SAO PAULO, SP (Volhabres) – Next Sunday (20), the 48 member states of the Inter-American Development Bank (IDB) will elect the new president of the institution.
Among the candidates is Ilan Goldfein, former head of the Central Bank in the Michel Temer administration (2016-2018), who was nominated by the government of Jair Bolsonaro (PL) and was opposed by some members of the Labor Party.
The Brazilian has never led the foundation since its inception.
The Islamic Development Bank was established in 1959 at the initiative of some Latin American countries led by Brazil, during the government of Juscelino Kubitschek (1956-1961).
It was an attempt to create a multilateral organization in which the region could have a greater voice than institutions such as the World Bank and the International Monetary Fund, where the United States and Europeans usually have more influence.
Currently, the Islamic Development Bank includes among its members 28 countries in the Americas, 16 European countries, such as Germany, the United Kingdom and France, and 4 Asian countries (China, Japan, Israel and South Korea).
The United States is the country with the highest voting power at 30%, followed by Brazil and Argentina at 11.4%.
According to the foundation, the head of the Islamic Development Bank is responsible for the day-to-day running of the business and managing its operations and management. He is elected by the Board of Governors, and presides over sessions of the Executive Board, but does not vote, except in the event of a tie. Each member state appoints a governor, usually the minister of finance or economy.
To be elected, a candidate for president needs the support of states that account for more than 50% of the voting rights and also a majority among America’s members.
Brazil is currently represented on the Bank’s Executive Board, in a position it shares with Suriname, held by Martha Cellier, who until May of this year headed the Special Secretariat for the Investment Partnerships Programme.
The Foundation is the largest and oldest regional multilateral development bank in the world. It finances projects related to economic, social and institutional development in Latin America and the Caribbean.
Its resources come from the 48 member states and its funding comes from financial markets, among other sources. Brazil is one of the countries with the highest participation among funded projects, serving the federal government, states and municipalities.
In November 2022, approximately 30 billion US dollars are planned for projects that are being prepared or implemented in Brazil. Among them, programs to boost bioeconomy businesses in the Amazon, education expansion in Florianópolis (SC), road investments in the state of São Paulo, sustainable livestock in Mato Grosso, as well as a series of federal actions.
The foundation is headquartered in Washington (USA), representations are in 26 member countries in Latin America and the Caribbean, as well as offices in Madrid (Spain) and Tokyo (Japan).
IDB (Inter-American Development Bank)
Founded in 1959
Its resources come from its 48 member states and its funding comes from financial markets, among other sources
The voting power is commensurate with the subscribed capital of the state
– The United States is the country with the highest voting power in the institution, 30%,
Brazil and Argentina both have 11.4%
Each member state appoints a governor, usually the minister of finance or economy
Member States
Germany, Argentina, Austria, Bahamas, Barbados, Belgium, Belize, Bolivia, Brazil, Canada, Chile, China, Colombia, Costa Rica, Croatia, Denmark, El Salvador, Ecuador, Slovenia, Spain, United States, Finland, France, Guatemala, Guyana, Haiti, Honduras, Israel, Italy, Jamaica, Japan, Mexico, Nicaragua, Norway, Netherlands, Panama, Paraguay, Peru, Portugal, United Kingdom, Republic of Korea, Dominican Republic, Sweden, Switzerland, Suriname, Trinidad and Tobago, Uruguay and Venezuela
President of the Islamic Development Bank
Elected by the Board of Governors
Responsible for the daily running
– In the sessions of the Executive Council, no vote is made except in the case of a tie
Source: IDB (Inter-American Development Bank)
Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.