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Brazil to Back Moreno’s Re-Election as IDB Chief

May 18 (Bloomberg) -- Brazil Planning Minister Paulo Bernardo said his government supports the re-election of Luis Alberto Moreno as president of the Inter-American Development Bank.

Bernardo, speaking to reporters in Madrid alongside Moreno, said Brazil has been critical of the Washington-based bank’s management in the past though it believed the IDB had taken steps to improve its lending practices. He said the bank played a role in mitigating the impact of the global financial crisis on Latin America.

Moreno, a former Colombian ambassador to the U.S., was elected IDB president in 2005. His five-year term ends in October. He has not said whether he intends to seek re-election.

Brazil is the IDB’s second-biggest shareholder, after the U.S., with a 10 percent stake. The U.S. has a 30 percent voting share.

U.S. Treasury spokeswoman Natalie Wyeth declined to comment when asked whether the U.S. has taken a position on Moreno’s possible re-election.

The IDB’s board of governors in March agreed to a $70 billion capital increase, its largest in history, to support annual lending of $12 billion. The IDB approved a record $15.5 billion in loans last year.

The bank, the biggest infrastructure lender in Latin America, reported a nearly $1 billion loss in 2008 as a result of mark-to-market losses on mortgage and asset-backed securities.

To contact the reporter on this story: Charles Penty at cpenty@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net

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