China joins Inter-American Development Bank; plans to invest in Latin America

In the latest sign of China’s increasing economic stake and political muscle in Latin America, the Asian giant is joining a Washington-based international bank that finances development projects throughout the region. China’s membership in the Inter-American Development Bank, announced Thursday, is expected to increase the nation’s profile and influence in a part of the world that historically has been under the sway of the United States. China will invest $350 million in the bank and assume a role in its socially conscious projects, including efforts to mitigate poverty and global warming and to provide potable water, infrastructure improvements and micro-credit, bank President Luis Alberto Moreno said in an interview. Analysts saw the move as providing the Chinese with a new forum to meet Latin American decision-makers and improve Beijing’s image in the region.