VICE-PRESIDENT Bharrat Jagdeo, on Saturday, participated in the special meeting of the Board of Governors to elect a new president of the Inter-American Development Bank (IDB).

Guyana, on August 4, 2020, announced its support for the candidacy of Mauricio Claver-Carone, who was elected on Saturday.
In his capacity as Guyana’s governor of the IDB, Jagdeo, addressed the meeting and stressed the need for the new president to tackle support for small states in Latin America and the Caribbean.

Further, Jagdeo addressed the challenges posed by COVID-19 in the region, particularly for Caribbean countries, including dealing with overburdened health systems, loss of economic output, revenue and employment. He indicated that many countries in the region have had to redirect resources, from fiscally stressed budgets, for tackling the challenges caused by the pandemic to the servicing of onerous debts.

Jagdeo urged recognition of the peculiar circumstances of small states in the region, including the fact that some of these countries have graduated out of concessional financing. As such, he called on the bank to ensure that creative tools and packages be crafted to address the needs of these small states.
Claver-Carone 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 U.S. President and Senior Director for Western Hemisphere Affairs at the U.S. National Security Council. He previously served as U.S. Representative to the International Monetary Fund and as Senior Advisor to the Under Secretary for International Affairs at the U.S. 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, D.C., 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.

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).