IDB elects new President

Mauricio J. Claver-Carone of the United States was elected President of the Inter-American Development Bank (IDB) on 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, according to a statement from the IDB.

Guyana supported the election of Mr. Claver-Carone. The Ministry of Foreign Affairs in a press statement on August 4, said: “experience in senior positions of the US Treasury Department, the US National Security Council and as US Executive Director of the IMF augur well for his presidency.”

The IDB plays a pivotal role in the progress and overall development of Guyana and the Latin America and Caribbean region. The Board of Governors is the Bank’s highest authority which has a total of 48 member countries.

Claver-Carone succeeds President Luis Alberto Moreno. The Board of Governors 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.

To be elected President of the IDB, 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 is Headquartered in Washington, D.C., and has offices in all borrowing countries as well as in Europe and Asia.

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.

Guyana’s Governor is Vice President Bharrat Jagdeo who attended Saturday’s forum.

As President, Claver-Carone will oversee the operations of the IDB Group, which comprises the IDB, IDB Invest and IDB Lab.

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.