The Board of Governors of the Inter-American Development Bank, meeting on Tuesday in Washington, DC, re-elected Luis Alberto Moreno as president of the Inter-American Development Bank (IDB). His new mandate will begin on Oct. 1, 2015, the IDB said in a release. Founded in 1959, the IDB is one of the leading sources of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The Board of Governors, its top policymaking body, comprises finance ministers, central bank presidents and other high-tanking officials from its 48 member countries.
Moreno, a Colombian citizen, is the fourth president in the IDB’s history. He was preceded by Felipe Herrera of Chile (1960–1971), Antonio Ortiz Mena of Mexico (1971–1988), and Enrique V. Iglesias of Uruguay (1988–2005).
Moreno’s first two terms at the IDB were characterised by reforms to speed up its operations, boost its efficiency and better evaluate its development impact. Under his leadership, the IDB launched several initiatives in areas such as climate change, renewable energy, citizen security and access to digital technologies. He also built numerous strategic partnerships with public and private allies.
Moreno led a deep reorganisation that strengthened the IDB’s presence in its 26 borrowing member countries. He also completed a debt relief program for its most vulnerable countries and negotiated the largest capital increase in the institution’s history.
In a speech to the governors, Moreno thanked them for their vote of confidence and said his new term will follow three main lines of action: defending social and environmental sustainability, promoting open knowledge as a lever for innovation and deepening the IDB’s activities with the private sector.
“The decision to consolidate the IDB Group’s work [with the private sector] in the Inter-American Investment Corporation was the result of a process of more than 15 years, which has opened a phase full of opportunities,” Moreno said.
“Having an adequately capitalised specialised agency will be a key tool for regional progress,” he added. “We have to be more effective and, at the same time, create an institutional culture that will stand out for being agile, flexible, selective and strategic in its undertakings.” As president of the IDB, Moreno also chairs the Board of Executive Directors of the Inter-American Investment Corporation (IIC) and the Donors Committee of the Multilateral Investment Fund (MIF).