Brazilian economist Ilan Goldfajn has been elected President of the Inter-American Development Bank (IDB). The current director of the International Monetary Fund for the Western Hemisphere, Goldfajn will take office on December 19 and his term will last for the next five years.
Goldfajn, 56, succeeds Mauricio Claver-Carone, who was fired in late September after an investigation revealed he was in a romantic relationship with a female colleague.
The Washington-based financial institution is traditionally led by a Latin American, but former US President Donald Trump’s administration broke precedent by putting its nominee, Claver-Carone, in the presidential chair.
Claver-Carone was an advisor to Trump, a fact that, according to the former IDB chief, weighted heavy on the current administration’s approach to his destitution.
Ilan Goldfajn Elected IDB President
Nominated by Brazil, Goldfajn was elected president of the IDB during a Special Meeting of the Bank’s Board of Governors and will take office for a five-year term.
Learn more in our press release
— Inter-American Development Bank (@the_IDB) November 20, 2022
The United States, which has a 30% voting share in the bank, welcomed Goldfajn’s election. Treasury Secretary Janet Yellen stated in a press release that the US country expects the Brazilian economist “to lead this organization to be an engine of change and progress” for the entire region.
The IDB is the main source of credit for 28 countries in Latin America and the Caribbean. In the past year alone, it has committed to lending more than US$23 billion.
Born in Haifa, Israel, Goldfajn is a naturalized Brazilian with extensive experience in the banking sector. He served as Chief Economist at Itaú, the largest private bank in Latin America.
Goldfajn received his PhD from the Massachusetts Institute of Technology (MIT) after earning a master’s degree from the Pontifical Catholic University (PUC) in Rio de Janeiro.