(No. 215 - July 7, 2010 - 12:05 p.m. ET) The Honourable Lawrence Cannon, Minister of Foreign Affairs, and the Honourable Peter Kent, Minister of State of Foreign Affairs (Americas), today offered their congratulations to Luis Alberto Moreno on his election to a second term as president of the Inter-American Development Bank.
“Today, the Inter-American Development Bank’s members have clearly expressed their confidence in Mr. Moreno’s leadership, and Canada shares that confidence,” said Minister Cannon. “In his first term, Mr. Moreno was instrumental in mobilizing Bank efforts to help the Americas mitigate the effects of the global economic and financial crisis. In his second term, we expect that Mr. Moreno will further focus the Bank’s efforts to consolidate economic recovery and growth in the hemisphere.”
“Mr. Moreno’s election to a second term as president of this important regional institution is very good news for the region and for Canada,” said Minister of State Kent. “Canada’s partnership with the Bank in delivering our common social and economic development objectives for the region has visibly strengthened under Mr. Moreno’s leadership. As we prepare to host the Bank’s 2011 annual general meeting in Calgary next March, Canada looks forward to celebrating that partnership.”
Mr. Moreno was first elected president of the Inter-American Development Bank in July 2005 and took office on October 1, 2005. His current, five-year term will expire on September 30, 2010, and his second term in 2015.
The IDB was established in 1959 and is now the largest multilateral lender in Latin America and the Caribbean. Its members recently agreed to add $70 billion to its capital and extend a comprehensive program of grants and debt relief to Haiti.
The Government of Canada has been a solid supporter of the Bank. At the height of the recent international financial crisis, Canada extended $4 billion in temporary, callable capital to boost the IDB’s ability to meet the region’s financing needs. Canada recently became the first IDB member to complete its portion of the Bank’s debt-relief program for Haiti.
For more information, please consult Canada’s partnership with the Inter-American Development Bank.
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