BEIJING, China — Luis Alberto Moreno, president of the Inter-American Development Bank, on Friday signed an agreement with the Export-Import Bank of China (China Eximbank) that will provide up to $200 million in trade financing for commerce between China and Latin America and the Caribbean (LAC).
“China has played an important role in financing the Bank’s efforts in the region since joining the Bank in 2009,” Moreno said of the agreement, which also was signed by Zhu Xinqiang, vice president of China Eximbank. “Trade between China and Latin America and the Caribbean has surged from just $12 billion in the year 2000 to more than $188 billion. This will facilitate further expansion of our already-strong commercial ties.”
The two-year agreement, which can be extended, provides up to $200 million to support trade flows between China and LAC. The underlying transactions will allow trade in renminbis.
This comes almost a week after Chinese government promised to pump US$1-billion in loans and preferential nature to the Caribbean countries in support of local economic development.