The Committee for the Board of Governors of the Inter-American Development Bank (IDB) met this week in Washington, DC to review a series of proposed institutional reforms.

The Board of Governors is the IDB’s top policymaking body. Its members are finance ministers, central bank presidents or senior officials of the IDB's 48 member countries.

"The reforms we are promoting seek to consolidate our private sector activities, preserve our financial strength and modernize our corporate governance," said IDB President Luis Alberto Moreno. "Their ultimate goal is to better serve our member countries as they face new challenges and opportunities."

The governors commended IDB management for the progress achieved on the proposal to consolidate the activities of the private sector since their last meeting, held in March in Bahia, Brazil. The goal of the consolidation is to maximize the impact and the efficient use of the IDB’s resources and to strengthen its capacity to promote development through the private sector.

The governors reiterated their interest in taking up final proposals for the consolidation when they convene in March 2015 in Busan, Korea, site of the IDB’s next annual meeting.

Complying with criteria set out in another resolution approved last March, governors also agreed on a series of modifications to the rules for electing the president of the IDB, with a view to updating the institution’s corporate governance.

Lastly, the governors analyzed measures proposed by management to maintain the IDB’s financial strength. The proposals, which will be put to an electronic vote by member countries, seek to preserve its AAA credit rating and to adopt buffers to ensure it retains its lending capacity even in times of stress.