Ilan Goldfan was elected President of the Inter-American Development Bank (IDB) today at a special meeting of the Bank’s Board of Governors. The meeting was held at the IDB Headquarters in Washington, DC, with delegations participating in person and virtually.
Nominated by Brazil, Goldfaijn will take up the position for a term 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 IDB and the Executive Board of IDB Invest, which works with the private sector in the region. The chairman will also lead the donor committee of IDB Lab, the bank’s laboratory for innovative development projects.
To be elected president, a candidate must receive a majority of the total voting power of the IDB member states, as well as the support of at least 15 of the 28 regional member states (the 26 borrowing member states, plus Canada and United States of america) . The IDB has a total of 48 member countries and has offices in all borrowing countries as well as in Europe and Asia. The Board of Governors is the supreme authority of the Bank. Each member country appoints a governor, whose voting power is proportional to the bank’s capital subscribed by that country. The governor is usually the finance minister, the president of the central bank, or other high economic official.
The Board of Governors holds annual meetings to review the Bank’s operations and take major policy decisions. It also occasionally holds extraordinary meetings, including to elect the president.
Goldfagen will be the seventh president of the IDB. Follow up Queen Irene Mejia Chacon Ai (2022); Maurice Clever-Caron (2020–22); Luis Alberto Moreno (2005–2020); Henry V. Church (1988–2005); Antonio Ortiz Mena (1971–1988); and Philip Blacksmith (1960–1971).