Goldfein was elected President of the Islamic Development Bank | Support for Argentina, which withdrew Todesca’s candidacy

Brazilian economist Ilan Goldfein was elected on Sunday as the new president of the Inter-American Development Bank (IDB), for a five-year term, during the extraordinary meeting of the entity’s Board of Governors held in Washington, with virtual presence and face-to-face presence of delegations, the agency said in a statement.

Goldfajn, former head of the Central Bank of Brazil and current director of the Western Hemisphere Department at the International Monetary Fund (IMF), was elected after a crucial agreement between the United States, Canada, Brazil and Argentina, which withdrew Cecilia’s candidacy. Todesca, and negotiated to keep three positions in the new administration: Vice President of Sectors, Infrastructure Management and a new Institute for Gender and Equality. Goldfajn was nominated by the President of Brazil, Jair Bolsonaro, and was not contested by the President-elect, Luiz Inacio Lula Da Silva.

The Islamic Development Bank indicated that Goldfajn will manage the operations and management of the bank, which works with the public sector in Latin America and the Caribbean. In addition, he will chair the Executive Board of the Islamic Development Bank and the Executive Board of the International Development Investment Bank, which works with the private sector in the region. The start date of his duties is scheduled to start on December 19 of this year.

Goldfajn received 80 percent of the vote, compared to 9.9 percent for Nicolas Izaguirre of Chile, 8.2 percent for Gerardo Esquivel of Mexico, and 1.6 percent for Gerard Johnson of Trinidad and Tobago. Goldfajn also had the backing of 17 governments, more than the 15 needed to win, from a 28-country group that includes the bank’s regional borrowers plus the United States and Canada.

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Support from President Joe Biden’s administration was crucial, as the United States controlled 30 percent of the bank’s voting shares, nearly three times the amount held by second-placed Brazil and Argentina. The five candidates who were interviewed for the position with representatives of member governments of the Islamic Development Bank, made presentations and answered questions, a week ago.

The Islamic Development Bank is the main source of financing for the development of Latin America and the Caribbean through loans, grants and technical assistance; It also conducts extensive research, prioritizing social inclusion and equity, productivity and innovation, and regional economic integration in its development work throughout Latin America and the Caribbean.

Goldfajn, former head of the Central Bank of Brazil and current director of the Western Hemisphere Department of the International Monetary Fund (IMF), was proposed by the President of Brazil, Jair Bolsonaro, and the president-elect endorsed his candidacy. Luiz Inacio Lula da Silva.

Goldfajn said his priorities for the foundation would be “fighting inequality and improving food production and supplies; building countries’ resilience to the effects of climate change and helping fossil fuel producers make a responsible transition to renewable fuels; and investing in physical and digital infrastructure to attract private capital and innovation.”

The new head of the Islamic Development Bank will replace the American Mauricio Claver-Carone, who was dismissed by the Board of Governors on September 26, after an investigation concluded that he had given preferential treatment to a subordinate with whom he had a romantic relationship.

Goldfajn will be the seventh President of the Islamic Development Bank. Chacón Aye (2022) is devoured by Reina Irene Mejía; Mauricio Claver-Carone (2020-2022); Luis Alberto Moreno (2005-2020); Enrique F. Iglesias (1988-2005); Antonio Ortiz Mina (1971-1988); and Felipe Herrera (1960-1971).

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