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(LEAD) IDB to work closely with new China-led infrastructure bank: official

All News 17:07 March 27, 2015

(ATTN: UPDATES with more details, S. Korean official's comments from para 7)

BUSAN, March 27 (Yonhap) -- The Inter-American Development Bank (IDB) can work closely with a China-led infrastructure bank in many areas to support regional development, the head of the Washington-based institution said Friday.

In a meeting with reporters, Luis Alberto Moreno said that while the Asian Infrastructure Investment Bank (AIIB) will most likely concentrate on meeting Asian requirements, it can still share information and know-how on investments to ensure success.

Moreno is in Busan to attend the IDB's board of governors meeting over the weekend.

He pointed out that the IDB already enjoys close ties with the Japan-led Asian Development Bank (ADB) and other similar institutions.

"Issues related to development cannot be resolved by a single institution and require close cooperation," the official said.

ADB chief Takehiko Nakao said earlier in the week that the institution can engage in joint financing of projects with the AIIB and that it makes no sense for the ADB to be hostile toward the AIIB.

Moreno said he expects the IDB to forge closer ties with South Korea, which is hosting this year's governors meeting and will hold the chairmanship position for one year.

On cooperation with South Korea, he said talks will be held with the Export-Import Bank of Korea on future financing arrangements that can lead to more investments.

Vice Finance Minister Joo Hyung-hwan, in his keynote speech at a South Korea-Latin America business forum, said the IDB should give consideration to Asian companies in awarding its projects.

While past two-way trade had centered on IT, autos and agriculture, there is room for expansion, the official said, adding that Latin America is becoming attractive as a manufacturing base that can be used as a stepping stone for companies wanting to expand their presence throughout the American continent as a whole.

yonngong@yna.co.kr
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