The Office of the Secretary of the Inter-American Development Bank (IDB) has notified the Governors of the Bank that the process to propose candidates to be the next president of the institution is open.
The Governors they can propose candidates in the next 45 days.
The president of the IDB is elected by the Board of Governors, where each of the 48 member countries is represented by its Governor.
To be elected, the candidate must obtain a majority of the voting power of the member countries. Voting power varies according to the number of shares owned by each member country of the IDB’s ordinary capital. The winning candidate must also have the support of at least 15 of the 28 regional countries.
The president is elected for a period of five years, with the possibility of being re-elected only once.
Under the leadership of President Queen Irene Mejía, the IDB continues to function normally in its mission to improve lives in its 26 borrowing countries.
“The IDB has a history of contributing to the progress and development of the region for more than six decades,” said Mejía. “The IDB’s work is built on solid institutional foundations, high ethical values and operational excellence. Our institution is now stronger and more committed to continuing to make a positive difference in people’s lives,” he added.
About the IDB
The Inter-American Development Bank’s mission is to improve lives. Founded in 1959, the IDB is one of the main sources of long-term financing for the economic, social and institutional development of Latin America and the Caribbean. The IDB also conducts cutting-edge research projects and provides policy advice, technical assistance, and training to public and private clients throughout the region.
About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $15.3 billion in assets under management and 375 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that respond to the needs of its clients in a variety of sectors.
About IDB Lab
IDB Lab is the innovation laboratory of the IDB Group, the main source of financing and knowledge for development focused on improving lives in Latin America and the Caribbean. The purpose of the IDB Lab is to drive innovation for inclusion in the region, mobilizing financing, knowledge and connections to test early-stage private sector solutions with the potential to transform the lives of vulnerable populations affected by economic, social and environmental conditions. Since 1993, IDB Lab has approved more than US$2 billion in projects deployed in 26 countries in Latin America and the Caribbean.
