Menendez said in a statement that “as China continues to use economic tools to advance its coercive economic agenda across the Western Hemisphere, it’s more important than ever that we protect the integrity of the IDB and ensure its critical work can continue unhampered by Beijing’s interference.”ĭiplomatic relations between Latin American and China have also increased. At issue is the number of contracts the IDB awards to Chinese firms relative to its meager share of the bank, which hovers around 0.1%. is the largest shareholder, with a roughly 30% voting share. The bank, for instance, disbursed a record $23 billion last year intended to alleviate poverty made worse by the coronavirus pandemic in the region. The IDB is a non-commercial development bank made up of member countries. “Latin American citizens deserve to have the IDB serve their economic development, not as a vector of CCP malign influence.”
“For too long, the Chinese Communist Party has exploited its presence in the Inter-American Development Bank to advance its own geopolitical, economic, and technological goals,” Gallagher said in a statement. to reduce Chinese involvement at the bank. The Inter-American Development Bank Transparency Act would require the Treasury to issue a report every two years on the scope and scale of Chinese influence and involvement in all aspects of the bank, including a list of Chinese-funded projects and an action plan for the U.S. Mike Gallagher, the Republican chairman of a new House select committee focused on China, is the lead sponsor of of the legislation, which is being introduced Tuesday, seeking to understand and reduce Beijing’s power at the bank. And they want the U.S., the biggest voice at the bank, to do more to rein in the awarding of projects to Chinese firms and to block Chinese attempts to acquire more shares at the bank.
The bipartisan group of lawmakers say Beijing is using the bank as a tool to expand its influence in the region. economy are pushing the Treasury Department to help curb the outsized role of Beijing at the Inter-American Development Bank, which supports economic and social development in Latin America and Caribbean. WASHINGTON (AP) - Lawmakers intent on reducing China ‘s influence on the U.S.
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