Colombia's Moreno re-elected IDB president

14:33, July 07, 2010      

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Former Colombian diplomat Luis Alberto Moreno was reelected Tuesday as president of the Inter-American Development Bank (IDB).

The election was held at a special meeting of the Board of Governors at the IDB's headquarters in Washington, D.C., according to reports reaching here. Moreno was the only candidate for the post and was supported by 35 of the 48 members of the IDB.

The former Colombian ambassador to the United States will begin his new five-year term beginning Oct. 1.

As IDB president, he also serves as chairman of the Executive Board of the Inter American Corporation of Investments (CII) and chairman of the Donors Committee of the Multilateral Fund of Investments (FOMIN).

His first term began in 2005 when the IDB expanded its capital to 70 billion U.S. dollars, to boost the reconstruction for quake-hit Haiti and alleviate the debt of the poorest countries.

The IDB, founded in 1959, is the largest source of financing for the development in Latin America and the Caribbeans.

Moreno, the fourth IDB president, was preceeded by Chile's Felipe Herrera (1960-1971), Mexico's Antonio Ortiz Mena (1971-1987) and Uruguay's Enrique V. Iglesias (1988-2005).



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