The Inter-American Development, or IDB, has plans to significantly increase its foreign workforce, sources told Devex at last week’s annual meetings in Paraguay.
Devex has learned that at IDB Invest, the bank’s private sector arm, approximately 35% more jobs will be added to the staff, which currently numbers around 525 people. The bank currently has 65% of staff at its headquarters in Washington, D.C. After the hiring, it plans the split to be 50% of staff in Washington, D.C., and 50% stationed abroad.
The hiring push will largely focus on staff with commercial and investment backgrounds who can help mobilize private capital into development projects — a strategic pivot that the bank hopes will unlock far larger pools of financing for Latin America and the Caribbean.