BUSAN, Korea – The Inter-American Development Bank (IDB) and the People’s Bank of China (PBC) expanded their ongoing partnership to promote cooperation between China and Latin America and the Caribbean (LAC). Finalized at the IDB-IIC Annual Meeting of the Boards of Governors in Busan, Korea, this new framework agreement designs a more comprehensive and strategic cooperation plan with a long-term vision, in such areas as institutional cooperation, trade and investment, finance and knowledge sharing.
This Memorandum of Understanding (MoU), signed by PBC Deputy Governor Yi Gang and IDB President Luis Moreno, builds upon an ongoing collaboration between the institutions, which includes the US$2 billion China Co-financing Fund for Latin America and the Caribbean established in 2013. With the partners already actively supporting China-LAC ties, this MoU promises to expand beyond the current collaboration to include more key partner organizations from across China.
Though the relationship between China and LAC countries is already growing steadily, the MoU strives to take this a step further. Specifically, the partnership will aim to link Chinese investment to areas conducive to development in LAC, co-organize events on topics of mutual interest, support knowledge sharing between Chinese and LAC experts in a variety of sectors, and identify new and strategic joint priorities.
- Isabel Alvarez-Rodriguez