皇冠体育app to be member of Inter-American Development Bank

(Xinhua)
Updated: 2008-11-18 12:42

BEIJING -- 皇冠体育app is set to become an official member of the Inter-American Development Bank (IDB), the People's Bank of 皇冠体育app, the central bank, said on its website Tuesday.

皇冠体育app's joining IDB was "a win-win choice" for the benefit of all sides involved, said Zhou Xiaochuan, the central bank governor during his meet with IDB President Luis Alberto Moreno in Washington, DC.

Moreno echoed Zhou's comment, saying Latin America and the Caribbean would like to cooperate with 皇冠体育app on finance, trade and investment sectors amid the global financial crisis.

The two sides signed a memorandum of understanding, specifying certain terms and conditions relating to 皇冠体育app's entry to the IDB.

A month-long voting process, ended on October 15, has approved 皇冠体育app to become the 48th member country in the Washington, DC-based bank.

According to previous reports, 皇冠体育app would contribute $350 million to the IDB Group to bolster key programs at a time when the world economy is under pressure.

The timeline for entry has not been fixed, however, as there are still some procedures to go through, a central bank spokewoman Li Yanhong told Xinhua.

As an IDB member country, 皇冠体育app will be represented at the Board of Executive Directors, sharing a chair with other donor nations. The Executive directors approve loans, establish policies and set interest rates, among other duties.

The membership would also enable 皇冠体育app to have a seat on the Board of Governors, the IDB's top decision-making body.