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Development Bank Re-Elects Leader

November 3, 1997

WASHINGTON (AP) _ Enrique V. Iglesias was re-elected to a third five-year term Monday as president of the Inter-American Development Bank, which makes loans to Latin America and the Caribbean.

Iglesias, 66, former Uruguayan foreign minister, was nominated by Brazil and seconded by the United States and Colombia. His new term begins April 1, 1998.

Under Iglesias’ leadership, annual bank lending has increased from $1.6 billion to $6.7 billion.

The international financial institution was established in 1959 to help accelerate economic and social development in Latin America and the Caribbean. It has 28 members in the Western Hemisphere and 18 outside the region. Europe, Asia and Africa also have regional development banks.

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