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The IDB began the process to appoint the new president of the institution

The IDB began the process to appoint the new president of the institution

The president of the IDB is elected by the Board of Governors, where each of the 48 member countries is represented by its governor.

To be elected, “the candidate must obtain a majority of the voting power of the member countries,” and “the voting power varies according to the number of shares that each member country owns in the ordinary capital of the IDB.” Likewise, the winning candidate must also have the support of at least 15 of the 28 regional countries.

The president is elected for a period of five years, with the possibility of being re-elected only once.

In terms of voting power, the countries of Latin America and the Caribbean have more than 50% of the voting power; United States and Canada with 34%; while the European Union reaches a 15% share.

Under the leadership of Interim President Reina Irene Mejía, the IDB continues to function as normal in its mission to improve lives in its 26 borrowing countries.

“The IDB has a history of contributing to the progress and development of the region for more than six decades,” Mejia said.

“The IDB’s work is built on solid institutional foundations, high ethical values, and operational excellence. Our institution is now stronger and more committed to continuing to make a positive difference in people’s lives,” added the official. This Monday the IDB Board of Governors voted unanimously to dismiss Claver-Carone, after an investigation into an alleged romantic relationship with a subordinate found him responsible for violating ethics rules.

The 2020 nomination of Claver-Caroneby then President Donald Trump, generated a break in the history of the organization, since he was the first American to lead an institution traditionally chaired by a Latin American since its creation in 1959.

Source: Ambito

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