Mr Moreno (right) will be stepping into the shoes of Mr Iglesisas (left)

Mr Moreno will take over the post from Enrique Iglesias, who resigned in May after more than 17 years in the role.

The Colombian will become the fourth head of the IADB when he takes up the post in October.

He was voted into the role after by the bank's 47 member countries as well as its shareholders, the largest being the US with a 30% share.

Details of the ballot, which was held behind closed doors at the IADB's Washington HQ, have not yet been revealed.

'Wide support'

Commentators had widely expected the decision to take more than one ballot, but Mr Moreno was elected after just one round of voting.

Mr Moreno - who has been Colombia's ambassador to the US since 1998 - told Bogotan radio station RCN that he had won the support of a variety of countries including Uruguay, Ecuador and nations in central America and Asia.

He has had a diverse past as a TV presenter, investment banker and minister of economic development.

Mr Moreno is also considered one of the instrumental figures behind Plan Colombia - a project which since 2000 has delivered more than $3bn in US aid to tackle the country's drugs trade.