Inter-American Developent Bank Board Approves new President’s Leadership Team

RIO DE JANEIRO, BRAZIL – The board of the Inter-American Development Bank (IDB) has approved four candidates for top jobs proposed by the bank’s first U.S. leader, overcoming weeks of delays prompted by Mexico and Argentina, two sources familiar with the decision said.

The IDB’s 14-member executive board approved the four candidates – from Honduras, Ecuador, Paraguay and Argentina – for vice president positions at a meeting late on Friday, according to the sources, who were not authorized to speak publicly.

Mauricio Claver-Carone, a former top adviser to U.S. President Donald Trump whose nomination to head the bank drew opposition from Argentina, Mexico and others, vowed when he won election in October to give smaller countries a bigger say in the bank’s leadership.

He had proposed a slate of three candidates from smaller countries, irritating both Argentina and Mexico.

Last week, Claver-Carone added a fourth candidate, an Argentine who already holds a senior job at the bank.

The United States is the development bank’s biggest shareholder, controlling 30% of the bank’s shares.

Following Friday’s vote, Reina Irene Mejia, chief executive of Citi Honduras, will assume the No. 2 job, while former Paraguayan Finance Minister Benigno Lopez will become vice president of sectors and Ecuador’s former Finance Minister Richard Martinez will become vice president of countries.

Gustavo De Rosa, an Argentine who already serves as the bank’s chief financial officer, will be vice president for finance and administration.

Source: Reuters