IDB president says ‘we need to look’ at Venezuela

The head of the Inter-American Development Bank said Tuesday the lender is weighing a return to Venezuela after nearly a decade away, but did not say whether Caracas’ unpaid debts would be forgiven.

“As a development bank, we need to look at Venezuela and look at the Venezuelan people and see if there’s an opportunity for us to engage,” IDB President Ilan Goldfajn said at Semafor’s The Next 3 Billion, adding that talks on a formal engagement plan are already underway.

Asked about whether the IDB would seek repayment of Venezuela’s doubts, Goldfajn said only that it was “part of the conversation.”

The bank halted new loans in 2018 after Venezuela fell behind on its payments, leaving roughly $2 billion outstanding; a planned re-engagement would focus on electricity and social protection, according to Reuters.

The future governance of Venezuela was thrown into doubt after US forces captured President Nicolás Maduro in Caracas in January. His former vice president, Delcy Rodríguez, has since taken over as acting president. Under pressure from Washington, Rodríguez has shifted foreign and economic policy, and some foreign companies and firms are now moving to invest or expand in the country. It’s unclear, however, whether the US military operation will ultimately tip the country toward democratic reform.