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IADB President Backs China's Entry into IADB

IADB President Backs China's Entry into IADB

Write: Tallulah [2011-05-20]

"I will continue working with shareholders to find the best way for them (China and India) to join the IADB family," Moreno told a press conference, marking the close of the Bank's 47th annual meeting in Belo Horizonte, the capital of the southeastern Brazilian state of Minas Gerais.

"I believe there is a great deal they can bring to the Bank," he added.

Chinese officials expressed their interest in joining the bank in 2005.

During Monday's opening ceremony, Moreno called on the IADB's Latin American and Caribbean member nations to make clear what role China could play in their region's development, instead of viewing the Asian giant as a competitor.

In addition, he asked Latin Americans and Caribbeans to consider following the Brazilian model: becoming partners with China in joint ventures, rather than merely providing raw materials.

Colombia's finance minister, Alberto Carrasquilla, said Tuesday that "China was vitally important for Latin American development," and called on Latin Americans to boost trade with China.

Colombian industries, including textiles and shoes, were facing challenges from China. But "we view it as a challenge for progress," Carrasquilla said.