At the Inter-American Development Bank, a $2.5 billion loan proposal for Venezuela has surfaced a quiet but consequential struggle over who truly governs multilateral institutions — their appointed leaders or their collective boards. The IDB chief is pressing forward with financing for a country whose economy and political legitimacy remain deeply contested internationally, even as board members raise objections that touch on risk, accountability, and the proper role of development capital. What unfolds in these closed deliberations will say something lasting about whether large institutions c