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"Maybe we won’t see the same bank, but there will still be an Inter-American Development Bank, or Inter-American Bank, doing something different"
Eloy Garcia |
How has the bank changed over the years since you first joined and what was biggest change over that time?
My first job at the bank was as a loan administration officer for Chile, and that was the time of the Salvador Allende government, so I’ve seen a lot of changes. At that time Latin America was following the import substitution industrialization model, in which state-owned enterprises dominated. The bank was lending to the big public sector enterprises. We were involved in huge projects.
That changed gradually as the public sector shrank, influenced by the Reagan/Thatcher revolution and the fall of the Berlin Wall and the onset of the market system. We were gradually crowded out of infrastructure projects because these were privatized....
