|PM Barrow on Re-election of President of IDB Board|
|Written by Shane D. Williams|
|Thursday, 15 July 2010 00:00|
Last week Prime Minister Dean Barrow travelled to Washington DC to attend a special meeting of the Board of Governors of the Inter-American Development Bank for the election of the President.
The IDB has a total of 48 member countries. The majority of total voting power rests in the hands of IDB member countries and, to be elected president, a candidate must receive votes from those members as well as an absolute majorityof votes from the governors of the 28 regional members. Those 28 members are the 26 borrowing member countries, plus Canada and the United States. At the meeting, the Board chose to re-elect Luis Alberto Moreno for a second 5-year term.
Prime Minister Barrow said that he was pleased with the decision because Moreno is “committed to the development of the region”. He said that Moreno is “good for a country like Belize because he understands the needs of small countries”. Moreno is a former Minister and Columbian Ambassador to the United States. During his first term, Moreno oversaw a program to provide debt relief to the IDB’s most vulnerable members, promoted more private sector lending, undertook a major restructuring to make the IDB more responsive to the region’s needs and launched initiatives in the areas of climate change, renewable energy and water and sanitation. He also made more resources available for the reconstruction of Haiti. Moreno was praised in the last annual IDB meeting in Cancun, Mexico, for increasing the bank's capital by $70 billion. With a total capital of $170 billion, the IDB is now the largest regional development bank in the world. He will begin his second term on October 1, 2010.
The IDB’s role is to assist Latin America and the Caribbean countries to reduce poverty and inequality, and promote development in a sustainable, climate-friendly way. It was established in 1959 and since then there have been four presidents. Moreno’s predecessors were Felipe Herrera of Chile (1960 to 1971); Antonio Ortiz Mena of Mexico (1971 to 1987); and Enrique V. Iglesias of Uruguay (1988 to 2005).