sentences:  Both Argentina and Venezuela nominated different candidates, but on 27 November 1970 Ortiz received the majority of votes, although the U.S. Secretary of Treasury, David M. Kennedy, reported to Richard Nixon that the election had been "contentious".He remained as president of the IADB for seventeen years until his resignation in 1988 —three years before the end of his last term— amid suspicions that U.S. President Ronald Reagan was trying to intervene in its internal affairs since his Secretary of State, George P. Shultz, had tried to block a loan to a then-Sandinista Nicaragua.According to Elisabeth Malkin of "The New York Times", during his tenure lending increased tenfold and he concentrated most of its efforts on supporting Latin American infrastructure projects, heavy industries and first financing operations for microenterprise.