Tuesday, March 19, 2024
spot_img
HomeNewsCaribbean NewsMauricio J. Claver-Carone elected IDB president

Mauricio J. Claver-Carone elected IDB president

WASHINGTON, USA – Mauricio J. Claver-Carone was elected president of the Inter-American Development Bank (IDB) Saturday, during an electronic meeting of the Bank’s Board of Governors.

He will take office on October 1, 2020, for a five-year term. As president, he will oversee the operations of the IDB Group, which comprises the IDB, IDB Invest and IDB Lab.

Claver-Carone will succeed current president Luis Alberto Moreno. The Board of Governors also issued a resolution expressing gratitude to president Moreno for his service.

Claver-Carone is currently deputy assistant to the US president and Senior Director for Western Hemisphere Affairs at the US National Security Council. He previously served as US Representative to the International Monetary Fund and as Senior Advisor to the Under Secretary for International Affairs at the US Department of the Treasury.

He earned his Bachelor of Arts degree from Rollins College, Juris Doctor from The Catholic University of America and Master of Laws in International and Comparative Law from Georgetown University Law Center.

To be elected president, a candidate must receive a majority of the total voting power of the IDB’s 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). The IDB has a total of 48 member countries, with headquarters in Washington, DC, and offices in all borrowing countries as well as in Europe and Asia.

The Board of Governors is the Bank’s highest authority. Each member country appoints a Governor, whose voting power is proportional to the capital in the Bank subscribed by his or her country. Governors are typically finance ministers, central bank presidents, or other high-ranking officials.

The Board of Governors holds annual meetings to review Bank operations and make key policy decisions. It also occasionally holds special meetings, including to elect a President.

Mauricio J. Claver-Carone will be the IDB’s fifth president. He follows Luis Alberto Moreno (2005-2020); Enrique V. Iglesias (1988-2005); Antonio Ortiz Mena (1971-1988); and Felipe Herrera (1960-1971).

The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social, and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance, and training to public- and private-sector clients throughout the region.

spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img
spot_img

Caribbean News

St Lucia engages Canadian company on assessment of labour market

By Caribbean News Global contributor CANADA / ST LUCIA - Leading Labour Market Research and Management Consulting firm, Dunn Pierre Barnett & Company Canada Ltd...

Global News

Boosting productivity and increasing labour market participation would sustain Switzerland’s high living standards

GENEVA, Switzerland - Switzerland has shown remarkable strength during the COVID-19 pandemic and the recent turmoil in energy markets following Russia’s war of aggression...