MercoPress. South Atlantic News Agency

Mercosur supports re-election of IADB president Moreno

IADB president Luis Alberto Moreno

Mercosur as a block and the country members have extended full support to the re-election of Colombia’s Luis Alberto Moreno as president of the Inter American Development bank, IADB.

A release from the Argentine Foreign Affairs ministry said that “Argentina, Brazil, Paraguay and Uruguay, member countries of Mercosur have decided to jointly grant their support to the re-election of Luis Alberto Moreno as president of the Inter American Development Bank”.

Mercosur countries “expect to work with Mr. Moreno in an agenda to strengthen the important role played by the IADB”, added the release from the Argentine Foreign Affairs ministry. Argentina currently holds the rotating chair of Mercosur until next July.

Established in 1959 IADB has become the main multilateral financial organization to promote development in Latinamerica and the Caribbean. A total of 48 countries are represented at IADB and in the last twelve months has approved loans and grants totalling 15.5 billion US dollars.