November 3, 2024
photo: PL
As part of the Silk Road and Belt initiative, the China Development Bank earmarked $160 billion in investment to finance more than 250 projects to promote economic and social development in Latin America.
The China Development Bank granted 160 billion dollars in investment to 21 countries in Latin America and the Caribbean to finance more than 250 projects to promote economic and social development in the region.
According to its official web page, the institution deepened its collaboration in various areas through a multilateral mechanism and special loans for infrastructure, with an accumulated amount of 22.5 billion dollars. It also established an investment fund for bilateral cooperation in productive capacity (with an initial amount of US$10 billion) and supported infrastructure, energy, manufacturing and telecommunications projects, according to Prensa Latina.
Significant projects include the Southeast Northeast Integration Gas Pipeline (Gasene) and the Paranaguá Container Terminal, both in Brazil, with positive economic, social and environmental effects, as well as the Las Bambas copper mine in Peru, which is in charge of China’s Minmetals.
The Bank is also promoting the cohesion of the financial institutions of the participating nations, in line with the second edition of the Belt and Road Forum for International Cooperation. One of its purposes is to create a multilateral financial cooperation mechanism with regional institutions, aimed at exploring new forms of financing and strengthening support for economic and investment links. To advance these goals, the institution organizes multilateral seminars and awards professional scholarships to strengthen understanding and communication between the two regions.
During a recent event on industrial investment cooperation, representatives of the institution underscored its commitment to the high-quality development of the Belt and Road Initiative in the Latin American and Caribbean region. They also advocated promoting key industries, fostering financial innovation and facilitating the use of local currency to thus contribute to building a community of shared future between China and Latin America.
Source: Cuba en Resumen