Nominated by Brazil, Ilan Goldfajn will assume the presidency of the Inter-American Development Bank (IDB) for a period of five years
Ilan Goldfajn was elected this Sunday, November 20, as president of the Inter-American Development Bank (IDB), in an Extraordinary Meeting of the Board of Governors of the multilateral entity. The meeting was held at the agency’s headquarters in Washington DC, with delegations that participated in person and virtually.
Nominated by Brazil, Goldfajn will assume the position for a period of five years. As president, Goldfajn will oversee the operations and administration of the Bank, which works with the public sector in Latin America and the Caribbean.
In addition, he will chair the Executive Board of the IDB and the Executive Board of IDB Invest, which works with the private sector in the region. The president will also lead the Donors Committee of the IDB Lab, the Bank’s laboratory for innovative development projects.
To be elected president or president, the candidate must receive a majority of the total voting power of the IDB member countries, as well as the support of at least 15 of the 28 regional member countries (26 borrowing member countries, plus Canada and the United States). IDB it has a total of 48 member countries and offices in all borrowing countries, as well as in Europe and Asia.
The Board of Governors is the highest authority of the Bank. Each member country appoints a governor, whose voting power is proportional to the Bank’s capital subscribed by his country. Governors are usually finance ministers, central bank presidents, or other high economic authorities.
Ilan Goldfajn was governor of the Central Bank of Brazil during the presidency of Michel Temer.
The Board of Governors holds annual meetings to review the Bank’s operations and make key policy decisions. It also occasionally holds extraordinary meetings, including to elect a president.
Goldfajn will be the seventh president of the IDB. Follow Queen Irene Mejía Chacón ai (2022); Mauricio Claver-Carone (2020-2022); Luis Alberto Moreno (2005-2020); Enrique V. Iglesias (1988-2005); Antonio Ortiz Mena (1971-1988); and Felipe Herrera (1960-1971).
Our president-elect, @igoldfajn and the president of the Board of Governors, @NigelClarkeJathey set the start date of his functions as president for December 19, 2022. pic.twitter.com/MrFbOgspAM
— Inter-American Development Bank (@el_BID) November 20, 2022
*Read also: IDB removes from the presidency the “tab” of Trump, Mauricio Claver-Carone
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