IDB Pushes Private Sector

Sep 1, 2007

Repositioning the IDB to better address private sector needs is underway. IDB president Luis Alberto Moreno must produce results quickly to validate his vision.

The Washington DC headquarters of the Inter-American Development Bank (IDB) feel like a different place two years after Luis Alberto Moreno took the helm as president. There is less apathy and a tangible sense of industriousness as Moreno starts to deliver on his pledge to make the multilateral more relevant.

In Latin America, where the private sector has usurped the public sector as the driver of economic productivity, multilaterals from the IMF down have struggled to find a purpose. The IDB began in July the shift from a loosely affiliated group of three financial institutions to a streamlined matrix structure more typical of private sector banks. Moreno introduced a hierarchical structure, with an executive vice presidency and four vice presidents cementing a model that is less centralized. "We need to have a change of culture in the bank, and in a related way more accountability within the institution," Moreno tells...

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