Business

Luis Alberto Moreno was re-elected president of the Inter-American Development Bank (IDB) for a second five-year term, which officially begins October 1.

As president of the bank, Moreno also serves as chairman of the Board of Executive Directors of the Inter-American Investment Corporation and chairman of the Donors' Committee of the Multilateral Invest-ment Fund.

To be elected president, a candidate must receive majority votes from IDB-member countries, as well as an absolute majority of the governors of the 28 regional members, which includes the 26 borrowing-member countries, plus Canada and the United States. The IDB has a total of 48 member countries.

Moreno, a former minister and Colombian ambassador to the United States, is the fourth president of the IDB in its 51-year history.

His predecessors were Felipe Herrera of Chile, who served 1960-71; Antonio Ortiz Mena of Mexico, 1971-87; and Enrique V. Iglesias of Uruguay, 1988-2005.

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