Markets

China to Provide $2 Billion for IDB Latin America and Caribbean Fund

By: Caribbean Journal Staff - March 18, 2013

Above: the Chinese Embassy in Kingston

By the Caribbean Journal staff

The Inter-American Development Bank and the People’s Bank of China have approved a new fund to support private and public sector projects that promote “sustainable economic growth” in Latin America and the Caribbean.

The China Co-Financing Fund, which will be managed by the IDB, is the first of its kind to be established by China and a multilateral development bank.

China will be providing $2 billion in funding.

“China is a key partner for the Bank’s mission to alleviate poverty and inequality in the region,” said IDB President Luis Alberto Moreno. “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.”

The $2 billion will co-finance up to $500 million of IDB public sector loans and as much as $1.5 billion for loans made by the bank to private sector entities.
China’s funds will be available for the next three years for public sector projects, and the next six years for “non-sovereign guaranteed operations,” according to the IDB.

The projects include those seeking to alleviate poverty and reduce inequality, boost private sector investment, improve competitiveness and promote gender equality, the bank said.

Popular Posts cape santa maria

The Best Caribbean Beach Resort You’ve Never Heard of 

There’s a boat just offshore called “Escape.”  It’s bobbing in some of the most brilliant, dynamic turquoise water I’ve ever seen, a few meters from a stretch of sand so bright and so white you have to squint to look […]


Marriott Is Opening Its New St Regis Resort In Aruba 

aruba st regis inside the restaurant with chairs

It was more than a decade ago that Marriott opened its first-ever Ritz-Carlton resort in the Dutch Caribbean: the Ritz-Carlton, Aruba, which at the time was the island’s first true five-star resort.  Fast forward to 2024, and Marriott is set […]


From All-Inclusive Resorts to Beaches, Travelers Are Falling in Love With Antigua and Barbuda

antigua barbuda frontier airlines the peninsula with sand

The plunge-pool villas at Hammock Cove. The historic streets of Nelson’s Dockyard. Pool days at Sheer Rocks. Unforgettable honeymoons. Vibrant meals of pepperpot and fungee. Beach bar hopping on the south coast. Endless serenity in Barbuda.  Travelers keep flocking to […]


Related Posts american airlines jamaica nonstop

American Airlines Is Adding Daily Flights to This Jamaica Hotspot 

Secluded coves, sparkling turquoise water, the birthplace of James Bond. Ocho Rios, Jamaica has always been one of the island’s most sought-after destinations, from its venerable luxury resorts to its popular all-inclusives.  But it’s never had a nonstop flight from […]


From Punta Cana to La Romana, Travelers Keep Flocking to the Dominican Republic 

casa de campo

Another month, another milestone. Whether it’s the all-inclusive resort destination of Punta Cana or the golf and wellness at La Romana’s Casa de Campo, the Dominican Republic just keeps on trucking, with Caribbean-leading tourism numbers that keep breaking records.  That […]


Avianca Just Restarted Two Nonstop Flights to Cartagena 

avianca caribbean nonstop

The colorful colonial buildings, the boutique hotels, the art galleries, the creative cuisine.  They’re all part of the reason why Cartagena has been one of the fastest-growing destinations in the Caribbean basin in recent years, repositioning Colombia as a Caribbean […]


SUBSCRIBE!

Sign up for Caribbean Journal's free newsletter for a daily dose of beaches, hotels, rum and the best Caribbean travel information on the net.


No. Thank You