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U.S. Treasury Secretary Hails Election of New IDB President

Snow welcomes Moreno as new head of Inter-American Development Bank

Posted: July 27, 2005


Colombian diplomat and former minister of economic development Luis Alberto Moreno was elected president of the Inter-American Development Bank during a special meeting of the Bank’s Board of Governors, July 27, 2005, at IDB headquarters in Washington, D.C.
U.S. Treasury Secretary John Snow has offered his congratulations to Colombian diplomat Luis Alberto Moreno on his election to the presidency of the Inter-American Development Bank (IDB).

In a statement issued July 27, Snow said that the United States "looks forward to working with [Moreno] in continuing the IDB's important role in the region, and in the process of improving the bank's effectiveness in meeting the region's needs." Moreno has served as Colombia's ambassador to the United States since 1998, but now will relinquish that post.

Amb. Moreno will take office on October 1, 2005 for a five-year term. He will succeed Enrique V. Iglesias, who resigned his post on May 31. The president oversees operations of the IDB Group, which is made up of the Bank and its affiliates, the Inter-American Investment Corporation and the Multilateral Investment Fund.

Following is the text of Snow's statement:

(begin text)

U.S. DEPARTMENT OF THE TREASURY
Washington, D.C.
FOR IMMEDIATE RELEASE
July 27, 2005

STATEMENT OF TREASURY SECRETARY JOHN W. SNOW ON THE ELECTION OF LUIS ALBERTO MORENO TO BECOME PRESIDENT OF THE INTER-AMERICAN DEVELOPMENT BANK

I strongly congratulate Ambassador Moreno on his election to the presidency of the Inter-American Development Bank. The United States looks forward to working with him in continuing the IDB's important role in the region, and in the process of improving the Bank's effectiveness in meeting the region's challenges.

The role of the Inter-American Development Bank is evolving, as economic stability and strong growth become the norm in many important countries. The private sector has emerged as the primary driver of economic growth, and the IDB needs to help unleash the power of the region's entrepreneurs. We look forward to working with President Moreno, and the member countries of the region and beyond, to develop a focused and effective policy agenda, based on achieving results and development effectiveness, to propel the Bank forward to meet the region's critical need for economic development and prosperity.

(end text)

 
 

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