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China now member of Inter-American Development Bank

(Xinhua)
Updated: 2009-01-13 09:15

WASHINGTON -- China joined the Inter-American Development Bank Group (IDB), the most important regional development institution in Latin America and the Caribbean, on Monday.

At a signature ceremony in Washington for China's accession into the IDB, Zhou Wenzhong, China's Ambassador to the United States, signed and deposited relevant legal documents on behalf of the Chinese government.

China became a formal member of the Inter-American Development Bank, the Inter-American Investment Corporation and the Multilateral Investment Fund of the group.

In his speech, Zhou said that China has always valued the friendly cooperation with Latin America.

"China is the largest developing country, and Latin America is the most important developing region in the world," he said. " Bringing these two together for high-level, broad-based and high- quality cooperation is in alignment with the trend of the times and the development needs of the two sides."

Related readings: China to be member of Inter-American Development Bank

China's membership in the IDB is in line with interests of all relevant parties and will create a new platform and opportunities to boost China-Latin American cooperation, hence a win-win choice for both sides, the ambassador noted.

"After joining the IDB, China will fulfill its obligations, strengthen policy coordination with member countries both in and outside the region, actively engage itself in IDB's activities, promote bilateral cooperation in trade financing and infrastructure construction and other areas of mutual concern so as to carry forward poverty reduction and socioeconomic development in Latin America and the Caribbean." he said.

President of the IDB Luis Alberto Moreno noted at the ceremony that China is an important investment and trade partner of Latin America and its accession carries even greater significance for poverty alleviation and development in Latin America and the Caribbean at the conjuncture of the current financial crisis.

The IDB group, founded in 1959 and headquartered in Washington D.C., is the oldest and largest regional inter-governmental development financial institution whose purpose is to promote economic and social development in Latin America and the Caribbean.

China is the 48th member country of the group. Governor Zhou Xiaochuan and Deputy Governor Hu Xiaolian of the People's Bank of China will become Governor and Alternate Governor for China respectively in the Inter-American Development Bank and the Inter- American Investment Corporation.