
IDB deepens ties with Asian infrastructure bank AIIB

The Inter-American Development Bank (IDB) signed a memorandum of understanding with the Asian Infrastructure Investment Bank (AIIB) that will deepen the ties between both groups.
The document was signed by the presidents of the AIIB and IDB, Jin Liqun and Alberto Moreno respectively, and the chief executive officer of the Inter-American Investment Corporation (IIC), James P. Scriven.
This will establish a common framework between the institutions for cooperation on mutual areas of interest, such as knowledge exchange, policy coordination, and the co-financing of infrastructure projects in their respective member countries.
"AIIB and the IDB Group are formalizing our partnership because we share the same vision to promote cooperation and economic development," said Jin on a press release from the IDB.
Meanwhile, Moreno highlighted that Asia is a key economic partner for many Latin American countries "This new agreement between the IDB Group and the AIIB will enhance those ties and solidify Asia's standing as one of our region's key partners in the journey toward sustainable development", he stated.
THE AIIB IN LATAM
Since it started operating in January 2016, the China-backed AIIB has approved financing 13 projects in different sectors across Asia; however, it has also set its sights on Latin America.
Last Saturday, the bank announced it has adopted resolutions approving seven applicants to join the Bank, including Chile and Bolivia.
On this regard, Chilean President Michelle Bachelet said that her country considers the AIIB a "positive instrument" and that she is optimistic about the opportunities this could open for infrastructure and energy projects.
China already supports several key infrastructure projects in Latin America, including the US$10bn initiative to build a bioceanic rail that would link Brazil's Atlantic coast with Peru's Pacific coast, with considerations to intersect Bolivia in an east-west trajectory.
At the same time, Bachelet said that she spoke with Jin Liqun about the possibility that the AIIB could invest on a transpacific fiber optic cable between Latin America and the Asia Pacific region.
Subscribe to the most trusted business intelligence platform in Latin America. Let us show you our solutions for Suppliers, Contractors, Operators, Government, Legal, Financial and Insurance.
News in: Electric Power (Chile)

Snapshot: The US$6.7bn spending plans of Enel in LatAm
Two major Latin American units of Italian energy giant Enel plan to invest a combined US$6.7bn in 2023-25, almost all in South America.

Chile mulling new climate change-related requirements in environmental permitting
Despite complaints by the private sector about lengthy reviews, authorities plan to introduce new requirements next year.
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects in: Electric Power (Chile)
Get critical information about thousands of Electric Power projects in Latin America: what stages they're in, capex, related companies, contacts and more.
- Project: Photovoltaic Park Andino Occidente II
- Current stage:
- Updated:
1 month ago
- Project: Vergara wind farm
- Current stage:
- Updated:
3 weeks ago
- Project: Santiago - Batuco train
- Current stage:
- Updated:
1 month ago
- Project: El Sauce photovoltaic plant
- Current stage:
- Updated:
1 month ago
- Project: ENAPAC North Distribution
- Current stage:
- Updated:
1 month ago
- Project: Energy and water of the Pacific (ENAPAC)
- Current stage:
- Updated:
1 month ago
- Project: ERNC Antofagasta
- Current stage:
- Updated:
1 month ago
- Project: Sol de Varas photovoltaic project
- Current stage:
- Updated:
1 month ago
- Project: Campo Lindo wind farm
- Current stage:
- Updated:
3 weeks ago
- Project: Horizonte wind farm
- Current stage:
- Updated:
1 month ago
Other companies in: Electric Power (Chile)
Get critical information about thousands of Electric Power companies in Latin America: their projects, contacts, shareholders, related news and more.
- Company: GeoPark Ltd.  (GeoPark)
-
Founded in 2002, GeoPark Ltd. is a Latin America-focused oil and gas explorer and operator with operations in Chile, Colombia, Brazil and, on a smaller scale, Argentina. The com...
- Company: Resiter S.A.  (Resiter)
-
Resiter is in the industrial waste management business and has operations in Chile, Peru y Uruguay. It will soon open offices in Colombia. The company offers a wide range of ser...
- Company: ME Elecmetal
-
Electro Metalúrgica S.A. (Elecmetal), a Chilean firm established in Santiago in 1917 as part of the Claro Group, is mainly engaged in metallurgy and electric power generation. I...
- Company: Tecno Fast S.A.  (Tecno Fast)
- Company: Empresa Eléctrica Cochrane SpA  (Eléctrica Cochrane)
-
Chilean firm Empresa Eléctrica Cochrane SpA was created to develop the 532MW Cochrane coal-fired power project in northern Antofagasta region. The plant, currently in operation,...
- Company: AR Coihue SpA  (AR Coihue)
- Company: Celeo Redes Chile Ltda.  (Celeo Redes Chile)
-
Celeo Redes Chile Ltda. is the Chilean unit of Spanish firm Celeo Redes SL, which is majority owned by Celeo Concesiones e Inversiones, part of Grupo Elecnor S.A.. Celeo Redes C...