First plenary session of IDB’s annual meeting elects new president

The Board of Governors, who are gathered in Punta Cana and the bank’s highest authority, unanimously chose Vicente to take over from the outgoing chairperson, Héctor Alexander, Panama’s Minister of Economy and Finance. Vicente said in a speech after accepting the post that he hopes the decisions taken at the bank’s annual meeting will bring “greater regional integrity, more opportunities for inclusive growth” and contribute to a “reduction of inequality.” The IDB, the minister stressed, has been a “faithful ally” of the region and has played a “key role in consolidating the implementation of public policies.” For his part, Alexander wished his colleague success and said that it is necessary to find coordination mechanisms between multilaterals so that the obstacles they face become opportunities for development. Dominican Republic President Luis Abinader later opened the meeting’s first plenary session and emphasized the need to invest “public and private” resources in projects that can help the Caribbean region face the ravages caused by climate change. “We are facing increasingly powerful, more irregular meteorological phenomena in increasing frequency that cause damage in key sectors such as energy and agriculture,” the politician said during his speech at the session.

In this regard, Abinader explained that it is crucial that institutions such as the IDB promote regional integration. “We are aware that the social and economic progress of our countries is achieved more quickly and safely through cooperation,” he said. IDB President Ilan Goldfajn described the Dominican Republic as a model to follow, which has grown “at levels consistent with sound economic policies and attractive for foreign investors.” He highlighted some of the bank’s projects in the country such as the reconstruction of more than 1,000 bridges and roads between 2016 and 2022, representing $700 million in damages that affected the country’s productivity. For this reason, he insisted on a recurring message during the annual assembly, which he considers a “turning point in the region.” Goldfajn said that the IDB Group must become “a bigger and better institution,” capable of accommodating the region’s need for financing and investment, while at the same time promoting sectors such as food security, renewable energies, and the protection of areas of high biodiversity value such as the Amazon. The plenary sessions will continue until Sunday, March 10, when the agreements reached by the governors to define the entity’s new strategy, the reform of the IDB Invest business model, and the plan to promote the bank’s innovation body, IDB Lab, are to be announced. EFE aaca-jmp/enb/lap