Inter-American Bank to help Russia enter Latin American market

Inter-American Bank to help Russia enter Latin American market


WASHINGTON, April 23 (RIA Novosti) - Admission to the Inter-American Development Bank will help Russia expand its access to Latin American markets, the chairman of Vnesheconombank said Sunday.

"The IADB membership will also make it possible to involve Russian enterprises in various projects," said Vladimir Dmitriyev, who is currently in Washington, attending a spring session of the International Monetary Fund and the World Bank.

Dmitriyev said he had held negotiations at the Washington headquarters of the Inter-American Development Bank to study the possibility of Russia's membership in that organization.

Accession to that bank will enable Russia to join quite effective and recoupable projects, which the IADB carries out in Latin America, Dmitriyev said. He added that many of these projects were currently inaccessible or closed for Russian companies because they were being implemented only within the framework of the Inter-American Development Bank.

Although Russian companies have the necessary expertise to carry out the projects of building dams, hydro and other facilities, they are virtually excluded from the process due to the terms of tenders, Dmitriyev said.

Established in 1959, the Inter-American Development Bank is the world's oldest and largest regional development bank, which comprises 47 countries, including 26 Latin American states.

Last year, the Inter-American Development Bank issued loans and guarantees worth more than $7 billion for development projects in 23 Latin American countries.