Advisor of China Development Bank (CDB) Liu Kegu (L) shakes hands with President of Inter-American Development Bank (IDB) Luis Alberto Moreno after signing a memorandum of cooperation in Medellin, Colombia, March 30, 2009. The CDB will take an active part in the IDB's financing activities in Latin America, said Liu after the signing ceremony here on Monday. The 50th annual meeting of the IDB was held in Colombia's second biggest city Medellin on March 27-31. (Xinhua Photo) Photo Gallery>>>

    MEDELLIN, COLOMBIA, March 30 (Xinhua) -- Vice President of China Development Bank (CDB) Liu Kegu signed a memorandum of cooperation here on Monday with President of Inter-American Development Bank (IDB) Luis Alberto Moreno.

    After the signing ceremony, Liu told Xinhua that the memo draws a full picture of future cooperation between the two banks.

Advisor of China Development Bank (CDB) Liu Kegu (L) and President of Inter-American Development Bank (IDB) Luis Alberto Moreno sign a memorandum of cooperation in Medellin, Colombia, March 30, 2009. The CDB will take an active part in the IDB's financing activities in Latin America, said Liu after the signing ceremony here on Monday. The 50th annual meeting of the IDB was held in Colombia's second biggest city Medellin on March 27-31. (Xinhua Photo) Photo Gallery>>>

    He said that the CDB will take an active part in the IDB's financing activities in Latin America, especially in areas of energy, transportation, urban infrastructure and agriculture, to promote economic and trade cooperation between China and Latin America.

    He said that the IDB had provided a cooperation list of dozens of projects concerning infrastructure and people's well-being valued at more than 30 billion U.S. dollars.

    Since China and Latin American countries are highly complementary, both sides enjoy broad space for cooperation, Liu said, adding that the two sides will also discuss new ways of financial cooperation.

    As the first commercial bank developed from a policy bank, the CDB initiated cooperation with Latin America in 2005. So far, it has cooperated with many countries in the region, including Venezuela, Brazil, Chile, Peru, Argentina, Mexico and so on, having raised 8 billion dollars in fund.

    Established in 1959, the Washington-based IDB is aimed at accelerating economic and social development in Latin America and the Caribbean by providing loans and technical aid.

    The 50th annual meeting of the IDB is being held in Colombia's second biggest city Medellin on March 27-31. After joining the IDB in January 2009, this is the first time for China to take part in IDB's annual meeting as a full member.