An enlightened monarch who ruled for nearly 50 years, the emperor commissioned a detailed plan for the city and attracted immigrants to the area. Petr polis s major landmark, the stately Hotel Quitandinha, also boasts a colorful past. The massive Norman-style building, with 440 rooms and 13 great halls, started out as the largest casino in Latin America. But its splendor faded after Brazilian authorities outlawed gambling. Following decades of decline, the hotel s fortunes began to improve in the 1990s after its facilities were spruced up and leased for conventions.
Old idea takes root.
The idea for a regional bank, as well as a common market and a single Latin American currency, dates back to the late 19th century. But it wasn t until 1954, in the Hotel Quitandinha s circular theater hall, that a meeting of finance ministers called by the Organization of American States made the first concrete proposal to create a financial institution to serve the nations of Latin America and the Caribbean. The proposal took root, and in 1958 received the decisive backing of Brazilian President Juscelino Kubitscheck and U.S. President Dwight D. Eisenhower. The IDB was formally established the following year. Last December, the heads of state of Brazil, Costa Rica, Peru, Uruguay, and Trinidad and Tobago together with ministers and senior officials from the Bank s 46 member countries returned to the Hotel Quitandinha to look back at the Bank s accomplishments and review the challenges that lie ahead.