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Spain, IDB, sign protocol and convention to strengthen cooperation for development of Latin America and Caribbean

SANTIAGO, Chile - Spain’s Finance Minister Rodrigo de Rato y Figaredo and Inter-American Development Bank President Enrique V. Iglesias have signed a framework agreement, and established a new trust fund, to strengthen cooperation in providing resources for the development of Latin America and the Caribbean.

The framework signed Sunday provides flexible conditions for cooperation in providing financing for development projects and technical assistance.

The parties also established the Spanish General Cooperation Fund, to be administered by the IDB, which will provide financing to selected development and technical assistance projects for the region with consultation mechanisms for the two parties.

The fund will have an initial contribution from Spain of 50 million euros to be transferred from the Spanish Quincentennial Fund, which was also administered by the IDB.

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