China to become member of IDB

China will join the Inter-American Development Bank as a donor member, building on its growing links with Latin America and the Caribbean.

It will become the 48th member country in the Washington, DC-based IDB, the single largest source of long-term lending for the region, the bank said in a statement on Thursday.

"We are thrilled to bring a large and growing economy like China into a community of nations that are working together to resolve the complex development challenges facing Latin America and the Caribbean," said IDB President Luis Alberto Moreno.