May 23, 2001   IACD AND BANK OF AMERICA SIGN FRAME WORK AGREEMENT FOR US$100 MILLION LINE OF CREDIT Washington, D.C. – The Inter-American Agency for Cooperation and Development (IACD), an agency of the Organization of American States (OAS), today signed a memorandum of understanding on a US$100 million line of credit for social development programs in Latin America and the Caribbean, with Bank of America. These programs will address issues of education, information technology and poverty alleviation. "This agreement represents a major advance in the fight against poverty through private - public sector partnerships. This Agency is committed to opening new avenues to tap the experience, technology and resources of the private sector to help the governments of the Americas to win this battle", stated Ron Scheman, Director General of the IACD. "We applaud Bank of America's foresight in undertaking this initiative." Through this relationship, Bank of America will utilize its expertise in trade finance, capital markets, public finance, and government and public sector banking to assist the IACD in building a working public-private model for successful IACD project funding. The Bank will review projects and recommend appropriate financing structures in addition to providing banking services and products, including operating and investment accounts on a competitive basis. "This agreement marks an important step for the OAS as we develop new mechanisms to help the Governments of the Americas to challenge set by the Presidents at the recent Summit of the Americas." said OAS Secretary General C�sar Gaviria. "Through the IACD, we are well on the way establishing pragmatic private-public sector partnerships that will enable us to supplement the OAS's development efforts." Among the initial IACD priorities will be working with the Chilean government with its technical cooperation in the field of government procurement systems; setting up rural solar villages in the Americas for connection to the Internet; and training primary school teachers to use the latest information technologies in their classrooms. "Bank of America, though our presence in the nation's capital, serves as a clear leader in providing banking and capital raising services to multilateral organizations such as the Organization of American States," said Robert J. Berry, Senior Vice President, Bank of America Global Government Group. "We provide a new level of creative thinking to provide our government and multilateral clients with innovative financial solutions." The IACD was established in November 1999 to promote technical cooperation and training programs necessary to accelerate economic development in the countries of the hemisphere. Bank of America has one of the world's largest financial services network, including approximately 4,400 domestic offices, 38 international offices serving clients in 190 countries, and an internet website that provides online access to more than 3 million customers (www.bankofamerica.com).   ********** For more information contact: Paloma Adams, IACD