This is only the second time that the international lending organization has held its meeting in the United States. New Orleans was chosen among 12 competing U.S. cities. This conference is also a chance to showcase some of the Crescent City's best practices. We've formed a world-wide interest in police reform and infrastructure advancements through transportation, air, cargo and historic redevelopment. The annual meeting, the premier world forum on development for Latin America and the Caribbean, attracts over 7,000 delegates including thousands of public and private sector officials, observers, special guests and 400 international journalists in addition to the official delegations of the bank's 46 member countries.
Many heads of state are also in attendance.
The IDB was created in 1959 to help accelerate the economic and social development of Latin America and the Caribbean. More than 6,000 contracts are awarded each year among businesses from IDB member countries. The objective of the IDB in New Orleans will be to demonstrate how technology will revolutionize developing countries in the coming century. The major emphasis will be on computers, telecommunications and information technology as a base and an engine for the new global economy.