Bank picks Brazil’s Ilan Goldfajn as next president

Governments from Latin America, the Caribbean and the U.S. chose Brazil’s Ilan Goldfajn to become the next chief of the Inter-American Development Bank, a key financial institution for the region and one of its most coveted jobs.

Goldfajn, 56, the current Western Hemisphere director of the International Monetary Fund, was elected for a five-year term during a meeting Sunday of finance ministers and other officials of member nations, with most participating virtually from capitals across the Americas, the IDB said in a statement.

The election came after Argentina withdrew its candidate to back Goldfajn, according to people familiar with the proceedings, who asked not to be identified because the discussions were private.