451,210,500.00 | A$ | 274500.00 | A$ | 450936000.00 |

---

Item 4. <u>Discounts and Commissions to Sub-Underwriters and Dealers</u>

&nbsp;&nbsp;&nbsp;&nbsp;See Item 3 above.

<u> </u>

1 The Bank has agreed to indemnify the Underwriters against certain liabilities.

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| | |
|:---|:---|
| 2 | Plus accrued interest from December 11, 2022, which is expected to be A$3,888,000.00 as of February 23, 2023.  |

---

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File No. 83-1

Regulation IA

Rule 3

Item 5. <u>Other Expenses of Distribution</u>

Not applicable.

Item 6. <u>Application of Proceeds</u>

See page 8 of the Information Memorandum.

Item 7. <u>Exhibits</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Reliance letter of the Chief Counsel (Corporate Legal Affairs Division) of the Bank as to the legality of the
obligations, dated 23 February 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Pricing Supplement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Subscription Agreement

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**Exhibit A**![LOGO](g456959g0307072304769.jpg)

23 February 2023

Commonwealth Bank of Australia

Level 1, CBP South

11 Harbour Street

Sydney NSW 2000

Australia

Nomura International plc

1 Angel Lane

London EC4R 3AB

United Kingdom

Royal Bank of Canada

Level 47

2 Park Street

Sydney NSW 2000

Australia

(the "**Dealers**")

**Inter-American Development Bank (the "Bank")** 

**Australian Dollar Medium Term Note Program (the "Program")** 

**Issue of A$450,000,000 4.25% Medium Term Notes due 11 June 2026, Series No. 015, Tranche No. I (the "Tranche I Notes"), to be consolidated and form a single Series with each of the Bank's existing A$50,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 11 June 2014 (Series No. 015, Tranche No. A), the Bank's A$50,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 20 April 2016 (Series No. 015, Tranche No. B), the Bank's A$60,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 27 June 2016 (Series No. 015, Tranche No. C), the Bank's A$30,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 15 July 2016 (Series No. 015, Tranche No. D), the Bank's A$50,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 18 August 2016 (Series No. 015, Tranche No. E), the Bank's A$100,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 14 July 2017 (Series No. 015, Tranche No. F), the Bank's A$140,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 27 July 2021 (Series No. 015, Tranche No. G), and the Bank's A$300,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 1 September 2022 (Series No. 015, Tranche No. H)** 

Ladies and Gentlemen:

I refer to the opinion dated 11 June 2014 in relation to the Bank's issue of A$50,000,000 4.25% Medium Term Notes due 11 June 2026 (the "**Series 015A Opinion**"), a copy of which is attached to this letter.

![LOGO](g456959g0307072510943.jpg)

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In connection with the Bank's issue of the Tranche I Notes under the Program, I hereby confirm that the Dealers may rely on the Series 015A Opinion, solely in respect of the Tranche I Notes, as if it were addressed and delivered to the Dealers on the date thereof, subject to the same qualifications, limitations, exceptions and assumptions set forth therein; except that (a) references in the Series 015A Opinion to: (i) "Notes" will be to the Tranche I Notes, (ii) "Pricing Supplement" will be to the Pricing Supplement dated 21 February 2023 in relation to the Tranche I Notes, and (iii) "Subscription Agreement" will be to the Subscription Agreement dated 21 February 2023 between the Bank and the Dealers in relation to the Tranche I Notes; and (b) the opinion of King & Wood Mallesons referred to in the final paragraph of the Series 015A Opinion, and upon which I have relied with respect to the law of New South Wales, shall be deemed to refer to the opinion of King & Wood Mallesons delivered by reliance letter to you on the date hereof.

---

| |
|:---|
| Very truly yours, |
| /s/ Alessandro Macrì |
| Alessandro Macrì |
| Chief Counsel |
| Corporate Legal Affairs Division |

---

Attachment

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![LOGO](g456959g0307072624588.jpg)

June 11, 2014

Reserve Bank of Australia

65 Martin Place

Sydney, NSW 2000

Australia

Commonwealth Bank of Australia

Level 23

Darling Park Tower 1

201 Sussex Street

Sydney, NSW 2000

Australia

Ladies and Gentlemen:

I have participated in the proceedings of the Inter-American Development Bank (the "<u>Bank</u>") to establish the Australian Medium Term Note Program of the Bank (the "<u>Program</u>"), as it may be amended, restated, or superseded from time to time, and to authorize the issue and sale of medium term notes thereunder (the "<u>Program Notes</u>") pursuant to a Dealer Agreement dated as of July 16, 1999, as amended by a letter dated as of December 18, 2009 and as it may be supplemented further or amended from time to time, between the Bank and Westpac Banking Corporation, as Arranger and Dealer (the "<u>Dealer Agreement</u>"); a Deed Poll dated as of July 16, 1999, as amended and restated by an Amended and Restated Deed Poll dated as of December 18, 2009 by the Bank (the "<u>Amended and Restated Deed Poll</u>") in favor of Program Notes holders; and a Registry Services Agreement, dated as of July 16, 1999, as amended by a letter dated as of December 18, 2009 and as it may be supplemented or amended from time to time, between the Bank and the Reserve Bank of Australia, as Registrar (the "<u>Registry Services Agreement</u>"). In connection with such proceedings, I have examined, among other documents, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agreement Establishing the Inter-American Development Bank, as amended (the " <u>Bank Agreement</u> "), and the By-Laws of the Bank, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Global Borrowing Authorization Resolution DE-15/14, adopted by the
Board of Executive Directors of the Bank on March 19, 2014, authorizing the issuance and sale of the Program Notes in such form as shall be determined by an authorized representative of the Bank (as defined therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The letter dated March 25, 1999, from G.J. Thompson, Chief Executive Officer, Australian Prudential
Regulation Authority, to G.N. Hammond, Mallesons Stephen Jaques, the Bank's Australian Legal Counsel, granting the Bank exemption from compliance with section 66 of the 1959 Banking Act to the extent that said section would have prohibited the
Bank from using the word "bank" or "banker" or "banking" in relation to the business of raising funds in the Australian domestic capital market by way of issuing securities;

![LOGO](g456959g0307072304957.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The updated Information Memorandum of the Program dated as of December 18, 2009 (the " <u>Information Memorandum</u> "), as it may be supplemented or amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Dealer Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Amended and Restated Deed Poll;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Registry Services Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Pricing Supplement dated 6 June 2014 in relation to the issue of the A$50,000,000 4.25% Medium Term
Notes due 11 June 2026, Series No. 015, Tranche No. A (the " <u>Notes</u> ") under the Program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Subscription Agreement dated 6 June 2014 between the Bank and Commonwealth Bank of Australia in
relation to the issue of the Notes.

I am of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bank is an institution duly established and existing under the Bank Agreement, and said Agreement has been
duly signed and accepted or ratified by all the members of the Bank and the amendments thereto have been duly adopted; the Bank has status as a legal entity as a matter of the domestic laws of the members of the Bank; and the Bank has all power and
authority necessary to own its property and conduct its business, as described in the Information Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Although I express no opinion as to the financial statements or other financial or statistical information
contained or incorporated therein, I have no reason to believe that the Information Memorandum includes any untrue statement of a material fact or omits to state a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the best of my knowledge, after reasonable investigation, there is no litigation or any governmental
proceeding pending or threatened against the Bank which would affect the subject matter of the Dealer Agreement or the issue of the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the best of my knowledge, all governmental consents, approvals or authorizations required for the execution,
delivery and performance by the Bank of the Dealer Agreement, the Amended and Restated Deed Poll, the Registry Services Agreement, the Pricing Supplement described above, the Subscription Agreement described above (together, the
" <u>Documents</u> ") and the issue of the Program Notes, (including the Notes) or for the consummation of the transactions contemplated therein, have been obtained and all declarations and filings with governmental authorities required
pursuant to the Bank Agreement have been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the best of my knowledge, the Bank is not in violation of the Bank Agreement or its By-Laws, or in default under any agreement, indenture or instrument;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The execution, delivery or performance of the Documents and the issue of the Program Notes (including the
Notes), will not conflict with, or result in the creation or imposition of any lien, charge or encumbrance upon any of the assets of the Bank pursuant to the terms of, or constitute a default under, any agreement, indenture, or instrument known to
me, or result in a violation of the Bank Agreement or the By-Laws of the Bank or any order, rule or regulation of any governmental agency to whose jurisdiction the Bank would be subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Documents and the issue of the Notes have been duly authorized, executed and delivered by the Bank and,
assuming due execution thereof by the other parties thereto (if any), each such agreement or deed is a valid and legally binding obligation of the Bank, enforceable in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) When the details of the Notes required to be inscribed on the register of Notes are so inscribed, the Notes
will be legal, valid and binding obligations of the Bank enforceable in accordance with their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The statements made in the Information Memorandum under the caption "Program Summary" insofar as they
purport to summarize the provisions of the Documents, the Program Notes, and any other document or agreements specifically referred therein, fairly present such information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Bank has the power and authority under the Bank Agreement and the By-Laws of the Bank to execute and deliver the Documents, and to perform its obligations (including the sale and delivery of the Notes and other Program Notes) thereunder.

In rendering the foregoing opinion, I have relied, with respect to matters of New South Wales law, upon the opinion of King & Wood Mallesons delivered on the date of this opinion in connection with the Documents. Also, I have assumed that signatures on all documents examined by me are genuine.

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| |
|:---|
| Very truly yours, |
| /s/ John Scott |
| John Scott |
| Chief Counsel |
| Corporate Legal Affairs Division |

---

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**Exhibit B** 

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| | |
|:---|:---|
| Series No.: | 015 |
| Tranche No.: | I |
| Date: | 21 February 2023 |

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**INTER-AMERICAN DEVELOPMENT BANK**![LOGO](g456959g0307072743601.jpg)

**Australian Dollar Medium Term Note Program** 

issue of

**A$450,000,000 4.25% Medium Term Notes due 11 June 2026** 

**("MTNs")** 

**(to be consolidated and form a single Series with the Issuer's existing A$50,000,000 4.25%** 

**Medium Term Notes due 11 June 2026, issued on 11 June 2014, A$50,000,000 4.25%** 

**Medium Term Notes due 11 June 2026, issued on 20 April 2016, A$60,000,000 4.25%** 

**Medium Term Notes due 11 June 2026, issued on 27 June 2016, A$30,000,000 4.25%** 

**Medium Term Notes due 11 June 2026, issued on 15 July 2016, A$50,000,000 4.25%** 

**Medium Term Notes due 11 June 2026, issued on 18 August 2016, A$100,000,000 4.25%** 

**Medium Term Notes due 11 June 2026, issued on 14 July 2017, A$140,000,000 4.25%** 

**Medium Term Notes due 11 June 2026, issued on 27 July 2021 and A$300,000,000 4.25%** 

**Medium Term Notes due 11 June 2026, issued on 1 September 2022)** 

***The Program has been rated AAA by Standard & Poor's***

***and Aaa by Moody's Investors Service, Inc.***

*Each offer to purchase or invitation to buy MTNs must (a) constitute an offer or invitation which does not require disclosure to investors under Parts 6D.2 or 7.9 of the Corporations Act 2001 of Australia such that the amount payable by each person who subscribes for MTNs must be at least A$500,000 (disregarding moneys lent by the offeror or its associates), and (b) must comply with Banking exemption No. 1 dated 21 March 2018 promulgated by the Australian Prudential Regulation Authority as if it applied to the Issuer, mutatis mutandis. The sale of the MTNs is also subject to other selling restrictions as set out in the Information Memorandum dated 18 December 2009 and this Pricing Supplement.* 

**The Issuer is not a bank which is authorised under the Banking Act 1959 of Australia. The MTNs are not the obligations of any government and, in particular, are not guaranteed by the Commonwealth of Australia.** 

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This Pricing Supplement (as referred to in the Information Memorandum dated 18 December 2009 ("**Information Memorandum**") and Deed Poll dated 16 July 1999, as amended and restated on 18 December 2009, together the "**Deed Poll**" in relation to the above Program) relates to the Tranche of MTNs referred to above.

The Terms and Conditions of the MTNs are as set out on pages 12 to 28 of the Information Memorandum, as supplemented and amended by this Pricing Supplement. The MTNs are constituted by the Deed Poll. Terms used but not defined in this Pricing Supplement have the meanings given to them in the Information Memorandum.

The most recent Information Statement incorporated by reference in the Information Memorandum is dated 25 February 2022.

The particulars to be specified in relation to such Tranche are as follows:

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| | | |
|:---|:---|:---|
| 1 | Description of MTNs: | Fixed Rate MTNs |
| 2 | Issuer: | Inter-American Development Bank |
| 3 | Registrar: | Reserve Bank of Australia |
| 4 | Type of Issue: | Underwritten |
| 5 | Dealers: | Commonwealth Bank of Australia (ABN 48 123 123 124)<br>Nomura International plc<br>Royal Bank of Canada (ABN 86 076 940 880) |
| 6 | Currency:<br>- of Denomination<br>- of Payment | Australian dollars<br>Australian dollars |
| 7 | Aggregate principal amount of Tranche: | A$450,000,000 |

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| | | |
|:---|:---|:---|
| 8.0 | If interchangeable with existing Series: | Yes. To be consolidated and form a single Series with the Issuer's existing A$50,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 11 June 2014, A$50,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 20 April 2016, A$60,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 27 June 2016, A$30,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 15 July 2016, A$50,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 18 August 2016, A$100,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 14 July 2017, A$140,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 27 July 2021 and A$300,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 1 September 2022. |
| 9.0 | Issue Date: | 23 February 2023 |
| 10.0 | Issue Price: | 100.269% of the Aggregate principal amount of the Tranche (plus accrued interest of 74 days of A$3,888,000 for the period from and including 11 December 2022 to but excluding 23 February 2023) |
| 11.0 | Denomination: | A$1,000, subject to the requirement that the amount payable by each person who subscribes for MTNs when issued in or transferred within Australia must be at least A$500,000.<br> In addition, the issue and the transfer of MTNs in Australia must comply with Banking exemption No. 1 of 2018 dated 21 March 2018 promulgated by the Australian Prudential Regulation Authority as if it applied to the Issuer *mutatis mutandis* (and which requires all offers of any parcels of MTNs to be for an aggregate principal amount of at least A$500,000). |
| 12.0 | Definition of Business Day: | A day (other than a Saturday or Sunday) on which commercial banks are open for general banking business in Sydney. |
| 13.0 | Interest:<br>(a) If Interest bearing: |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Interest Rate: | 4.25% per annum paid semi-annually in arrear. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Interest Amount: | A$21.25 per MTN on each Interest Payment Date. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Interest Payment Dates: | 11 June and 11 December of each year, commencing on 11 June 2023 and ending on the Maturity Date |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Interest Period End Dates: | Interest Payment Dates |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Applicable Business Day Convention: | Following |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - for Interest Payment Dates: | As above |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - for Maturity Date: | Unadjusted |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - for Interest Period End Dates: | Unadjusted |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - any other dates: | As above |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Day Count Fraction: | RBA Bond Basis, which means one divided by the number of Interest Payment Dates in a year (or in respect of the calculation of interest for any period of time (where the Calculation Period does not constitute an Interest Period, the actual number of days in the Calculation Period divided by 365 (or, if any portion of the Calculation Period falls in a leap year, the sum of:<br>(i) the actual number of days in that portion of the Calculation Period falling in a leap year divided by 366; and<br>(ii) the actual number of days in that portion of the Calculation Period falling in a non-leap year divided by 365)). |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Interest Commencement Date: | 11 December 2022 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Minimum Interest Rate: | Not applicable |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Maximum Interest Rate: | Not applicable |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Issue Yield: | 4.16% per annum (semi-annual) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) If non-interest bearing:<br>- Amortisation Yield: | Not applicable |
| 14.0 | Maturity Date: | 11 June 2026 |
| 15.0 | Maturity Redemption Amount: | Outstanding Principal Amount |
| 16.0 | Early Termination Amount: | Outstanding Principal Amount |

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| | | |
|:---|:---|:---|
| 17 | Any Clearing System other than Austraclear: | Interests in MTNs traded in the Austraclear System may also be traded through Euroclear and Clearstream, Luxembourg.<br>See the section of the Information Memorandum entitled "*Clearing System*" on page 10. |
| 18 | Additional Tax Consequences and Disclosure: | See the section of the Information Memorandum entitled "*Taxation*" on pages 33 to 37, amended as set out in Schedule A to the Pricing Supplement. |
| 19 | Other Conditions: | Not applicable |
| 20 | Selling Restrictions: | The Selling Restrictions are amended as set out in Schedule B to this Pricing Supplement and, in addition, the MTNs will not be offered, sold or distributed, directly or indirectly, in the United States of America, its territories or possessions or to, or for the account or benefit of, U.S. Persons (as such term is defined in Rule 902(k) of Regulation S under the United States Securities Act of 1933, as amended). |
| 21 | Address for Notices (if necessary): | Not applicable |
| 22 | Listing: | Not applicable |
| 23 | ISIN: | AU3CB0221661 |
| 24 | Common Code: | 107515704 |

---

**CONFIRMED** 

**Inter-American Development Bank** 

/s/ Gustavo Alberto De Rosa

By: Gustavo Alberto De Rosa

Title: Vice President for Finance and Administration & Chief Financial Officer and General Manager, Finance Department

Date: 21 February 2023

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**SCHEDULE A** 

*The section entitled "United States Taxation" set out on pages 33 and 37 of the Information Memorandum is deleted and replaced with the following:* 

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**United States Taxation** 

*United States Internal Revenue Service Circular 230 Notice: To ensure compliance with Internal Revenue Service Circular 230, you are hereby notified that (a) any discussion of United States federal tax issues contained or referred to in this Information Memorandum or any document referred to herein is not intended or written to be used, and cannot be used, by you for the purpose of avoiding penalties that may be imposed on you under the United States Internal Revenue Code, (b) such discussion is written for use in connection with the promotion or marketing of the transactions or matters addressed herein, and (c) you should seek advice based on your particular circumstances from an independent tax advisor.* 

This section describes certain United States federal income tax consequences of owning the MTNs and certain provisions of the Bank Agreement concerning the taxation of the MTNs. It applies only to MTN Holders acquiring MTNs in the offering who hold such MTNs as capital assets for tax purposes. This section does not apply to an MTN Holder that is a member of a class of holders subject to special rules, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a dealer in securities or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trader in securities that elects to use a mark-to-market method of accounting for its securities holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a life insurance company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a tax-exempt organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a person that owns MTNs that are a hedge or that are hedged against interest rate or currency risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a person that owns MTNs as part of a straddle or conversion transaction for tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a person that purchases or sells MTNs as part of a wash sale for tax purposes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a United States MTN Holder, as defined below, whose functional currency for tax purposes is not the United States
Dollar.

This section is based on the Internal Revenue Code of 1986, as amended ("**Code**"), its legislative history, existing and proposed regulations under the Code, published rulings and court decisions, all as currently in effect. These laws are subject to change, possibly on a retroactive basis.

This section applies only to MTNs issued on a fully paid basis, that bear interest at a fixed rate, that are not issued with original issue discount, and that do not provide for amortization payments prior to maturity. Accordingly, this section does not apply to MTNs that are non-interest bearing, that provide for floating interest payments, or that are issued on a partly paid basis. If any MTNs are subject to special rules (for example, the rules regarding original issue discount or contingent payment debt instruments), such rules will be discussed in the applicable Pricing Supplement.

***Notwithstanding any of the tax information provided in this Information Memorandum, which does not purport to be complete, all persons considering the purchase of the MTNs should consult their own tax advisor concerning the consequences of owning these MTNs in their particular circumstances under the Code and the laws of any other taxing jurisdiction***.

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**1.** **Tax Status – General** 

The MTNs and the interest thereon generally will be subject to taxation.

The Bank Agreement provides that the MTNs and the interest thereon are not subject to any tax by a member of the Issuer (a) which tax discriminates against the MTNs solely because they are issued by the Issuer, or (b) if the sole jurisdictional basis for the tax is the place or currency in which the MTNs are issued, made payable or paid, or the location of any office or place of business maintained by the Issuer. Also, under the Bank Agreement, the Issuer is not under any obligation to withhold or pay any tax imposed by any member on the MTNs. Accordingly, payments on the MTNs will be made to the Registrar without deduction in respect of any such tax.

The imposition of United States federal income tax in the manner described herein is not inconsistent with the provisions of the Bank Agreement.

**2.** **Tax Status – United States** 

The United States Treasury Department has issued to the Issuer rulings dated May 4, 1988 and May 5, 1989 ("**Rulings**") regarding certain United States tax consequences under the Code of the receipt of interest on securities issued by the Issuer. The Rulings provide that interest paid by the Issuer on such securities, including payments attributable to accrued original issue discount, constitutes income from sources outside the United States. The Rulings further determine that neither the Issuer nor an agent appointed by it as principal for the purpose of paying interest on securities issued by the Issuer is required to withhold tax on interest paid by the Issuer.

Under the Rulings, interest paid by the Issuer ordinarily would not be subject to United States federal income tax, including withholding tax, if paid to a non-resident alien individual (or foreign partnership, estate or trust) or to a foreign corporation, whether or not such person is engaged in trade or business in the United States. However, absent any special statutory or treaty exception, such interest would be subject to United States federal income tax in the following cases: (i) such interest is derived by such person in the active conduct of a banking, financing or similar business within the United States and such interest is attributable to an office or other fixed place of business of such person within the United States, or (ii) such person is a foreign corporation taxable as an insurance company carrying on a United States insurance business and such interest is attributable to its United States business.

**3.** **United States MTN Holders** 

This section describes the tax consequences to a United States MTN Holder. An MTN Holder is a United States MTN Holder if it is a beneficial owner of an MTN and is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a domestic corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate whose income is subject to United States federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust if a United States court can exercise primary supervision over the trust's administration and one or
more United States persons are authorized to control all substantial decisions of the trust.

Except for portions that explicitly address foreign persons, this section does not apply to MTN Holders who are not United States MTN Holders.

**4.** **Payments of Interest** 

MTN Holders will be taxed on any interest on their MTNs as ordinary income at the time such holder receives the interest or when it accrues, depending on such holder's method of accounting for tax purposes.

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*Cash Basis Taxpayers*. If an MTN Holder is a taxpayer that uses the cash receipts and disbursements method of accounting for tax purposes, such MTN Holder must recognize income equal to the United States Dollar value of each Australian dollar interest payment received, based on the exchange rate in effect on the date of receipt, regardless of whether such MTN Holder actually converts such payment into United States Dollars.

*Accrual Basis Taxpayers*. If an MTN Holder is a taxpayer that uses an accrual method of accounting for tax purposes, such MTN Holder may determine the amount of income that such holder recognizes with respect to each Australian dollar interest payment using one of two methods. Under the first method, such MTN Holder will determine the amount of income accrued based on the average exchange rate in effect during the interest accrual period or, with respect to an accrual period that spans two taxable years, that part of the period within the taxable year.

If such MTN Holder elects the second method, such MTN Holder would determine the amount of income accrued on the basis of the exchange rate in effect on the last day of the accrual period, or, in the case of an accrual period that spans two taxable years, the exchange rate in effect on the last day of the part of the period within the taxable year. Additionally, under this second method, if such MTN Holder receives a payment of interest within five business days of the last day of such MTN Holder's accrual period or taxable year, such MTN Holder may instead translate the interest accrued into United States Dollars at the exchange rate in effect on the day that such MTN Holder actually receives the interest payment. If such MTN Holder elects the second method it will apply to all debt instruments that such MTN Holder holds at the beginning of the first taxable year to which the election applies and to all debt instruments that such MTN Holder subsequently acquires. Such MTN Holders may not revoke this election without the consent of the Internal Revenue Service.

When such MTN Holders actually receive an interest payment, including a payment attributable to accrued but unpaid interest upon the sale or retirement of their MTNs, for which such MTN Holder accrued an amount of income, such MTN Holder will recognize ordinary income or loss measured by the difference, if any, between the exchange rate that such MTN Holder used to accrue interest income and the exchange rate in effect on the date of receipt, regardless of whether such holder actually converts the payment into United States Dollars.

For foreign tax credit limitation purposes, interest paid by the Issuer on the MTNs will be income from sources outside the United States and will, depending on the MTN Holder's circumstances, be either "passive income" or "general income" for purposes of computing the foreign tax credit allowable to an MTN Holder.

**5.** **Purchase, Sale and Retirement of the MTNs** 

An MTN Holder's tax basis in an MTN will generally be the United States Dollar cost, as defined below, of the MTN. If an MTN Holder purchases an MTN with Australian dollars, the United States Dollar cost of the MTN will generally be the United States Dollar value of the purchase price on the date of purchase. However, if such MTN Holder is a cash basis taxpayer, or an accrual basis taxpayer if such MTN Holder so elects, and the MTN is traded on an established securities market, as defined in the applicable United States Treasury regulations, the United States Dollar cost of the MTN will be the United States Dollar value of the purchase price on the settlement date of the purchase.

An MTN Holder will generally recognize gain or loss on the sale or retirement of the MTN equal to the difference between the amount such MTN Holder realizes on the sale or retirement and such MTN Holder's tax basis in the MTN. If the MTN is sold or retired for an amount in Australian dollars, the amount realized will be the United States Dollar value of such amount on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date of disposition, if the MTNs are not traded on an established securities market, as defined in the
applicable United States Treasury regulations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the settlement date for the sale, if the MTNs are traded on an established securities market, as defined in the
applicable United States Treasury regulations, and the MTN Holder is a cash basis taxpayer, or an accrual basis taxpayer that so elects.

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An MTN Holder will recognize capital gain or loss when such MTN Holder sells or retires the MTNs, except to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attributable to accrued but unpaid interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attributable to changes in exchange rates as described below.

Capital gain of a non-corporate MTN Holder is generally taxed at preferential rates where the property is held more than one year.

An MTN Holder must treat any portion of the gain or loss that such MTN Holder recognizes on the sale or retirement of an MTN as ordinary income or loss to the extent attributable to changes in exchange rates. However, such MTN Holder takes exchange gain or loss into account only to the extent of the total gain or loss realized on the transaction.

**6.** **Exchange of Amounts in Other Than United States Dollars** 

If an MTN Holder receives Australian dollars as interest on an MTN or on the sale or retirement of an MTN, such holder's tax basis in Australian dollars will equal its United States Dollar value when the interest is received or at the time of the sale or retirement. If such MTN Holder purchases Australian dollars, such MTN Holder generally will have a tax basis equal to the United States Dollar value of the Australian dollars on the date of the purchase. If such MTN Holder sells or disposes of Australian dollars, including if such MTN Holder uses it to purchase MTNs or exchange it for United States Dollars, any gain or loss recognized generally will be ordinary income or loss.

**7.** **Medicare Tax** 

An MTN Holder that is an individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such tax, is subject to a 3.8% tax on the lesser of (1) the holder's "net investment income" for the relevant taxable year and (2) the excess of the holder's modified adjusted gross income for the taxable year over a certain threshold (which in the case of individuals is between $125,000 and $250,000, depending on the individual's circumstances). An MTN Holder's net investment income generally includes its interest income and its net gains from the disposition of MTNs, unless such interest income or net gains are derived in the ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain passive or trading activities). An MTN Holder that is an individual, estate or trust is urged to consult a tax advisors regarding the applicability of the Medicare tax to the holder's income and gains in respect of the holder's investment in the MTNs.

**8.** **Treasury Regulations Requiring Disclosure of Reportable Transactions** 

United States Treasury regulations require United States taxpayers to report certain transactions that give rise to a loss in excess of certain thresholds (a "**Reportable Transaction**"). Under these regulations, an MTN Holder that recognizes a loss with respect to the MTNs that is characterized as an ordinary loss due to changes in currency exchange rates (under any of the rules discussed above) would be required to report the loss on Internal Revenue Service Form 8886 (Reportable Transaction Statement) if the loss exceeds the thresholds set forth in the regulations. For individuals and trusts, this loss threshold is US$50,000 in any single taxable year. For other types of taxpayers and other types of losses, the thresholds are higher. An MTN Holder should consult with the holder's tax advisor regarding any tax filing and reporting obligations that may apply in connection with acquiring, owning and disposing of MTNs.

**9.** **Foreign Account Tax Compliance Withholding** 

Certain non-U.S. financial institutions must comply with information reporting requirements or certification requirements in respect of their direct and indirect United States shareholders and/or United States accountholders to avoid becoming subject to withholding on certain payments. Those non-U.S. financial institutions may accordingly be required to report information to the Internal Revenue Service regarding the holders of MTNs. MTN Holders are urged to consult their own tax advisors and any banks or brokers through which they will hold MTNs as to the consequences (if any) of these rules to them.

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**10.** **Information with Respect to Foreign Financial Assets** 

Owners of "specified foreign financial assets" with an aggregate value in excess of US$50,000 (and, in some circumstances, a higher threshold) may be required to file an information report with respect to such assets with their tax returns. "Specified foreign financial assets" may include financial accounts maintained by foreign financial institutions, as well as the following, but only if they are held for investment and not held in accounts maintained by financial institutions: (i) stocks and securities issued by non-United States persons, (ii) financial instruments and contracts that have non-United States issuers or counterparties, and (iii) interests in foreign entities. MTN Holders are urged to consult their tax advisors regarding the application of this reporting requirement to their ownership of the MTNs.

**11.** **Backup Withholding and Information Reporting** 

The Issuer is not subject to the information reporting and backup withholding requirements that are imposed by United States law with respect to certain payments of interest or principal on debt obligations. While United States Treasury regulations confirm that the information reporting and backup withholding requirements do not apply to the Registrar with respect to the MTNs, the Registrar may file information returns with the Internal Revenue Service with respect to payments on MTNs made within the United States to certain United States persons as if such returns were required of it. Under the book-entry system as operated by the Federal Reserve Bank of New York, no such information returns will be filed by the Registrar with respect to book-entry MTNs.

Brokers, trustees, custodians and other intermediaries within the United States are subject to the reporting and backup withholding requirements with respect to certain payments on the MTNs received by them for the account of certain United States persons, and foreign persons receiving payments on the MTNs within the United States may be required by such intermediaries to establish their status in order to avoid information reporting and backup withholding of tax by such intermediaries in respect of such payments. Payment of the proceeds from the sale of an MTN effected at a foreign office of a broker generally will not be subject to information reporting or backup withholding. However, a sale effected at a foreign office of a broker could be subject to information reporting in the same manner as a sale within the United States (and in certain cases may be subject to backup withholding as well) if (i) the broker has certain connections to the United States, (ii) the proceeds or confirmation are sent to the United States or (iii) the sale has certain other specified connections with the United States.

An MTN Holder generally may obtain a refund of any amounts withheld under the backup withholding rules that exceed the holder's income tax liability by filing a refund claim with the IRS.

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**SCHEDULE B** 

*The European Economic Area selling restriction set out on pages 39 and 40 of the Information Memorandum is deleted and replaced with the following:* 

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"**European Economic Area**

In relation to each Member State of the European Economic Area, each Dealer has represented and agreed, and each further Dealer appointed under the Program will be required to represent and agree, that it has not made and will not make an offer of MTNs which are the subject of the offering contemplated by the Information Memorandum as completed by the Pricing Supplement in relation thereto to the public in that Member State, except that it may, make an offer of such MTNs to the public in that Member State:

(a) at any time to any legal entity which is a qualified investor as defined in the Prospectus Regulation;

(b) at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in the
Prospectus Regulation) subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the Issuer for any such offer; or

(c) at any time in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

provided that no such offer of MTNs referred to in (a) to (c) above shall require the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

For the purposes of this provision, the expression "**an offer of MTNs to the public**" in relation to any MTNs in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the MTNs to be offered so as to enable an investor to decide to purchase or subscribe for the MTNs and the expression "**Prospectus Regulation**" means Regulation (EU) 2017/1129."

*The United Kingdom selling restriction set out on page 40 of the Information Memorandum is deleted and replaced with the following:* 

"**United Kingdom** 

Each Dealer has represented and agreed, and each further Dealer appointed under the Program will be required to represent and agree, that it has not made, and will not make an offer of MTNs which are the subject of the offering contemplated by the Information Memorandum as completed by the Pricing Supplement in relation thereto to the public in the United Kingdom, except that it may make an offer of such MTNs to the public in the United Kingdom:

(a) at any time to any legal entity which is a qualified investor as defined in Article 2 of the UK Prospectus
Regulation;

(b) at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in Article 2
of the UK Prospectus Regulation) in the United Kingdom subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the Issuer for any such offer; or

(c) at any time in any other circumstances falling within Section 86 of the Financial Services and Markets Act
2000 ()"**FSMA** "),

provided that no such offer of MTNs referred to in (a) to (c) above shall require the Issuer or any Dealer to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation.

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For the purposes of this provision, the expression "**an offer of MTNs to the public**" in relation to any MTNs means the communication in any form and by any means of sufficient information on the terms of the offer and the MTNs to be offered so as to enable an investor to decide to purchase or subscribe for the MTNs and the expression "**UK Prospectus Regulation**" means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

*Other regulatory restrictions* 

Each Dealer has represented and agreed, and each further Dealer appointed under the Program will be required to represent and agree, that:

(i) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an
invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of any MTNs in circumstances in which Section 21(1) of the FSMA does not apply to
the Issuer; and

(ii) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it
in relation to any MTNs in, from or otherwise involving the United Kingdom."

*The Hong Kong selling restriction set out on page 40 of the Information Memorandum is deleted and replaced with the following:* 

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"**Hong Kong**

Each Dealer acknowledges and agrees that the MTNs have not been authorised by the Hong Kong Securities and Futures Commission. Each Dealer has represented and agreed, and each further Dealer under the Program will be required to represent and agree, that:

(a) it has not offered or sold and will not offer or sell in Hong Kong, by means of any document, any MTNs (except
for MTNs which are a "structured product" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong ()"**Securities and Futures Ordinance** ")) other than (a) to "professional investors" as
defined in the Securities and Futures Ordinance and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous
Provisions) Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance; and

(b) it has not issued or had in its possession for the purposes of issue, and will not issue or have in its
possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the MTNs, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong
(except if permitted to do so under the securities laws of Hong Kong) other than with respect to MTNs which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the
Securities and Futures Ordinance and any rules made under that Ordinance."

*The Japan selling restriction set out on page 40 of the Information Memorandum is deleted and replaced with the following:* 

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"**Japan**

The MTNs have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended) ("**Financial Instruments and Exchange Act**") and, accordingly, each Dealer has represented and agreed, and each further Dealer appointed under the Program will be required to represent and agree, that, unless an applicable Pricing Supplement (or another supplement to the Information Memorandum) otherwise provides, it has not offered or sold nor will it offer or sell any MTNs directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (as defined under Item 5, Paragraph 1, Article 6 of the Foreign Exchange and Foreign Trade Act (Act No. 228 of 1949, as amended)) or to others for re-offering or resale, directly or indirectly, in Japan or for the benefit of a resident in Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Act and any other applicable laws, regulations and ministerial guidelines of Japan."

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*The New Zealand selling restriction set out on page 41 of the Information Memorandum is deleted and replaced with the following:* 

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"**New Zealand**

Each Dealer has represented and agreed that:

(a) it has not offered or sold, and will not offer or sell, directly or indirectly, any MTNs; and

(b) it has not distributed and will not distribute, directly or indirectly, any offering materials or advertisement
in relation to any offer of MTNs,

in each case in New Zealand other than:

(i) to persons who are "wholesale investors" as that term is defined in clauses 3(2)(a), (c) and
(d) of Schedule 1 to the Financial Markets Conduct Act 2013 of New Zealand ()"**FMC Act** "), being a person who is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) an "investment business";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) "large"; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a "government agency",

in each case as defined in Schedule 1 to the FMC Act; or

(ii) in other circumstances where there is no contravention of the FMC Act, provided that (without limiting
paragraph (i) above) MTNs may not be offered or transferred to any "eligible investors" (as defined in the FMC Act) or any person that meets the investment activity criteria specified in clause 38 of Schedule 1 to the FMC Act."

*The Singapore selling restriction set out on pages 41 and 42 of the Information Memorandum is deleted and replaced with the following:* 

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"**Singapore**

Each Dealer has acknowledged, and each further Dealer appointed under the Program will be required to acknowledge, that the Information Memorandum has not been registered as a prospectus with the Monetary Authority of Singapore.

Accordingly, each Dealer has represented, warranted and agreed, and each further Dealer appointed under the Program will be required to represent, warrant and agree, that it has not offered or sold any MTNs or caused the MTNs to be made the subject of an invitation for subscription or purchase and will not offer or sell any MTNs or cause the MTNs to be made the subject of an invitation for subscription or purchase, and has not circulated or distributed, nor will it circulate or distribute, the Information Memorandum or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the MTNs, whether directly or indirectly to persons in Singapore other than:

(a) to an institutional investor (as defined in Section 4A of the Securities and Futures Act 2001 of
Singapore, as modified or amended from time to time (the "**SFA** ")) pursuant to Section 274 of the SFA;

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(b) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA,
or to any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA; or

(c) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the MTNs are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

(1) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole
business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

(2) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each
beneficiary of the trust is an individual who is an accredited investor,

securities or securities-based derivatives contracts (each term as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the MTNs pursuant to an offer made under Section 275 of the SFA except:

(i) to an institutional investor or to a relevant person, or to any person arising from an offer referred to in
Section 275(1A) or Section 276(4)(c)(ii) of the SFA;

(ii) where no consideration is, or will be, given for the transfer;

(iii) where the transfer is by operation of law;

(iv) as specified in Section 276(7) of the SFA; or

(v) as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and
Securities-based Derivatives Contracts) Regulations 2018.

In the case of the MTNs being offered into Singapore in a primary or subsequent distribution, and solely for the purposes of its obligations pursuant to Section 309B of the SFA, the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A of the SFA) that the MTNs are "prescribed capital markets products" (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products)."

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| | |
|:---|:---|
| ![LOGO](g456959dsp23jpg.jpg) | **Exhibit C** |

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Subscription Agreement

Dated 21 February 2023

Inter-American Development Bank ("**Issuer**")

**Lead Managers and Dealers** 

Commonwealth Bank of Australia ("**CBA**")

Nomura International plc ("**Nomura**")

Royal Bank of Canada ("**RBC**")

**King & Wood Mallesons** 

Level 61

Governor Phillip Tower

1 Farrer Place

Sydney NSW 2000

Australia

T +61 2 9296 2000

F +61 2 9296 3999

DX 113 Sydney

<u>www.kwm.com</u>

Ref: PJH:AYC

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**Subscription Agreement** 

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| | |
|:---|:---|
| **Date:** | 21 February 2023 |
| **Parties:** | **INTER-AMERICAN DEVELOPMENT BANK** of 1300 New York Avenue N.W., Washington, D.C. 20577, United States of America ("**Issuer**"); |
|  | **COMMONWEALTH BANK OF AUSTRALIA** (ABN 48 123 123 124) of Level 1, CBP South, 11 Harbour Street, Sydney NSW 2000, Australia ("**CBA**");<br>**NOMURA INTERNATIONAL PLC** of 1 Angel Lane, London EC4R 3AB, United Kingdom ("**Nomura**"); and<br>**ROYAL BANK OF CANADA** of Level 47, 2 Park Street, Sydney NSW 2000, Australia ("**RBC**")<br>(each of CBA, Nomura and RBC, a "**Lead Manager**" and "**Dealer**", and collectively, the "**Lead Managers**" and "**Dealers**"). |

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**Recitals:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Issuer has established a medium term note program in connection with which it entered into a dealer
agreement dated 16 July 1999 as amended by a side letter dated 18 September 2009 ()"**Dealer Agreement**") and made between the Issuer and Westpac Banking Corporation as arranger and dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Issuer proposes to issue A$450,000,000 4.25% Medium Term Notes due 11 June 2026 owing under the Deed Poll
("MTNs") (to be consolidated and form a single Series with the Issuer's existing A$50,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 11 June 2014, A$50,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 20 April
2016, A$60,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 27 June 2016, A$30,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 15 July 2016, A$50,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 18 August 2016,
A$100,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 14 July 2017, A$140,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 27 July 2021 and A$300,000,000 4.25% Medium Term Notes due 11 June 2026, issued on 1 September 2022)
and the Dealers wish to subscribe for such MTNs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Under clause 15.3 of the Dealer Agreement, the Issuer may appoint a "Dealer" to the Program for
a single Tranche (each such Dealer a "**New Dealer** "). The Issuer nominates each of CBA, Nomura and RBC as a New Dealer under the Dealer Agreement in respect of the Tranche to which the MTNs relate ()"**Tranche** ").

**Operative provisions:** 

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| | |
|:---|:---|
| **1** | **Interpretation**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Subject to clause 1.2, words and expressions defined in the Dealer Agreement have the same meanings in this
agreement unless the contrary intention appears.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 A reference to a Dealer in this agreement is a reference to the Dealer party to this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 In the event of any conflict or inconsistency between the provisions of this agreement and the Dealer
Agreement, the provisions of this agreement apply.

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| | |
|:---|:---|
| **2** | **Dealers and Documents**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Each New Dealer confirms its appointment as a "Dealer" under the Dealer Agreement to the Tranche.
Each New Dealer acknowledges that it will, in respect of the Tranche:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be treated in all respects as if it had been an original party to the Dealer Agreement as a Dealer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have rights against, and liabilities towards, each of the other parties to the Dealer Agreement identical to
those which the New Dealer would have had if it had been an original party to the Dealer Agreement.

Each New Dealer confirms its acceptance of all the provisions of the Dealer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Each New Dealer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acknowledges that it has received a copy of the Dealer Agreement and the Information Memorandum dated
18 December 2009 ()"**Information Memorandum** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) confirms that the documents referred to in clause 3.1 of the Dealer Agreement have been received or waived and
are in form and substance satisfactory to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 The Issuer appoints each Dealer to act as a Lead Manager in respect of the Tranche and each Dealer accepts its
appointment as a Lead Manager on the terms of the Dealer Agreement.

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|:---|:---|
| **3** | **Subscription of the MTNs**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Issuer agrees to issue and sell the MTNs in accordance with the provisions of this agreement and the Dealer
Agreement and the Dealers (in the amount set out in the table below) severally agree with the Issuer to subscribe for the MTNs on the terms and conditions set out in the Information Memorandum as supplemented, modified or replaced by the Pricing
Supplement (defined below) in immediately available funds on 23 February 2023 or such other date as is agreed by the Issuer and the Dealers ()"**Issue Date**") at the purchase price specified in the third column in the table below
(being the issue price of 100.269% of the aggregate principal amount of the MTNs, plus A$3,888,000 in respect of 74 days of accrued interest, less the aggregate dealer fee of 0.061% ()"**Purchase Price** ")) plus (if the Issue Date is
postponed) any accrued interest in respect of the MTNs through the Austraclear System or in such manner as may be separately agreed between them.

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| | | |
|:---|:---|:---|
| **Name of Dealer** | **Principal Amount**<br>**(A$)** | **Purchase Price (A$)** |
|  Commonwealth Bank of Australia | 150000000 | 151608000 |
|  Nomura International plc | 150000000 | 151608000 |
|  Royal Bank of Canada | 150000000 | 151608000 |
|  **Total** | **450000000** | **454824000** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The Issuer confirms that it has approved a pricing supplement ()"**Pricing Supplement**") dated
21 February 2023 in connection with the issue of the MTNs and authorises the Dealers to distribute copies of the Information Memorandum and the Pricing Supplement and any other documents prepared in connection with the Program and the issue of
the MTNs, in connection with the offering and sale of the MTNs in accordance with the provisions of the Dealer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Except as expressly provided in this agreement, the obligations of the Issuer and each of the Dealers under
this agreement are individual and independent and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the failure of one of them to comply with its obligations under this agreement does not relieve the others of
any of their respective obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no one of them is responsible for the failure of the others to comply with their obligations under this
agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each of them may separately enforce its rights against the others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Notwithstanding clause 3.1, the parties agree that settlement will take place between the Issuer and the
Dealers in accordance with accepted market practice pursuant to which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the total Purchase Price (being A$454,824,000) for the MTNs will be paid by CBA to the Issuer on such basis and
in accordance with such arrangements as are agreed between them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the MTNs will be issued to CBA against payment of the total Purchase Price to the Issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) CBA will deliver to Nomura and RBC MTNs in a Principal Amount as set out in the table in clause 3.1 against
payment by Nomura and RBC of its respective Purchase Price for those MTNs as set out in the table in clause 3.1 through the Austraclear System or in such other manner or in such other Principal Amount as may be separately agreed between them,

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provided that nothing in this clause 3.4 relieves the Issuer from the obligation to sell the MTNs and the Dealers from their respective obligations to purchase the MTNs as set out in clause 3.1, it being understood that the Dealers do not by virtue of this clause 3.4 assume any credit risk or liability arising from the failure of the Issuer to perform its obligations.

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|:---|:---|
| **4** | **Dealer Agreement**  |

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For the purposes of the Dealer Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the MTNs are MTNs as defined in the Dealer Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) this agreement is a Subscription Agreement and includes the terms of appointment contained in the Dealer
Confirmation for the purposes of clause 15.3 of the Dealer Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Dealer is, for the purposes of the MTNs, a Dealer on the terms set out in the Dealer Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the selling restrictions set out in Schedule 7 of the Dealer Agreement are amended as set out in the
Information Memorandum and the Pricing Supplement.

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|:---|:---|
| **5** | **Conditions precedent**  |

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If any of the conditions in clause 3.2 of the Dealer Agreement are not satisfied or are not waived by the Issue Date, the Dealers are entitled to terminate this agreement and the Dealers are released from their respective obligations under it, without prejudice to the obligations of the Issuer in respect of costs, charges and expenses of the Dealers incurred prior to or in conjunction with such termination.

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|:---|:---|
| **6** | **Recognition of UK Bail-in Legislation**  |

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Notwithstanding and to the exclusion of any other term of this agreement or any other agreements, arrangements, or understanding between the Issuer, on the one hand, and any UK Foreign Dealer, on the other, the Issuer acknowledges and accepts that a UK Bail-in Liability arising under this agreement may be subject to the exercise of UK Bail-in Powers by the relevant UK resolution authority, and acknowledges, accepts, and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the effect of the exercise of UK Bail-in Powers by the relevant UK
resolution authority in relation to any UK Bail-in Liability of any UK Foreign Dealer to the Issuer under this agreement (as it may be supplemented by an expenses side letter or otherwise), that (without
limitation) may include and result in any of the following, or some combination thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the reduction of all, or a portion, of the UK Bail-in Liability or
outstanding amounts due thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the conversion of all, or a portion, of the UK Bail-in Liability into
shares, other securities or other obligations of any UK Foreign Dealer or another person, and the issue to or conferral on the Issuer, as applicable, of such shares, securities or obligations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cancellation of the UK Bail-in Liability; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any
payments are due, including by suspending payment for a temporary period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation of the terms of this agreement, as deemed necessary by the relevant UK resolution authority, to
give effect to the exercise of UK Bail-in Powers by the relevant UK resolution authority,

provided, however, that nothing in this agreement or any other agreements, arrangements or understanding between the Dealers and the Issuer shall operate as or be construed to constitute a waiver, renunciation or any other modification of any privilege or immunity of the Issuer or its employees under the Agreement Establishing the Inter-American Development Bank, international law or other applicable law.

As used in this clause 6:

"**UK Bail-in Legislation**" means Part I of the UK Banking Act 2009 and any other law or regulation applicable in the UK relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings);

"**UK Bail-in Liability**" means a liability in respect of which the UK Bail-in Powers may be exercised;

"**UK Bail-in Powers**" means the powers under the UK Bail-in Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability; and

"**UK Foreign Dealer**" means each Dealer which qualifies as an institution or entity subject to UK Bail-in Powers.

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|:---|:---|
| **7** | **Fees**  |

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The Issuer agrees to pay to the Dealers on the Issue Date an aggregate dealer fee ("**Fee**") of 0.061% of the aggregate principal amount of the MTNs (being A$274,500). The Issuer shall pay such Fee by accepting the Purchase Price set out in clause 3.1 above (which amount is calculated to include a deduction for such Fee).

The payment of certain out-of-pocket costs and expenses relating to the issue of the MTNs will be dealt within a separate side letter to be dated the date of this agreement.

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|:---|:---|
| **8** | **Singapore Securities and Futures Act product classification**  |

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The Dealers acknowledge that, in the case of the MTNs being offered into Singapore in a primary or subsequent distribution, and solely for the purposes of its obligations pursuant to Section 309B of the Securities and Futures Act 2001 of Singapore (the "**SFA**"), the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A of the SFA) that the MTNs are "prescribed capital markets products" (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

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|:---|:---|
| **9** | **Joint activities**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The Dealers acknowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) they have agreed to come together to assist the Issuer to execute the offer and issuance of the MTNs and their
distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) they have, in order to give effect to their intention, severally agreed to their respective obligations on the
terms of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 In particular, without limiting the foregoing, the parties acknowledge that activities undertaken jointly by
the Dealers (including, without limitation, the bookbuild process, any communication with potential investors or the holders of the MTNs, the determination of and the agreement to severally sell the MTNs at the reoffer price and pay the Purchase
Price of the MTNs, the allocation process, the risk management activities in connection with the MTNs, the restriction on offers of MTNs and any obligations relating to the promotion of a secondary market in the MTNs) are for the purposes of and
reasonably necessary for the implementation and execution of the offer and issuance of the MTNs and their distribution.

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|:---|:---|
| **10** | **UK MiFIR**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The Dealers and the Issuer acknowledge that the Issuer does not fall under the scope of application of the UK
MiFIR regime. Consequently, the Issuer does not qualify as an "investment firm", "manufacturer" or "distributor" for the purposes of UK MiFIR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Solely for the purposes of the requirements of 3.2.7R of the FCA Handbook Product Intervention and Product
Governance Sourcebook (the "**UK MiFIR Product Governance Rules**") regarding the mutual responsibilities of manufacturers under the UK MiFIR Product Governance Rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nomura International plc (the "**UK Manufacturer**") acknowledges that it understands the
responsibilities conferred upon it under the UK MiFIR Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution channels as applying to the MTNs and the related information set out in
the Pricing Supplement and any other announcements in connection with the MTNs; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Dealers note the application of the UK MiFIR Product Governance Rules and acknowledge the target market and
distribution channels identified as applying to the MTNs by the UK Manufacturer and the related information set out in the Pricing Supplement and any other announcements in connection with the MTNs,

provided, however, that nothing in this agreement or any other agreements, arrangements, or understanding between the Dealers and the Issuer shall operate as or be construed to constitute a waiver, renunciation or any other modification of any privilege or immunity of the Issuer or its employees under the Agreement Establishing the Inter-American Development Bank, international law or other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 For the purposes of this clause 10, the expression "**UK MiFIR**" means Regulation (EU) No
600/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

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|:---|:---|
| **11** | **Communications**  |

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All notices under this agreement must be in writing and may be given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of notification to the Issuer, in accordance with clause 13 of the Dealer Agreement. For this
purpose, the Issuer's telephone number is now +1 202 623 1310; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of notification to the Dealers, to:

**Commonwealth Bank of Australia**

Level 1, CBP South

11 Harbour Street

Sydney NSW 2000

Australia

Telephone: +61 2 9118 1219

Email: DCMOrigination@cba.com.au

Attention: Head of Debt Capital Markets

**Nomura International plc**

1 Angel Lane

London EC4R 3AB

United Kingdom

Telephone: +44 20 7103 5652

Email: EMEADebtSyndicate@nomura.com

Attention: Fixed Income Syndicate

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**Royal Bank of Canada**

Level 47

2 Park Street

Sydney NSW 2000

Australia

Telephone: +61 2 9033 3033

Email: apacsyndicate@rbccm.com

Attention: Head of Debt Capital Markets

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|:---|:---|
| **12** | **Governing law and jurisdiction**  |

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The provisions of clause 17 of the Dealer Agreement are incorporated by reference in this agreement.

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|:---|:---|
| **13** | **Counterparts**  |

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This agreement may be executed in any number of counterparts and the counterparts taken together constitute one and the same instrument.

**EXECUTED** as an agreement.

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**Execution pages for Subscription Agreement** 

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| |
|:---|
| /s/ Gustavo Alberto De Rosa |
| Gustavo Alberto De Rosa |
| Vice President for Finance and |
| Administration & Chief Financial Officer |
| and General Manager, Finance |
| Department |

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**DEALERS** 

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| |
|:---|
| /s/ Andy Murray |
| By executing this agreement the |
| attorney states that the attorney has |
| received no notice of revocation of |
| the power of attorney |

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| |
|:---|
| /Illegible/ |
| By executing this agreement the |
| attorney states that the attorney has |
| received no notice of revocation of |
| the power of attorney |

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| |
|:---|
| /s/ Gerard Perrignon |
| Gerard Perrignon<br> Managing Director<br> RBC Capital Markets |
| Gerard Perrignon<br> Managing Director<br> RBC Capital Markets |
| Gerard Perrignon<br> Managing Director<br> RBC Capital Markets |
| Gerard Perrignon<br> Managing Director<br> RBC Capital Markets |
| /s/ Jennifer Hellerud |
| By executing this agreement each<br> attorney states that the attorney has<br> received no notice of revocation of the<br> power of attorney |
| By executing this agreement each<br> attorney states that the attorney has<br> received no notice of revocation of the<br> power of attorney |
| By executing this agreement each<br> attorney states that the attorney has<br> received no notice of revocation of the<br> power of attorney |
| By executing this agreement each<br> attorney states that the attorney has<br> received no notice of revocation of the<br> power of attorney |
| By executing this agreement each<br> attorney states that the attorney has<br> received no notice of revocation of the<br> power of attorney |

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