At the end of last week, U.S. Sen. Marco Rubio, R-Fla., threw his support behind a proposal to increase funding for the Inter-American Development Bank (IDB).
Rubio is backing the “Inter-American Development Bank General Capital Increase Act” from U.S. Sen. Bob Menendez, D-NJ. The proposal would increase American funds for the IDB by $20 billion. The IDB is run by almost 50 counties, including the U.S., and is the largest source of support for Latin American and Caribbean economic development. Other backers of the bill include U.S. Sens. Ben Cardin, D-Mary., Bill Cassidy, R-La., and Tim Kaine, D-Va.
“As we continue looking for ways to step up our efforts to address global challenges posed by the COVID-19 pandemic, this important legislation renews the United States’ commitment to the region’s leading multilateral development bank and to deepening economic relations with our hemispheric partners,” Menendez said. “I’m glad to be joined by so many of my colleagues to ensure the IDB has the resources it needs to support our partners in Latin America and the Caribbean, particularly after the hemisphere’s economic outlook was severely battered by COVID-19 and a devastating hurricane season. This bill would also ensure that the IDB is better prepared to address the growing challenges of climate change in the Americas by calling for the establishment of its first-ever environmental fund.”
“I’m proud to join Senator Menendez and my colleagues in reintroducing this important bill at a time when American leadership in our hemisphere is needed more than ever,” Rubio said. “By supporting the Inter-American Development Bank’s capital increase, we are reaffirming our support of the organization and its financial initiatives. As we continue to confront this global pandemic, we must continue doing all we can to counter China’s predatory behavior in our hemisphere.”
The bill was sent to the U.S. Senate Foreign Relations Committee, which Menendez chairs. So far, there is no companion measure over in the U.S. House.
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