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.
U.S. Sen. Bob Menendez, D-NJ, introduced the bill on Thursday and Rubio’s office spelled out some of the details of the legislation and why the Florida Republican was backing it.
The IDB defines itself as “devoted to improving lives” and as a “leading source of long-term financing for economic, social, and institutional development in Latin America and the Caribbean.” It also “conducts cutting-edge research and provides policy advice, technical assistance, and training to public- and private-sector clients throughout the region.”