Colombian Alberto Moreno has been re-elected to another term as president of the Inter-American Development Bank (IDB).
Eight Caribbean Community (CARICOM) countries – Barbados, Bahamas, Belize, Guyana, Haiti, Jamaica, Suriname and Trinidad and Tobago – are members of the bank.
Moreno began his new term on October 1st that was founded in 1959 and is regarded as 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, which re-elected Moreno, comprises top policymaking body, comprises finance ministers, central bank presidents and other high-ranking officials from its 48 member countries.
Moreno 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).
The IDB said that Moreno’s first two terms at the IDB were characterized by reforms to speed up its operations, boost its efficiency and better evaluate its development impact.
IDB also added, “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.”