TIDM42BI

RNS Number : 7541R

Inter-American Development Bank

03 March 2023

PRICING SUPPLEMENT

Inter-American Development Bank

Global Debt Program

Series No.: 863

CRC 6,850,000,000 7.90 percent Notes due March 2, 2025 (the "Notes")

payable in United States Dollars

Issue Price: 100.00 percent

Application has been made for the Notes to be admitted to the

Official List of the Financial Conduct Authority and

to trading on the London Stock Exchange plc's UK

Regulated Market

Citigroup

The date of this Pricing Supplement is as of February 27, 2023

Terms used herein shall be deemed to be defined as such for the purposes of the Terms and Conditions (the "Conditions") set forth in the Prospectus dated July 28, 2020 (the "Prospectus") (which for the avoidance of doubt does not constitute a prospectus for the purposes of Part VI of the United Kingdom ("UK") Financial Services and Markets Act 2000 or a base prospectus for the purposes of Regulation (EU) 2017/1129 (as amended, the "Prospectus Regulation") or the Prospectus Regulation as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA")). This Pricing Supplement must be read in conjunction with the Prospectus. This document is issued to give details of an issue by the Inter-American Development Bank (the "Bank") under its Global Debt Program and to provide information supplemental to the Prospectus. Complete information in respect of the Bank and this offer of the Notes is only available on the basis of the combination of this Pricing Supplement and the Prospectus.

UK MiFIR product governance / Professional investors and ECPs target market - See "General Information-Additional Information Regarding the Notes-Matters relating to UK MiFIR" below.

Terms and Conditions

The following items under this heading "Terms and Conditions" are the particular terms which relate to the issue the subject of this Pricing Supplement. Together with the applicable Conditions (as defined above), which are expressly incorporated hereto, these are the only terms that form part of the form of Notes for such issue.

 
           1.              Series No.:                      863 
           2.              Aggregate Principal Amount:      CRC 6,850,000,000 
           3.              Issue Price:                          CRC 6,850,000,000, which is 100.00 
                                                                  percent of the Aggregate Principal 
                                                                                Amount 
                                                                   The Issue Price will be payable 
                                                              in USD in the amount of USD 12,166,962.70 
                                                                     at the agreed rate of 563.00 
                                                                           CRC per one USD. 
           4.              Issue Date:                      March 2, 2023 
           5.              Form of Notes 
                            (Condition 1(a)):                Registered only, as further 
                                                             provided in paragraph 9(c) of 
                                                             "Other Relevant Terms" below. 
           6.              New Global Note:                 No 
           7.              Authorized Denomination(s) 
                             (Condition 1(b)):               CRC 50,000,000 and integral 
                                                             multiples thereof 
           8.              Specified Currency 
                            (Condition 1(d)):                The lawful currency of the Republic 
                                                             of Costa Rica ("Costa Rican Colón" 
                                                             or "CRC"), provided that all 
                                                             payments in respect of the Notes 
                                                             will be made in United States 
                                                             Dollars ("U.S.$" or "USD"). 
           9.              Specified Principal Payment 
                            Currency 
                            (Conditions 1(d) and 7(h)):      USD 
           10.             Specified Interest Payment 
                            Currency                         USD 
                            (Conditions 1(d) and 7(h)): 
           11.             Maturity Date                     March 2, 2025; provided that 
                            (Condition 6(a); Fixed            if the Valuation Date (as defined 
                            Interest Rate):                   below) in respect of the Maturity 
                                                              Date shall be adjusted as provided 
                                                              in the definition of "Valuation 
                                                              Date", then the Maturity Date 
                                                              shall be the date five Relevant 
                                                              Business Days after such Valuation 
                                                              Date as so adjusted. 
                                                              The Maturity Date is subject 
                                                              to the Business Day Convention 
                                                              with no adjustment to the amount 
                                                              of interest otherwise calculated. 
           12.             Interest Basis 
                            (Condition 5):                   Fixed Interest Rate (Condition 
                                                             5(I)) 
           13.             Interest Commencement Date 
                            (Condition 5(III)):               Issue Date (March 2, 2023) 
           14.             Fixed Interest Rate (Condition   Condition 5(I) as amended and 
                           5(I)):                            supplemented below, shall apply 
                                                             to the Notes. The bases of the 
                                                             calculation of the Interest Amount, 
                                                             Fixed Rate Interest Payment Dates 
                                                             and default interest are as set 
                                                             out below. 
                            (a) Interest Rate: 
                                                             7.90 percent per annum 
                           (b) Fixed Rate Interest           Semi-annually in arrear on each 
                            Payment Date(s):                  March 2 and September 2, commencing 
                                                              on September 2, 2023, up to and 
                                                              including the Maturity Date; 
                                                              provided that if the Valuation 
                                                              Date in respect of a stated Fixed 
                                                              Rate Interest Payment Date shall 
                                                              be adjusted as provided in the 
                                                              definition of "Valuation Date", 
                                                              then such Fixed Rate Interest 
                                                              Payment Date shall be the date 
                                                              five Relevant Business Days after 
                                                              such Valuation Date as so adjusted. 
                           (c) Business Day Convention:      Following Business Day Convention 
                           (d) Fixed Rate Day Count 
                            Fraction(s):                     30/360, unadjusted 
                           (e) Calculation of Interest           As soon as practicable and in 
                            Amount:                               accordance with the procedure 
                                                                  specified herein, the Calculation 
                                                                  Agent will determine the CRC 
                                                                  Rate (as defined below) and calculate 
                                                                  the Interest Amount with respect 
                                                                  to each minimum Authorized Denomination 
                                                                  for the relevant Interest Period. 
                                                                  The Interest Amount with respect 
                                                                  to any Interest Period shall 
                                                                  be a USD amount calculated on 
                                                                  the relevant Valuation Date (as 
                                                                  defined below) as follows: 
                                                                  7.90% 
                                                                  times 
                                                                  minimum Authorized Denomination 
                                                                  times 
                                                                  the Fixed Rate Day Count Fraction 
                                                                  divided by 
                                                                  the CRC Rate 
                                                                  (and rounding, if necessary, 
                                                                  the entire resulting figure to 
                                                                  the nearest two decimal places, 
                                                                  with USD 0.005 being rounded 
                                                                  upwards). 
                                                                  In respect of a Valuation Date, 
                                                                  the "CRC Rate", expressed as 
                                                                  the amount of CRC per one USD: 
 
                                                                  (a) shall be determined by the 
                                                                  Calculation Agent on such Valuation 
                                                                  Date by reference to the CRC-MONEX 
                                                                  Rate (as defined below); or 
 
                                                                  (b) if the CRC-MONEX Rate is 
                                                                  not available on such Valuation 
                                                                  Date or if an FX Disruption Event 
                                                                  (as defined below) applies, the 
                                                                  CRC Rate shall be determined 
                                                                  by the Calculation Agent on such 
                                                                  Valuation Date in good faith 
                                                                  and in a commercially reasonable 
                                                                  manner, having taken into account 
                                                                  relevant market practice. 
 
                                                                  The "CRC-MONEX Rate ", in respect 
                                                                  of a Valuation Date, is the weighted 
                                                                  average of Costa Rican Colón/U.S. 
                                                                  Dollars exchange rate, expressed 
                                                                  as the amount of Costa Rican 
                                                                  Colón per one USD, as determined 
                                                                  by the Foreign Exchange Interbank 
                                                                  Market in Costa Rica ("MONEX") 
                                                                  as the exchange rate to pay foreign 
                                                                  exchange denominated obligations 
                                                                  payable in Costa Rican Colónes, 
                                                                  as published in the "Resumen 
                                                                  de negociacion en MONEX" (daily 
                                                                  summary printed from the MONEX 
                                                                  system at close), which appears 
                                                                  on the Banco Central de Costa 
                                                                  Rica's website (www.bccr.fi.cr) 
                                                                  under the heading "TIPO DE CAMBIO 
                                                                  NEGOCIADO (colones por US$)" 
                                                                  and to the right of the caption 
                                                                  "Promedio ponderado" at approximately 
                                                                  5:00 PM, San Jose time, on such 
                                                                  Valuation Date. 
                                                             "Valuation Date" means, in respect 
                                                              of each Fixed Rate Interest Payment 
                                                              Date and the Maturity Date, the 
                                                              date which is five New York and 
                                                              San Jose Business Days prior 
                                                              to such date (each being a "Scheduled 
                                                              Valuation Date"); provided, however, 
                                                              that in the event of an Unscheduled 
                                                              Holiday (as defined below) with 
                                                              respect to such date, a Scheduled 
                                                              Valuation Date shall be subject 
                                                              to adjustment in accordance with 
                                                              the Business Day Convention. 
                                                              "Unscheduled Holiday" means, 
                                                              in respect of a Scheduled Valuation 
                                                              Date, that a day is not a New 
                                                              York and San Jose Business Day 
                                                              and the market was not aware 
                                                              of such fact (by means of a public 
                                                              announcement or by reference 
                                                              to other publicly available information) 
                                                              until a time later than 9:00 
                                                              a.m. local time in San Jose two 
                                                              business days prior to such day. 
                                                              Notwithstanding anything herein 
                                                              to the contrary, in no event 
                                                              shall the total number of consecutive 
                                                              calendar days during which a 
                                                              Valuation Date is deferred due 
                                                              to an Unscheduled Holiday exceed 
                                                              eight consecutive calendar days 
                                                              in the aggregate. Accordingly, 
                                                              if, upon the lapse of any such 
                                                              eight day period, an Unscheduled 
                                                              Holiday shall be continuing on 
                                                              the day following such period, 
                                                              then such eighth day, or the 
                                                              next day that would have been 
                                                              a New York and San Jose Business 
                                                              Day but for the Unscheduled Holiday, 
                                                              shall be deemed to be the Valuation 
                                                              Date. 
                                                              "FX Disruption Event" means, 
                                                              on any New York and San Jose 
                                                              Business Day, the Calculation 
                                                              Agent determines in its sole 
                                                              discretion that it is unable 
                                                              to determine any amount or rate 
                                                              that the Calculation Agent is 
                                                              required to determine under the 
                                                              Notes, including the CRC Rate, 
                                                              due to market conditions, such 
                                                              market conditions including, 
                                                              but not limited to, (i) market 
                                                              volatility, (ii) factors affecting 
                                                              market liquidity, (iii) legal, 
                                                              regulatory or artificial market 
                                                              limitations, (iv) a natural or 
                                                              man-made disaster, armed conflict, 
                                                              act of terrorism, riot, labor 
                                                              disruption or any other circumstance 
                                                              beyond its control, or (v) the 
                                                              enactment, promulgation, execution, 
                                                              ratification or adoption of, 
                                                              or any change in or amendment 
                                                              to, any rule, law, regulation 
                                                              or statute (or in the applicability 
                                                              or official interpretation of 
                                                              any rule, law, regulation or 
                                                              statute) or the issuance of any 
                                                              order or decree. 
                                                              "New York and San Jose Business 
                                                              Day" means a day (other than 
                                                              a Saturday or Sunday) on which 
                                                              commercial banks and foreign 
                                                              exchange markets settle payments 
                                                              and are open for general business 
                                                              (including dealing in foreign 
                                                              exchange and foreign currency 
                                                              deposits) in New York and San 
                                                              Jose (Costa Rica). 
                           (g) Calculation Agent:           See "8. Identity of Calculation 
                                                             Agent" under "Other Relevant 
                                                             Terms" 
                           (h) Notification:                If the Interest Amount payable 
                                                             on any Fixed Rate Interest Payment 
                                                             Date or the Redemption Amount, 
                                                             as the case may be, is calculated 
                                                             in any manner other than by utilizing 
                                                             the CRC-MONEX Rate (as described 
                                                             above), the Global Agent on behalf 
                                                             of the Bank shall give notice 
                                                             as soon as reasonably practicable 
                                                             to the Noteholders in accordance 
                                                             with Condition 15 (Notices). 
           15.             Relevant Financial Center:       New York, London and San Jose 
                                                             (Costa Rica) 
           16.             Relevant Business Day:           New York, London and San Jose 
                                                             (Costa Rica) 
           17.             Redemption Amount (Condition      The Redemption Amount with respect 
                            6(a)):                            to each minimum Authorized Denomination 
                                                              will be a USD amount calculated 
                                                              by the Calculation Agent on the 
                                                              Valuation Date with respect to 
                                                              the Maturity Date as follows: 
                                                              minimum Authorized Denomination 
                                                              divided by 
                                                              the CRC Rate 
                                                              (and rounding, if necessary, 
                                                              the entire resulting figure to 
                                                              the nearest 2 decimal places, 
                                                              with USD 0.005 being rounded 
                                                              upwards). 
                                                              If payment of the Redemption 
                                                              Amount occurs later than on the 
                                                              scheduled Maturity Date in the 
                                                              event of any postponement described 
                                                              herein, no accrued interest shall 
                                                              be payable in respect of such 
                                                              period of postponement following 
                                                              the scheduled Maturity Date. 
           18.             Issuer's Optional Redemption 
                            (Condition 6(e)):                No 
           19.             Redemption at the Option 
                           of the Noteholders (Condition     No 
                           6(f)): 
           20.             Early Redemption Amount           In the event the Notes become 
                            (including accrued interest,      due and payable as provided in 
                            if applicable) (Condition         Condition 9 (Default), the Early 
                            9):                               Redemption Amount with respect 
                                                              to each minimum Authorized Denomination 
                                                              will be a USD amount equal to 
                                                              the Redemption Amount that is 
                                                              determined in accordance with 
                                                              "17. Redemption Amount" plus 
                                                              accrued and unpaid interest, 
                                                              if any, as determined in accordance 
                                                              with "14. Fixed Interest Rate 
                                                              (Condition 5(I))"; provided that 
                                                              for purposes of such determination, 
                                                              the Valuation Date shall be the 
                                                              date that is five Relevant Business 
                                                              Days prior to the date upon which 
                                                              the Notes become due and payable 
                                                              as provided in Condition 9 (Default). 
           21.             Governing Law:                   New York 
 22.                       Selling Restrictions:             Under the provisions of Section 
                            (a) United States:                11(a) of the Inter-American Development 
                                                              Bank Act, the Notes are exempted 
                                                              securities within the meaning 
                                                              of Section 3(a)(2) of the U.S. 
                                                              Securities Act of 1933, as amended, 
                                                              and Section 3(a)(12) of the U.S. 
                                                              Securities Exchange Act of 1934, 
                                                              as amended. 
                           (b) United Kingdom:              The Dealer represents and agrees 
                                                             that (a) 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 Financial 
                                                             Services and Markets Act 2000 
                                                             (the "FSMA")) received by it 
                                                             in connection with the issue 
                                                             or sale of the Notes in circumstances 
                                                             in which Section 21(1) of the 
                                                             FSMA does not apply to the Bank, 
                                                             and (b) it has complied and will 
                                                             comply with all applicable provisions 
                                                             of the FSMA with respect to anything 
                                                             done by it in relation to such 
                                                             Notes in, from or otherwise involving 
                                                             the UK. 
                           (c) Republic of Costa Rica:      The securities are not intended 
                                                             for the Costa Rican public or 
                                                             the Costa Rican market and are 
                                                             not registered, and will not 
                                                             be registered, with the General 
                                                             Superintendence of Securities 
                                                             ("SUGEVAL") as part of any public 
                                                             offering of securities in Costa 
                                                             Rica. The Pricing Supplement 
                                                             relates to an individual, private 
                                                             offering that is made in Costa 
                                                             Rica in reliance upon an exemption 
                                                             from registration with the SUGEVAL 
                                                             pursuant to articles 7 and 8 
                                                             of the Regulations on the Public 
                                                             Offering of Securities (Reglamento 
                                                             de Oferta Pública de Valores). 
                                                             The information contained in 
                                                             the Pricing Supplement is confidential, 
                                                             and the Pricing Supplement is 
                                                             not to be reproduced or distributed 
                                                             to third parties in Costa Rica. 
                           (d) General:                     No action has been or will be 
                                                             taken by the Issuer that would 
                                                             permit a public offering of the 
                                                             Notes, or possession or distribution 
                                                             of any offering material relating 
                                                             to the Notes in any jurisdiction 
                                                             where action for that purpose 
                                                             is required. Accordingly, the 
                                                             Dealer agrees that it will observe 
                                                             all applicable provisions of 
                                                             law in each jurisdiction in or 
                                                             from which it may offer or sell 
                                                             Notes or distribute any offering 
                                                             material. 
 Other Relevant Terms 
 1.                        Listing:                         Application has been made for 
                                                             the Notes to be admitted to the 
                                                             Official List of the Financial 
                                                             Conduct Authority and to trading 
                                                             on the London Stock Exchange 
                                                             plc's UK Regulated Market with 
                                                             effect from the Issue Date. 
 2.                        Details of Clearance System 
                            Approved by the Bank and 
                            the 
                            Global Agent and Clearance       Euroclear Bank SA/NV and/or 
                            and                              Clearstream Banking S.A. 
                            Settlement Procedures: 
 3.                        Syndicated:                      No 
 4.                        Commissions and Concessions:     No commissions or concessions 
                                                             are payable in respect of the 
                                                             Notes. An affiliate of the Dealer 
                                                             has arranged a swap with the 
                                                             Bank in connection with this 
                                                             transaction and will receive 
                                                             amounts thereunder that may comprise 
                                                             compensation. 
 5.                        Estimated Total Expenses:        None. The Dealer has agreed to 
                                                             pay for all material expenses 
                                                             related to the issuance of the 
                                                             Notes. 
 6.                        Codes: 
                           (a) Common Code:                 259102065 
                           (b) ISIN:                        XS2591020651 
 7.                        Identity of Dealer:              Citigroup Global Markets Limited 
 8.                        Identity of Calculation          Citibank, N.A., New York Branch, 
                            Agent:                           will act as the Calculation Agent. 
                                                             In relation to the Valuation 
                                                             Date, as soon as is reasonably 
                                                             practicable after the determination 
                                                             of the CRC Rate in relation thereto, 
                                                             on the date on which the relevant 
                                                             CRC Rate is to be determined 
                                                             (or, if such date is not a Relevant 
                                                             Business Day, then on the next 
                                                             succeeding Relevant Business 
                                                             Day), the Calculation Agent shall 
                                                             notify the Issuer and the Global 
                                                             Agent of the CRC Rate, and the 
                                                             Interest Amount, and the Redemption 
                                                             Amount or Early Redemption Amount, 
                                                             as the case may be, in relation 
                                                             thereto. 
                                                             All determinations of the Calculation 
                                                             Agent shall (in the absence of 
                                                             manifest error) be final and 
                                                             binding on all parties (including, 
                                                             but not limited to, the Bank 
                                                             and the Noteholders) and shall 
                                                             be made in its sole discretion 
                                                             in good faith and in a commercially 
                                                             reasonable manner in accordance 
                                                             with a calculation agent agreement 
                                                             between the Bank and the Calculation 
                                                             Agent. 
 9.                        Provision for Registered 
                            Notes: 
                           (a) Individual Definitive 
                            Registered Notes Available       No 
                            on Issue Date: 
                           (b) DTC Global Note(s):          No 
                           (c) Other Registered Global      Yes, issued in accordance with 
                            Notes:                           the Amended and Restated Global 
                                                             Agency Agreement, dated as of 
                                                             July 28, 2020, as amended from 
                                                             time to time, between the Bank, 
                                                             Citibank, N.A., as Global Agent, 
                                                             and the other parties thereto. 
 
 

General Information

Additional Information Regarding the Notes

   1.         Matters relating to UK MiFIR 

The Bank does not fall under the scope of application of the UK MiFIR regime. Consequently, the Bank does not qualify as an "investment firm", "manufacturer" or "distributor" for the purposes of UK MiFIR.

UK MiFIR product governance / Professional investors and ECPs target market - Solely for the purposes of the UK manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties, as defined in COBS, and professional clients, as defined in UK MiFIR; and (ii) all channels for distribution of the Notes are appropriate. Any person subsequently offering, selling or recommending the Notes (a "distributor") should take into consideration the UK manufacturer's target market assessment; however, a distributor subject to the UK MiFIR Product Governance Rules is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the UK manufacturer's target market assessment) and determining appropriate distribution channels.

For the purposes of this provision, (i) the expression "UK manufacturer" means the Dealer, (ii) the expression "COBS" means the FCA Handbook Conduct of Business Sourcebook, (iii) the expression "UK MiFIR" means Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA and (iv) the expression "UK MiFIR Product Governance Rules" means the FCA Handbook Product Intervention and Product Governance Sourcebook.

   2.         United States Federal Income Tax Matters 

The following supplements the discussion under the "Tax Matters" section of the Prospectus regarding the U.S. federal income tax treatment of the Notes, and is subject to the limitations and exceptions set forth therein. Any tax disclosure in the Prospectus or this Pricing Supplement is of a general nature only, is not exhaustive of all possible tax considerations and is not intended to be, and should not be construed to be, legal, business or tax advice to any particular prospective investor. Each prospective investor should consult its own tax advisor as to the particular tax consequences to it of the acquisition, ownership, and disposition of the Notes, including the effects of applicable U.S. federal, state, and local tax laws and non-U.S. tax laws and possible changes in tax laws.

Because the Notes are denominated in Costa Rican Colón, a United States holder of the Notes will generally be subject to special United States federal income tax rules governing foreign currency transactions, as described in the Prospectus in the last four paragraphs of "-Payments of Interest" under the "United States Holders" section. Pursuant to such rules, a United States holder should determine amounts received with respect to a Note (including principal and interest) by reference to the U.S. dollar value of the Costa Rican Colón amount of the payment, calculated at the currency exchange rate in effect on the date of payment. The U.S. dollar amount that is actually received by the United States holder may differ from the amount determined under the preceding sentence, since the U.S. dollar amount of the payment will be determined by reference to the CRC Rate as of the relevant Valuation Date. Accordingly, a United States holder of the Notes may recognize United States source foreign currency gain or loss in an amount equal to such difference (in addition to any foreign currency gain or loss otherwise recognized upon the receipt of an interest payment or a sale or retirement of the Notes). The U.S. Internal Revenue Service could take the position, however, that the amounts received by a United States holder in respect of a Note should be equal to the U.S. dollar amount that is actually received by the United States holder. Prospective United States holders of the Notes should consult their tax advisors regarding these rules.

   2.         Additional Investment Considerations: 

There are various risks associated with the Notes including, but not limited to, exchange rate risk, price risk and liquidity risk. Investors should consult with their own financial, legal and accounting advisors about the risks associated with an investment in these Notes, the appropriate tools to analyze that investment, and the suitability of the investment in each investor's particular circumstances. Holders of the Notes should also consult with their professional tax advisors regarding tax laws applicable to them.

The methodologies for determining the Costa Rican Colón-United States Dollar foreign exchange rate may result in a Redemption Amount or the Early Redemption Amount (if applicable) of the Notes, or an interest payment on the Notes, being significantly less than what an alternative methodology for determining the CRC-USD exchange rate would yield.

The Bank may hedge its obligations under the Notes by entering into a swap transaction with the Dealer, one of its affiliates or other parties as swap counterparty. Assuming no change in market conditions or any other relevant factors, the price, if any, at which the Dealer or another purchaser might be willing to purchase Notes in a secondary market transaction is expected to be lower, and could be substantially lower, than the original issue price of the Notes. This is due to a number of factors, including that (i) the potential profit to the secondary market purchaser of the Notes may be incorporated into any offered price and (ii) the cost of funding used to value the Notes in the secondary market is expected to be higher than our actual cost of funding incurred in connection with the issuance of the Notes. In addition, the original issue price of the Notes included, and secondary market prices are likely to exclude, the projected profit that our swap counterparty or its affiliates may realize in connection with this swap. Further, as a result of dealer discounts, mark-ups or other transaction costs, any of which may be significant, the original issue price may differ from values determined by pricing models used by our swap counterparty or other potential purchasers of the Notes in secondary market transactions.

Payment of each Interest Amount and the Redemption Amount will be based on the CRC-MONEX Rate, which is a measure of the rate of exchange between the Costa Rican Colón and the USD. Currency exchange rates are volatile and will affect the holder's return. In addition, the government of Costa Rica can from time to time intervene in the foreign exchange market. These interventions or other governmental actions could adversely affect the value of the Notes, as well as the yield (in USD terms) on the Notes and the amount payable at maturity or upon acceleration. Even in the absence of governmental action directly affecting currency exchange rates, political or economic developments in Costa Rica or elsewhere could lead to significant and sudden changes in the exchange rate between the Costa Rican Colón and the USD.

The Costa Rican Colón is an emerging market currency. Emerging market currencies may be subject to particularly substantial volatility, as well as to government actions including currency controls, devaluations and other matters which could materially and adversely affect the value of the Notes.

The Notes offered by this Pricing Supplement are complex financial instruments and may not be suitable for certain investors. Investors intending to purchase the Notes should consult with their tax and financial advisors to ensure that the intended purchase meets the investment objective before making such purchase.

INTER-AMERICAN DEVELOPMENT BANK

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