Business / Economy

China's role in IDB very productive: official

(Xinhua) Updated: 2016-02-04 14:47

Panama city -- China's role in the Inter-American Development Bank (IDB) has been very productive, since the country joined the lending agency as a donor and shareholder in 2009, a bank official in Latin America.

Gina Montiel, IDB general manager for the Central American region, told reporters on Tuesday that China's membership has created a direct channel of communication between the bank's Latin America division and the Asian giant that has led to highly productive dialogue and exchange.

Montiel was presenting the IDB's annual regional report for 2015 and program for the 2015-2019 period, during which the bank plans to finance $2 billion for sustainable development and social projects. Asked about China's contribution since joining the agency, Montiel said China has been a major backer of the bank's Emerging and Sustainable Cities Initiative.

China has also made a credit line of up to some $5 billion available to directly co-fund infrastructure projects and several social programs.

However, Montiel said that the biggest single advantage of China's membership in the bank has been the establishment of a direct channel for the exchange of ideas and experience.

The IDB's representative in Panama, Fidel Jaramillo, said $50 million in Chinese financing helped pay for the rehabilitation of highly polluted Panama Bay on Panama's Pacific coast, while $10 million helped bring electricity to the rural sector.

In most cases, projects are carried out with contributions from China and the IDB.

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