WASHINGTON, 12 January 2009: China formally joined the Inter-American Development Bank in a signing and flag placement ceremony held on Monday at the IDB’s headquarters in Washington, DC. The Asian giant became the Bank’s 48th member nation, contributing 350 million US dollar to various programs.
The entry of China, an increasingly important trading and investment partner for Latin America and the Caribbean, takes place at a time when the IDB is striving to assist its borrowing member countries to deal with the impact of the global financial crisis. The region’s economic growth is expected to slow down to around 2 percent in 2009 – its lowest level in six years.
– China’s welcome addition to the IDB family will further strengthen our institution at a critical moment for the world economy, when countries need to protect recent social and economic gains, said IDB President Luis Alberto Moreno. – These challenging times require bold and unified actions that will be a key part of the agenda leading up to our Annual Meeting in March in Medellin, Colombia. China is an essential partner in the road ahead.
The IDB is the leading source of long-term lending for development projects in Latin America and the Caribbean, providing an array of services that range from technical know-how to grants for small enterprises.
In 2008 the IDB approved 12.2 billion US dollar in loans, credit guarantees and grants – a record level reflecting the requirements of its members amidst the global crisis. The IDB also approved a special 6 billion US dollar emergency liquidity program for its members, of which 900 million US dollarhave already been allocated.
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