Nominated by Brazil, Goldfajn will take office on december 19, 2022 for a five-year term.

As president, Goldfajn will oversee the operations and management of the Bank, which works with the public sector in Latin America and the Caribbean. In addition, he will chair the IDB's Board of Executive Directors and the Board of Executive Directors of IDB Invest, which works with the region's private sector. The president will also lead the Donors Committee of IDB Lab, the Bank's laboratory for innovative development projects.

To be elected president, a candidate must receive a majority of the total voting power of the IDB's member countries, as well as the support of at least 15 of the 28 regional member countries (26 borrowing member countries, plus Canada and the United States). The IDB has a total of 48 member countries and offices in all borrowing countries, as well as in Europe and Asia.

The Board of Governors is the Bank's highest authority. Each member country appoints a Governor, whose voting power is proportional to the Bank's capital subscribed by his or her country. Governors are usually finance ministers, central bank presidents or other senior economic authorities.

The Board of Governors holds annual meetings to review the Bank's operations and make key policy decisions. Occasionally, it also holds extraordinary meetings, including to elect a president.

Goldfajn will be the IDB's seventh president. He follows Reina Irene Mejía Chacón a.i. (2022); Mauricio Claver-Carone (2020-2022); Luis Alberto Moreno (2005-2020); Enrique V. Iglesias (1988-2005); Antonio Ortiz Mena (1971-1988); and Felipe Herrera (1960-1971).