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☆ Top development banks, funds set up 'debt-for-nature' task force
▼ + stars: | 2023-12-04 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

[1/2] Fishermen go out to sea after Ecuador's goverment expanded the protected marine area around the Galapagos Islands, Ecuador January 24, 2022. REUTERS/Santiago Arcos Acquire Licensing RightsLONDON, Dec 4 (Reuters) - A consortium of top multilateral development banks (MDB) and climate funds launched a global "task force" on Monday to scale up the number and size of 'debt-for-nature' swaps that countries can do. It will initially be led by the Inter-American Development Bank (IDB) and the U.S. International Development Finance Corporation (DFC), lenders which between them have been involved in all the recent swaps, also including Barbados and Gabon. The Asian Development Bank, the African Development Bank, France's Agence Française de Développement, and the European Investment Bank will also be part of the task force, as well as the Green Climate Fund and the Global Environment Facility. Development banks play a particularly important role in debt-for-nature swaps because they provide the credit guarantees and/or political risk insurance that make them viable.

Persons: goverment, Santiago Arcos, Ilan Goldfajn, Scott Nathan, Marc Jones, Kirsten Donovan Organizations: REUTERS, Santiago, Reuters, Inter, American Development Bank, U.S . International Development Finance Corporation, Asian Development Bank, African Development Bank, France's Agence Française, European Investment Bank, Climate Fund, Global, Thomson Locations: Ecuador, Belize, Barbados, Gabon

☆ Exclusive: World's top MDBs to launch debt-for-nature swap 'task force' - sources
▼ + stars: | 2023-11-30 | by ( Marc Jones | ) www.reuters.com time to read: +4 min

The task force creation is the most significant step so far in showing that the global club of multilateral lenders, which between them have trillions of dollars worth of firepower, will significantly ramp up their support for these deals. Four sources involved in the plans, which are expected to be announced at the COP summit's 'finance day' on Monday, say the group will formally be called the "Task Force on Sustainability-linked Sovereign Financing for Nature and Climate". It will initially be chaired by the Inter-American Development Bank (IDB) and U.S. government's Development Finance Institution (DFC), said three of the sources with direct knowledge of the matter. Both lenders have been involved in all the recent swaps which have also included Barbados and Gabon. At their simplest, the swaps work by buying up a country's bonds, often at a discount, and then replacing them with cheaper eco-labelled ones that come with the special MDB guarantees.

Persons: Chico Mendes, Amanda Perobelli, MDBs, Marc Jones, Christina Fincher Organizations: Chico, Chico Mendes Institute for Biodiversity Conservation, Institute for, Environment, Resources, REUTERS, Reuters, Force, Sustainability, Nature, Inter, American Development Bank, government's Development Finance, World Bank, European Investment Bank, Development Bank, Asian Development Bank, ADB, Infrastructure Development Bank, Reuters Graphics, Conservancy, Thomson Locations: Pocone, Mato Grosso, Brazil, Belize, Barbados, Gabon, Beijing, U.S, Sri Lanka, Zambia, Kenya, Tanzania, Colombia, Ecuador

☆ Global leaders react to Milei's Argentina victory
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +4 min

ARGENTINE PRESIDENT ALBERTO FERNANDEZ"I am a man of democracy, and I value nothing more than the popular verdict. I trust that tomorrow we can start working with Javier Milei to guarantee an orderly transition." FORMER ARGENTINA PRESIDENT MAURICIO MACRI"I congratulate Javier Milei for bravely representing the will to advance and prosper that lives in the hearts of Argentines. WHITE HOUSE NATIONAL SECURITY ADVISOR JAKE SULLIVAN"I congratulate Javier Milei on his election as president of Argentina and to the people of Argentina for holding free and fair elections. FORMER U.S. PRESIDENT DONALD TRUMP"Congratulations to Javier Milei on a great race for president of Argentina.

Persons: Javier Milei, ALBERTO FERNANDEZ, MAURICIO MACRI, JAKE SULLIVAN, DONALD TRUMP, ILAN GOLDFAJN, LUIZ INACIO LULA DA SILVA, SANTIAGO PENA, GUSTAVO PETRO, Milei, GABRIEL BORIC, Sergio Massa, LUIS LACALLE POU, DINA BOLUARTE'S, JAIR BOLSONARO, Javier Milei's, ARGENTINA DMITRY FEOKTISTOV, Brendan O'Boyle, Lidia Kelly, Chris Reese Organizations: ARGENTINE, IDB, PARAGUAYAN, America, URUGUAYAN, Thomson Locations: ARGENTINA, Argentina, Argentine, Colombia, Chile, Peru, Argentine Republic, South America, United States, Brazil, RUSSIAN, BRICS

☆ Yellen supports 'significant' capital increase for IDB's private sector arm
▼ + stars: | 2023-11-03 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

Yellen, who hosted a breakfast for leaders from the Americas Partnership for Economic Prosperity before a White House summit, said Treasury strongly supported efforts by IDB President Ilan Goldfajn to reform the regional development bank's private sector arm, IDB Invest, and backed a capital increase for it. "My team at Treasury is working closely with President (Ilan) Goldfajn and IDB Group shareholders to define the policy reforms and financial scenarios that would enable a significant capital increase for IDB Invest," she said. Yellen told an IDB conference on Thursday that additional capital would help increase IDB Invest's impact and ability to better mobilize private capital to the region, as APEP partners work to shift supply chains away from China and expand "nearshoring" options closer to home. Yellen also said on Thursday that the "originate-to-share" approach adopted by IDB Invest CEO James Scriven was pioneering a new way for multilateral development banks (MDBs) to leverage private sector capital, an innovation being closely watched by others. The move by IDB follows efforts by China to increase its influence in Latin America, through increased direct lending to Latin American governments and boosting trade ties to resource-rich South American countries.

Persons: Janet Yellen, Ilan Goldfajn, Ilan, Goldfajn, Yellen, James Scriven, Andrea Shalal, Christina Fincher, Paul Simao Organizations: . Treasury, Inter, American Development Bank, Americas, Economic Prosperity, Treasury, IDB Invest, IDB Group, IDB, Thomson Locations: United States, America, Caribbean, Washington, U.S, Latin America, China, Mexico

WASHINGTON (AP) — Treasury Secretary Janet Yellen wants Latin America to trade more with the United States as part of an initiative that so far has failed to disrupt China’s dominance in global manufacturing. The Inter-American Development Bank, which is the biggest multilateral lender to Latin America, would support new projects through grants, lending and new programs. But if you’re not involved, this opens the door for anybody” to invest in Latin America. Latin America will be a region of increased focus in the next year, as Brazil takes the presidency of the Group of 20 international forum. A Treasury official told the AP that Yellen will be traveling frequently to South America and Latin America over the next year, due to Brazil's G-20 presidency.

Persons: Janet Yellen, Yellen, ” Yellen, Ilan Goldfajn, you’re, ” Organizations: WASHINGTON, —, Inter, American Development Bank, Partnership, Economic Prosperity, ’, White, “, Boston University Global Development, El, Associated Press, Treasury Department, Treasury, AP Locations: America, United States, U.S, Caribbean, Peru, Chile, Ecuador, Uruguay, Dominican Republic, Costa Rica, China, South America, American, Honduras, Taiwan, El Salvador, Nicaragua, Panama, Brazil, Latin America

☆ Congested Bogota Secures $415 Million IDB Credit for Second Metro Line
▼ + stars: | 2023-11-01 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

BOGOTA (Reuters) - The board of directors of the Inter-American Development Bank (IDB) on Wednesday approved a $415 million credit line, with an initial disbursement of $50 million, to finance Bogota's second metro line, the Colombian capital's mayor said. The underground Line 2 will connect to the city's west, said Mayor Claudia Lopez, who finishes her term this year after overseeing initial construction on Bogota's long-awaited first metro line. At a price tag of 34.9 trillion Colombian pesos ($8.5 billion), Line 2 is expected to benefit nearly 2.5 million inhabitants and stretch 15.5 kilometers (9.63 miles) connecting 11 stations. Line 1, currently being constructed by Chinese companies Harbor Engineering Company and Xi'an Metro Co., extends 23.9 kilometers overground - despite opposition by President Gustavo Petro, who wanted part of the line to be constructed underground. The metro is considered critical to reducing the chaotic traffic in the capital of more than eight million residents and will complement the existing TransMilenio bus system.

Persons: Claudia Lopez, Lopez, Gustavo Petro, Luis Jaime Acosta, Sandra Maler Organizations: Inter, American Development Bank, Colombian capital's, European Investment Bank, Development Bank of Latin America, Harbor Engineering Company, Xi'an Metro Co Locations: BOGOTA, Colombian, Bogota, Xi'an

An aerial view shows trees as the sun rises at the Amazon rainforest in Manaus, Amazonas State, Brazil October 26, 2022. REUTERS/Bruno Kelly/File Photo Acquire Licensing RightsSANTIAGO DE COMPOSTELA, Spain, Sept 15 (Reuters) - The European Union on Friday threw its weight behind a plan to protect the Amazon rainforest, pledging to coordinate financial contributions from EU members and making sure the money was spent as intended under its Global Gateway investment scheme. On top of that, the EU will add an undisclosed amount to protect the forest from logging from the EU's Global Gateway scheme of investment in Latin America, where Amazon rainforest protection is one of the flagship projects. More than half of global destruction of old-growth tropical rainforests has taken place in the Amazon and bordering forests since 2002. Rainforests, in particular the Amazon, absorb vast amounts of carbon dioxide and are key in shaping the Earth's climate, making them vital to prevent climate change.

Persons: Bruno Kelly, Belén Carreño, Jan Strupczewski, Mark Potter Organizations: REUTERS, SANTIAGO DE, European Union, Friday, EU, Global, Team Europe, European Investment Bank, Inter, American Development Bank, Santiago de, Thomson Locations: Manaus, Amazonas State, Brazil, SANTIAGO, SANTIAGO DE COMPOSTELA, Spain, Italy, Sweden, France, Germany, Netherlands, Latin America, America, Santiago de Compostela, Santiago

☆ Argentina announces over $1 billion in credit from World Bank, IDB
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, June 28 (Reuters) - The World Bank and the Inter-American Development Bank (IDB) will provide Argentina with funds totaling over $1 billion, the South American nation's economy ministry said on Wednesday, adding these should go toward development and energy projects. The move comes as cash-strapped Argentina battles to rework its debts and comply with financing programs with other international financial bodies, such as a $44 billion loan program with the International Monetary Fund (IMF). Argentina's economy ministry said the World Bank was giving $900 million in financing for development projects in clean energy, health care and climate resilient infrastructure. The country, along with Uruguay, was also awarded with a $400 million credit program from IDB to improve the supplies at the Salto Grande Hydroelectric Complex and extend the facility's "useful" lifespan, the ministry added in another statement. Reporting by Nicolas Misculin and Carolina Pulice; Editing by Anthony Esposito and Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

Persons: Nicolas Misculin, Anthony Esposito, Sarah Morland Organizations: World Bank, Inter, American Development Bank, International Monetary Fund, IDB, Thomson Locations: BUENOS AIRES, Argentina, Uruguay, Salto, Carolina

☆ Argentina announces over $1 bln in credit from World Bank, IDB
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, June 28 (Reuters) - The World Bank and the Inter-American Development Bank (IDB) will provide Argentina with funds totaling over $1 billion, the South American nation's economy ministry said on Wednesday, adding these should go toward development and energy projects. Argentina's economy ministry said the World Bank was giving $900 million in financing for development projects in clean energy, health care and climate resilient infrastructure. The country, along with Uruguay, was also awarded with a $400 million credit program from IDB to improve the supplies at the Salto Grande Hydroelectric Complex and extend the facility's "useful" lifespan, the ministry added in another statement. The funds come as Argentina faces a major challenge to bring down a 100%-plus inflation rate, replenish scarce foreign currency reserves and alleviate social issues including four-in-ten people living in poverty. Reporting by Nicolas Misculin and Carolina Pulice; Editing by Anthony Esposito and Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

☆ Italian Design Brands shares rise on first day of trading
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: 1 min

MILAN, May 18 (Reuters) - Shares in Italy's Italian Design Brands (IDB) (IDB.MI), a hub of Italian furniture and lighting companies, jumped more than 3% on their Milan bourse debut on Thursday. At around 1000 GMT IDB's shares were up 3.3% from the fixed price set in its initial public offering. The group, which offered newly issued shares worth 70 million euros ($77 million), is aiming to use part of the IPO proceedings for new acquisitions. "We hope to bring in another company by year-end," IDB's Chief Executive Andrea Sasso told journalists. Citigroup and Equita acted as joint global coordinators and joint bookrunners for the IPO.

☆ Brazil's government takes measures to boost consumer and capital market credit
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +3 min

BRASILIA, April 20 (Reuters) - Brazil's government announced a package of 13 measures on Thursday to ease consumer access to credit and reduce associated costs in the capital and insurance markets, a move the new leftist administration hopes will boost investment and revitalize a slowing economy. Brazil's Secretary of Economic Reforms, Marcos Barbosa, said the measures aim to strengthen the credit market in the long term, paving the way for the country's capital market to become as robust or larger than the 5 trillion reais ($988 billion) banking market. The package includes a decree to allow the issuance of bonds with an income tax exemption for investments in sectors such as healthcare, education, and public security. The government also plans to introduce legislation to enhance safeguards for minority investors in the capital market against harm caused by unlawful actions of controlling shareholders and administrators. Finance Minister Fernando Haddad on Monday had indicated that the package would also feature a measure to lower revolving credit card rates.

☆ IDB Invest, Banco de Bogota announce $230 mln sustainability bond
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

March 17 (Reuters) - The private investment arm of the Inter-American Development Bank's parent group on Friday announced alongside Colombia's Banco de Bogota the issue of a sustainability bond worth $230 million funding social and climate projects. Sustainability bonds are a form of debt instrument in which the proceeds are used to finance or re-finance a combination of both green and social projects. Banco de Bogota will use the funds to finance a portfolio of micro, small and medium-sized enterprises led and owned by women, it added, as well as low-income and priority housing. The Washington-based Inter-American Development Bank, along with its subsidiaries, is among the top providers of development finance in Latin America. IDB Invest said the funds generated by the new sustainability bond will also be used to pay for green buildings, renewable energy, energy efficiency projects, circular economy and sustainable agriculture.

☆ LatAm has 'resilient' financial system, IDB president says after SVB collapse
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

PANAMA CITY, March 15 (Reuters) - Latin America has a "very resilient and well-managed" financial system, Inter-American Development Bank President Ilan Goldfajn said on Wednesday, following the collapse of Silicon Valley Bank, which has roiled markets. "We hope that we are prepared for what is coming in the region," Goldfajn added, speaking at an IDB meeting in Panama City. Stocks and currencies in the region tumbled on Wednesday as traders showed worries over the stability of Swiss lender Credit Suisse (CSGN.S) following the crash of Silicon Valley Bank, raising international fears of financial contagion. "We're going to learn a lot in coming weeks and months about how to get through this period," Goldfajn said. He added that IDB leaders would meet to discuss the development bank's macroeconomic outlook and the impact of inflation, as well as risks to the region's financial systems.

Today, there are 54 Hispanic American banks and credit unions that are FDIC or NCUA insured around the US. We selected Hispanic American-owned credit unions from the National Credit Union Administration's list of minority depository institutions which was also updated in September 2022. In our list of Hispanic American-owned banks and credit unions, many of the institutions listed offer customer support in Spanish and English. You can open up savings accounts, checking accounts, CDs, and money market accounts in most of the institutions listed. To help you learn more about a specific Hispanic American-owned bank or credit union, we've included links to reviews of individual institutions.

☆ Analysis: Ghana overhaul a test for $1 billion World Bank-backed debt
▼ + stars: | 2022-12-02 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +5 min

[1/3] A girl walks past a flag of Ghana outside the Cape Coast Castle, in Ghana, July 28, 2019. "If Ghana decides to use the guarantee, it has to pay back immediately to the World Bank," Mitu Gulati, a law professor at the University of Virginia and debt restructuring expert, said. "This is a highly protected instrument that was issued with the logic that Ghana would never default on the World Bank," Gulati said. Ghana 2030 bondIN OR OUT? Ghana has not yet said whether the 2030 issue will be part of its debt restructuring.

Summary poll dataBUENOS AIRES/MEXICO CITY, Nov 29 (Reuters) - Brazil stocks will rally by double-digits through end-2023, despite uncertainty about new government policies as President-elect Luiz Inacio Lula da Silva seeks to balance social priorities and budget constraints, a Reuters poll predicted. The benchmark Bovespa stock index (.BVSP) is set to rally 13% by end-2023 to 123,250 points from 108,976 points on Friday, according to the median estimate of 11 strategists polled Nov. 14-23. The Ibovespa (index) is still at a discount, awaiting government news," said Fernando Bresciani, research analyst at Andbank. Members of his transition group have voiced contrasting opinions on 2023 budget talks and the leadership race for the Inter-American Development Bank (IDB). Private economists in a central bank weekly poll projected an expansion rate of just 0.7%.

☆ Brazil's Goldfajn elected to replace ousted IDB president
▼ + stars: | 2022-11-20 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, Nov 20 (Reuters) - The Inter-American Development Bank (IDB) said on Sunday its board of governors has elected Brazil's Ilan Goldfajn as president of the financial institution, after Mauricio Claver-Carone, the first American to lead it, was ousted over ethics violations. Headquartered in Washington, the IDB is a key investor in Latin America and the Caribbean, responsible for $23.4 billion in financial commitments in 2021 and hundreds of infrastructure, health and tourism projects. In a statement, U.S. Treasury Secretary Janet Yellen congratulated Goldfajn and said the United States stands by the IDB as the region's premier development finance institution. "We are counting on President Goldfajn to lead this organization to be an engine of change and progress for our neighbors across Latin America and the Caribbean," Yellen said. Brazil's outgoing President Jair Bolsonaro nominated Goldfajn, the former president of the country's central bank and currently the head of the International Monetary Fund's Western Hemisphere department.

☆ Brazil's Goldfajn elected to replace ousted IDB president, sources say
▼ + stars: | 2022-11-20 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 20 (Reuters) - The governors of the Inter-American Development Bank (IDB) have elected Brazil's Ilan Goldfajn as president of the financial institution after Mauricio Claver-Carone, the first American to lead it, was ousted over ethics violations, two sources told Reuters. Headquartered in Washington, the IDB is a key investor in Latin America and the Caribbean, responsible for $23.4 billion in financial commitments in 2021 and hundreds of infrastructure, health and tourism projects. The scandalous ouster of Claver-Carone had made it more likely that the next candidate would hail from Latin America, following prior precedent. Brazil's outgoing President Jair Bolsonaro nominated Goldfajn, the former president of the country's central bank and currently the head of the International Monetary Fund's Western Hemisphere department. IDB shareholders have underscored the importance of rebuilding trust in the institution after Claver-Carone's rocky, nearly two-year tenure.

[1/2] FILE PHOTO:Brazilian President-elect Luiz Inacio Lula da Silva cries while speaking during a meeting with members of the government transition team in Brasilia, Brazil November 10, 2022. REUTERS/Ueslei Marcelino REUTERSBRASILIA, Nov 15 (Reuters) - A dust-up among aides to Brazil's president-elect over the country's choice to lead the Inter-American Development Bank (IDB) is fueling concern that hardcore leftists on his team are eclipsing the influence of more market-friendly moderates. As his transition team begins its work ahead of the Jan. 1 inauguration, investors are wondering which group will be more influential in steering the two-term former president's economic policy. His appointment as coordinator of Lula's transition team was seen as good news for those hoping for market-friendly policies. SEEKING TO PLEASEInvestor concern about Lula's economic plans has been growing since last week.

☆ Mexico president confirms nomination of cenbanker Esquivel for IDB chief
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 10 (Reuters) - Mexican President Andres Manuel Lopez Obrador confirmed on Thursday the nomination of Bank of Mexico Deputy Governor Gerardo Esquivel for the presidency of the Inter-American Development Bank (IDB), Latin America's main lending arm. "I promise to do my best in the process of running for the appointment," Esquivel said in a series of tweets on Thursday evening. Esquivel's term at the Bank of Mexico is currently set to end in December, though he could be asked to stay on. The former chief of the IDB, Mauricio Claver-Carone, was sacked in September after an investigation found he had had an intimate relationship with a subordinate. Reporting by Mexico City Newsroom; Additional reporting by Kylie Madry; editing by Cassandra Garrison and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico nominates central banker Esquivel for IDB presidency -sources
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY/WASHINGTON, Nov 9 (Reuters) - Mexico has nominated Mexican central bank board member Gerardo Esquivel for the presidency of the Inter-American Development Bank (IDB), four people familiar with the matter said on Wednesday. Headquartered in Washington, the IDB is a key investor in Latin America and the Caribbean. Esquivel, 56, is regarded as perhaps the most doveish member of the board of the Bank of Mexico (Banxico), and his term there is currently scheduled to conclude in December. Former IDB President Mauricio Claver-Carone, the only American president in the bank's history, was fired in September after an investigation showed he had an intimate relationship with a subordinate, Reuters exclusively reported. ET on Nov. 11, with the bank's governors to vote on the next president early on Nov. 20, an IDB official said.

☆ Petroecuador advancing in tender to appoint auditor
▼ + stars: | 2022-11-08 | by ( Alexandra Valencia | ) www.reuters.com time to read: +1 min

Talking to a local media outlet on Monday, Santos acknowledged Petroecuador is not audited by an international firm and its financial reporting does not comply with international standards. Petroecuador began a tendering process to appoint an auditor in August, it said. "As the process is financed with international cooperation funds, the hiring must follow the guidelines established by the international organization," the company added. Former Energy Minister Xavier Vera resigned at the end of October over a separate investigation into allegations that he took bribes in exchange for jobs at Petroecuador. Reporting by Alexandra Valencia Writing by Oliver Griffin Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil to nominate ex-central bank governor Goldfajn to run the Inter-American Development Bank
▼ + stars: | 2022-10-16 | by ( Marcela Ayres | ) www.reuters.com time to read: +2 min

BRASILIA, Oct 16 (Reuters) - Brazil plans to nominate former central bank governor Ilan Goldfajn to head the Inter-American Development Bank (IDB), a person familiar with the matter said on Sunday, as Latin America's largest economy seeks to secure its first presidency of the institution. The development bank will elect its next president on Nov. 20 after the ouster of Mauricio Claver-Carone in an ethics scandal. Currently head of the International Monetary Fund's Western Hemisphere department, Goldfajn led Brazil’s central bank under former President Michel Temer, before handing the reins to current chief Roberto Campos Neto in February 2019. Under Goldfajn’s tenure, the central bank began developing its Pix instant payment platform, which was launched under Campos Neto. After leaving the central bank, Goldfajn chaired the board of Credit Suisse in Brazil before joining the IMF.

Visitors walk past a screen with the logo of Banco Interamericano de Desarrollo (BID) at the Atlapa Convention Center in Panama City March 13, 2013. REUTERS/Carlos JassoMEXICO CITY, Sept 26 (Reuters) - The governors of the Inter-American Development Bank (IDB) voted on Monday to fire president Mauricio Claver-Carone, a person with knowledge of the vote said, after an investigation showed the only American president in the bank’s 62-year history had an intimate relationship with a subordinate. The senior-most body of Latin America's largest development bank began voting late on Thursday and reached the required quorum and majority vote just after midday on Monday, the source told Reuters, adding that nominations for Claver-Carone's replacement were expected begin as early as next week. Register now for FREE unlimited access to Reuters.com RegisterReporting by Cassandra Garrison in Mexico City and Andrea Shalal in WashingtonOur Standards: The Thomson Reuters Trust Principles.

Claver-Carone denied in an interview with Reuters on Monday that he ever had an intimate relationship with the staffer and said he was planning legal action against the bank. Cuban-American Claver-Carone was nominated for a five-year term then-President Donald Trump and took office in October 2020. He is planning legal action against the bank, he told Reuters. Claver-Carone told Reuters he did so because the phone contained confidential texts from world leadersHe said he felt let down by the U.S. government. "I've never felt so betrayed by my country," Claver-Carone told Reuters, saying he had never been told by the bank's legal counsel what to expect from the investigative process.

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