May 31, 2005
JS-2480

Statement of Treasury Secretary John W. Snow on the announced departure of Enrique V. Iglesias, President of the Inter-American Development Bank

With today's announcement that Enrique V. Iglesias intends to depart as President of the Inter-American Development Bank, I wanted to be among the first to praise him for the important contributions he has made to the international financial system and in leading development policy in the Americas. 

It would be difficult to overstate the contribution that Enrique has made to the Inter-American Development Bank and to economic development in Latin American and Caribbean nations over the last eighteen years.  The Bank, which now has over $100 billion in capital thanks to Enrique's leadership, remains the main source of multilateral development financing for the region.  It has provided critical financial support and policy advice to emerging markets and poor countries in the region, helping them to increase productivity, raise economic growth and lift millions out of poverty.  We are deeply indebted to Enrique for his visionary leadership and prodigious achievements over nearly two decades, and congratulate him on his new appointment the First Secretary General of the Ibero-American Summit.  In this prestigious new role, I have no doubt that he will continue to serve with distinction to further our common interests in the hemisphere. 

The process now begins for selecting President Iglesias' successor.  I look forward to discussing with my fellow Governors from Latin American and the Caribbean, and other shareholders, the outstanding candidates who might be interested in serving as the next President of the IDB.