The Inter-American Foundation, or IAF, is an independent agency of the United States government that funds development projects undertaken by grassroots groups and nongovernmental organizations in Latin America and the Caribbean. It was created through the Foreign Assistance Act of 1969 as an experimental alternative to traditional foreign assistance that operates government-to-government on a much larger scale. The IAF receives its funds through annual allocations by Congress and from the Social Progress Trust Fund administered by the Inter-American Development Bank and consisting of payments on U.S. government loans extended under the Alliance for Progress to various Latin American and Caribbean governments. Since beginning operations in 1972, the IAF has awarded 4,920 grants worth more than $665 million.