Chinanews, Beijing, Mar. 21 – Governor of the People's Bank of China Zhou Xiaochuan on Sunday signed a Memorandum of Understanding (MOU) with the Inter-American Development Bank (IDB) president Luis Alberto Moreno about China joining the IDB issue. The MOU was signed when Zhou went to attend an IDB annual forum held in Guatemala City.

 

In 1991, China became an observer of IDB. In 1993, China started to apply to join the organization. Since then, China has made unremitting efforts to become an IDB member. The signing of MOU indicates that co-operation between the two sides has entered into a new stage. The MOU has laid a solid foundation for China to become its member in future.

 

China's joining IDB will help further promote trade co-operation between the two sides, which will be beneficial to the Chinese people and is also in the interest of China, Latin American countries and IDB itself. The two sides have agreed to discuss China’s entry to IDB after the annual forum closes.

 

Established in 1959, IDB is the oldest and largest regional, inter-governmental financial institution in the world. IDB aims at promoting the economic and social development in Latin America and the Caribbean region. It's headquartered in Washington.