Mauricio Claver-Carone to assume IADB presidency
Mauricio Claver-Carone will begin his tenure as President of the Inter-American Development Bank (IADB) today after being elected in early September.
Though Brazil and Colombia supported him as a candidate, the US nominee was a controversial choice for other member states. Historically, the IADB presidency has been filled by a Latin American representative with the vice-presidency reserved for a US nominee. As a Cuban-American, Claver-Carone brought an end to this tradition, leading to objections from Argentina, Costa Rica and Mexico.
Moving forward, Claver-Carone has pledged to reform the IADB by bettering its operations and expanding its inclusiveness. By doing so, he hopes to compete with China’s development assistance, particularly to Latin America. To make the bank more competitive, the new IADB president has proposed a capital increase, allowing it to contribute more to economic recovery or infrastructural projects.
While Claver-Carone’s goal is ambitious, the IADB is not likely to compete with Chinese investment in the short-term. Instead, expect IADB member states to view the organisation’s contributions as a supplement to Chinese funding that can be used toward emergency COVID-19 assistance.
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