Inter-American Development Bank to elect new president

The 43 shareholder countries of the Inter-American Development Bank (IADB) will meet virtually today to elect a new president. US

US Reuters

Photo: Reuters

The 43 shareholder countries of the Inter-American Development Bank (IADB) will meet virtually today to elect a new president.

US nominee Mauricio Claver-Carone, a Cuban-American lawyer who served as the US representative to the International Monetary Fund, appears to be the front-runner. He has campaigned on an ambitious platform, calling for tougher sanctions against Cuba and Venezuela and an expansion of lending from $12-13 billion to $17-20 billion per year, financed by increased shareholder contributions. Claver-Carone’s candidacy has been objected to by a number of former Latin American presidents as well as diplomats and economists outside the bank.

It is highly likely that Claver-Carone will emerge victorious. He has already received public support from 18 IADB shareholder countries and private backing from five more, including countries with the biggest voting weights, such as the US itself and Brazil.

Should Claver-Carone assume the presidency, expect him to pursue the policy changes he has campaigned on and, more importantly, increase US involvement with the IADB, which Washington is increasingly coming to see as a counter to Chinese investment in the region.

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