OREANDA-NEWS. The Inter-American Development Bank (IDB) has launched the fourth edition of its Juscelino Kubitschek Award of Merit for Regional Development in Latin American and the Caribbean to recognize the work of leading institutions promoting the region’s economic and social development.

Nominations are open to institutions from the IDB’s member countries that have made outstanding contributions and are committed toward eliminating poverty and bringing greater economic opportunity to the region. The IDB is seeking candidates in two categories: economics and finance; and the social, cultural, and scientific areas. Winning institutions in each field will receive a\$100,000 prize.

Institutions may be nominated by individuals,academic institutions, research centers or cultural institutions. Nomination must be submitted online and must include a detailed description of the merits and regional importance ofnominees' work or contributions. Nomination forms are available at the IDB award site. The deadline for nominations is June 29, 2015.

IDB President Luis Alberto Moreno is chair of the selection committee and Enrique V. Iglesias, former Secretary General of the Ibero-American Secretariat, is the committee's secretary. The \$100,000 prizes will be split if the committee selects more than one winning institution for each field.

The recipients of the third edition of the award were honored during the annual meeting of the IDB’s Board of Governors in Costa do Sau?pe, Bahia, Brazil. In the Economics and Finance category the award went to the Caribbean Center of Excellence for Youth Entrepreneurship from Barbados. Brazil’s Associa??o de Ballet e Artes para Cegos and Instituto Nicarag?ense de Cultura Hisp?nica from Nicaragua won in the Social, Cultural, and Scientific category.

Juscelino Kubitschek was an accomplished politician, who served as President of Brazil from 1956-1961. He created high-impact initiatives that improved economic development in Latin America and the Caribbean. He envisioned a North-South effort to raise living standards in Latin America, an initiative that resulted in the creation of the IDB in 1959, which has since become the leading source of long-term development financing for the region.

The award was created in 2008 to commemorate the IDB's 50th anniversary to underscore its commitment to support efforts to reduce poverty and inequality in Latin America and the Caribbean.