The Inter-American Development Bank (IDB) recently announced that China will become its 48th member. This will further enhance China's economic and trade links with Latin America and the Caribbean area.
According to relevant agreements, China will provide $350 million to the IDB Group and purchase 0.004% of its shares. In addition, China will be on its Board of Executive Directors. China will be the third Eastern Asian member of IDB following Japan and South Korea.
IDB President Luis Alberto Moreno said China's entry will help promote China's economic and trade links with Latin America and the Caribbean area and help to face the development challenges this area is facing.
Zhou Wenzhong, China's ambassador to the United States, pointed out that this is a win-win decision and it will accelerate economic trade and investment exchanges as well as promote technological cooperation between the two sides. He stressed that China will support the IDB in reducing poverty and promoting development, and will share its experiences with the countries of Latin America and the Caribbean area for mutual benefit and common development.
The headquarters of IDB are in Washington, DC. Its principal responsibilities are promoting economic and social development in Latin America and the Caribbean area.
By People's Daily Online
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