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China Development Bank signs memo with IDB

(Xinhua)
Updated: 2009-03-31 14:18

Vice President of China Development Bank (CDB) Liu Kegu signed a memorandum of cooperation in Colombia on Monday with President of Inter-American Development Bank (IDB) Luis Alberto Moreno.

After the signing ceremony, Liu told Xinhua that the memo draws a full picture of future cooperation between the two banks.

He said that CDB will take an active part in IDB's financing activities in Latin America, especially in areas of energy, transportation, urban infrastructure and agriculture, to promote economic and trade cooperation between China and Latin America.

Related readings:  China's membership in IDB enhances co-op with L America  Bolivia hails China's entry to IDB  China now member of Inter-American Development Bank

He said that IDB had provided a cooperation list of dozens of projects concerning infrastructure and people's well-being valued at more than $30 billion.

Since China and Latin American countries are highly complementary, both sides enjoy broad space for cooperation, Liu said, adding that the two sides will also discuss new ways of financial cooperation.

As the first commercial bank developed from a policy bank, CDB initiated cooperation with Latin America in 2005. So far, it has cooperated with many countries in the region, including Venezuela, Brazil, Chile, Peru, Argentina, Mexico and so on, having raised 8 billion dollars in fund.

Established in 1959, the Washington-based IDB is aimed at accelerating economic and social development in Latin America and the Caribbean by providing loans and technical aid.

The 50th annual meeting of IDB is being held in Colombia's second biggest city Medellin on March 27-31. After joining IDB in January 2009, this is the first time for China to take part in IDB's annual meeting as a full member.