IDB Inks Bank of China Pact

The IDB has signed a partnership with the Bank of China to co-finance public and private sector projects in LatAm and the Caribbean. Under the agreement, Bank of China and the IDB will identify and invest in projects with or without sovereign guarantee in the infrastructure sector, trade finance and other potential areas as agreed by both institutions. Bank of China was the first Chinese bank to join the IDB’s trade finance facilitation program. China became the 48th member country of the IDB in January. In 2008, bilateral trade between LatAm and the Caribbean and China hit a record $143.3bn, up 40% from a year earlier, says the IDB.