- The Inter-American Development Bank’s Next President Should Advance Rule of Law, Free Markets
The Trump administration recently announced its intention to nominate Mauricio J. Claver-Carone for the presidency of the Inter-American Development Bank Group, a Washington-based regional development bank that has a $97 billion loans portfolio across Latin America. Claver-Carone currently serves as the deputy assistant to the president and senior director for Western Hemisphere affairs at the National Security Council. Treasury Secretary Steven Mnuchin noted that “the [Inter-American Development Bank] is at a critical juncture as the region faces growing challenges to economic growth and sustainable development, particularly in light of the global pandemic.” If approved by member states, Claver-Carone would replace Luis Alberto Moreno, a Colombian diplomat who has been at the development bank’s helm since 2005. Development assistance through the Inter-American Development Bank has been an important part of America’s economic engagement with the region. It has long been in the U.S.’s interest to exercise strong, effective leadership to ensure the success of regional development assistance and to hold the bank accountable for its development practices. The mission of the Inter-American Development Bank is to encourage economic development and poverty reduction by advancing economic freedom. It ensures that dynamic and inclusive growth can occur for a greater number of ordinary people. Economic freedom, cultivated and enhanced by the rule of law, limited government, regulatory efficiency, and market openness, is critical to generating the widespread economic dynamism that brings more opportunities for people to work, produce, and save.