"My vision is to build on the Bank's legacy to ensure that the IDB is the most important multilateral development institution for Latin America and the Caribbean," said Goldfajn. "We must be the most reliable partner in the region. A center of expertise and knowledge. A model of innovative solutions to our region's challenges".

Government representatives and members of the diplomatic community, multilateral financial institutions, academic institutions, think tanks and the private sector attended the speech at the Bank's Washington headquarters.

Goldfajn identified social issues, climate change and investing more in sustainable physical and digital infrastructure that will boost regional integration and productivity as priority areas for his administration.

He pledged to "seize every opportunity for dialogue" and collaboration between governments, private sector partners, academia and civil society to help address pressing issues in Latin America and the Caribbean, and attract private capital.

He said that "at this time of global polarization and uncertainty, our future does not depend on confrontation, but on collaboration".

He also stressed that the people of Latin America and the Caribbean "deserve better jobs, safer streets, quality health care, faster internet, better public services, better infrastructure and other essentials of life to which they rightly aspire, and yes, a sense of hope for the future".

"I can think of no institution that can better help the region realize that hope than the IDB", he said.

Goldfajn believes that Latin America and the Caribbean can contribute to solving some of the world's biggest challenges, such as food insecurity and the need for clean energy.

He said that producing more clean energy would not only benefit the region, but would help the world meet the Paris climate goals. The IDB's Amazon Initiative will help the world protect biodiversity and address global warming.

"When we help countries reduce trade and transportation costs", he said, "we reduce the price of food, and alleviate food insecurity in the region and the world".

Priority areas for the IDB

Goldfajn said social issues will be a priority area for the Bank's work, including poverty, inequality in various dimensions, health needs and food insecurity.

Before the pandemic, the income levels of the top and bottom 10% of the population in Latin America and the Caribbean were twice as unequal as in similarly developed countries. Two hundred million people are poor and 60 million go hungry, he said.

In addressing climate change, Goldfajn said that the IDB will strive to facilitate investment in climate mitigation and adaptation, and be ambitious in helping countries meet their Paris Agreement targets.

The region currently experiences three times more destructive climate events per decade than 50 years ago. These events cause ten times more economic damage. "We must be more responsive, agile and creative in dealing with them", he said.

A third priority is to invest more in sustainable physical and digital infrastructure to boost regional integration. Between 2008 and 2017, Latin America and the Caribbean spent only 2.8% of GDP on infrastructure, half as much as countries in East Asia and the Pacific.

Goldfajn said he will strive to ensure that IDB projects deliver more effective results, with his work driven by data and evidence. In 2021, only 53% of IDB projects with project completion reports received a positive rating from the IDB's Office of Evaluation and Oversight. "We can do better", he said.

"What really matters is not just how many loans we approve or even how much money we lend", he said. "What is paramount is tangible, measurable development impact".

Another key to achieving the vision is to continue to grow private sector operations. To this end, progress will be made on IDB Invest and IDB Lab reforms to unleash their great potential. These would have an effective impact on development and provide public goods throughout the region, he said.

In addition, he pledged to promote a new approach, making the IDB more collaborative, both within the IDB Group and among partners and stakeholders.

Staff must "feel encouraged and empowered to co-create a better Bank that exceeds our development effectiveness goals", he said.

"The IDB's challenges and the region's big problems were not created overnight. We will not solve them overnight. I ask for patience and persistence. But today we have an incredible opportunity to raise expectations for the future and create hope from the ground up", Goldfajn said.

Earlier, the president outlined his priorities in a closed-door speech to IDB staff, in which he pledged to foster an environment of openness and trust. "I will appeal to the hopes and aspirations of our people, not their fears", he said.