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American Mauricio-Claver-Carone, the newly-elected president of the Inter-American Development Bank.

Inter-American Development Bank elects new president

American Mauricio-Claver-Carone, the newly-elected president of the Inter-American Development Bank.

American Mauricio Claver-Carone was elected unopposed as President of the Inter-American Development Bank (IDB), replacing Luis Alberto Moreno for a five –year term.

The Inter-American Development Bank

Guyana and Haiti were the only two Caribbean Community (CARICOM) countries that nominated Claver-Carone, who is also the Senior Director of the Western Hemisphere Affairs Directorate of the US National Security Council. Guyana’s Vice President, Bharrat Jagdeo, who participated in the Special Meeting of the Board of Governors to elect the new president, stressed the need for Claver-Carone to tackle support for small states in Latin America and the Caribbean.

Further, Jagdeo addressed the challenges posed by coronavirus (COVID-19) in the region, particularly for Caribbean countries, including dealing with overburdened health systems, loss of economic output, revenue and employment.

The newly-elected president of the IDB, Mauricio Claver-Carone

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 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, this year and will oversee the operations of the IDB Group, which comprises the IDB, IDB Invest and IDB Lab.

Claver-Carone previously served as US Representative to the International Monetary Fund and as senior advisor to the Under Secretary for International Affairs at the US Department of the Treasury.

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).