The Inter-American Development Bank’s board recently approved a new direction, and fresh money, which will lead to a shake-up of the organization’s culture and a different way of doing business. That process of change and reform is now underway.
Central to the new strategy is a change to how the bank defines success. No longer will it be measured primarily by the number of projects completed or dollars out the door, but development impact will be the driving metric for the bank, IDB President Ilan Goldfajn told Devex.
“We are going to make the institution care deeply about what is the ultimate result of our work and less about how much we lend, what is the envelope,” he said in an interview. That means success will be measured by whether a project lifts people out of poverty, gives them access to clean water, or lowers carbon emissions.