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Publish Date : 19-Mar-2013

China is to offer nearly $2 billion for an Inter American Development Bank (IDB) fund, supporting projects for the public and private sector.

The China Co-financing Fund was sanctioned by the IDB and the People\'s Bank of China (PBC) for Latin America and the Caribbean.

First of its kind being set up by China and a multilateral development bank, this fund aims at offering capital to complement the IDB own resources for projects in efforts to alleviate poverty and lessen inequality, strengthen private sector investment, enhance competitiveness and social welfare, as well as support programs to lessen the impacts of climate change and promote greater gender equality.

IDB President Luis Alberto Moreno, said, \"China is a key partner for the Bank’s mission to alleviate poverty and inequality in the region. This partnership is another example of our efforts to promote greater South-South cooperation to narrow funding gaps in sectors with high developmental impact and enhance the social and economic impact of our projects. It will serve as a benchmark for future models of cooperation with China and other countries.\"

China\'s contribution of $ 2 billion will go towards co-financing a total of up to 500 million IDB public sector loans and up to 1.5 billion for loans made by the Bank to private sector entities.

Subject to pre-established limits, co-financing fund resources will complement IDB loans. China will make available the funds for the next three years for public sector projects and the next six years for non-sovereign guaranteed operations.

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