PANAMA CITY, March 16 China will invest $2
billion to back Interamerican Development Bank (IADB) public and
private sector projects in Latin America and the Caribbean, the
development bank said on Saturday.
The contribution by the People's Bank of China will be used
to co-finance up to $500 million in IADB public sector loans and
up to $1.5 billion in private sector credit, available over the
next three to six years, the IADB said in a news release.
The goal of the fund was to alleviate poverty and boost
China has invested tens of billions of dollars in the
region, from Mexico to Argentina, over the last decade to
acquire strategic assets or companies in sectors such as oil,
minerals and food products.
Last March, China's export-import bank and the IADB
announced a joint $1 billion dollar fund for private and public
sector investment in the region, reflecting the country's
eagerness to link up with prominent institutions in the region.