Latin America Development Bank Gets Boost from Key U.S. Senators
- Menendez, Rubio plan bipartisan bill to increase IDB capital
- Senators argue funds needed to face Covid-19, climate change
Marco Rubio
Photographer: Dustin Chambers/BloombergThis article is for subscribers only.
Two key U.S. senators are set to back a capital increase for the top Latin America development bank, seeking to build momentum for a lending boost to fight Covid-19 and climate change in the hard-hit region.
Democrat Bob Menendez and Republican Marco Rubio’s planned bill would send $600 million to the Inter-American Development Bank over the next five years and authorize $23.4 billion in backup capital, according to a draft seen by Bloomberg News. The measure would also urge the IDB to create an environment fund for disaster preparedness, sustainability and conservation.