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Colombian Diplomat to Head Development Bank

The Inter-American Development Bank has elected Colombia's ambassador to the United States, Luis Alberto Moreno, as the bank's new president.

Mr. Moreno will take over in October for Enrique Iglesias, who is retiring after 17 years as the head of the key development bank for Latin America and the Caribbean.

U.S. Treasury Secretary John Snow welcomed the election of Mr. Moreno Wednesday. He said he looks forward to working with the Colombian diplomat and member states to help the bank meet the region's critical need for economic development and prosperity.

Some information for this report provided by AFP and Reuters.