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English/ Español: Rubio Joins Menendez in Unveiling Legislation in Support of Capital Increase for IDB
Washington, D.C. — U.S. Senator Marco Rubio (R-FL) joined Bob Menendez (D-NJ), Ranking Member of the Senate Committee on Foreign Relations, in introducing new legislation authorizing the tenth general capital increase for the Inter-American Development Bank (IDB), the hemisphere’s leading international financial institution. At a moment when countries in the region have suffered from the widespread economic impact of the COVID-19 pandemic and devastating hurricanes in the region, the historic bill highlights efforts by the U.S. Congress to prioritize and secure an IDB capital increase.
The legislation would increase the IDB’s annual lending by $20 billion and strengthen its ability to lead financial efforts across Latin America and the Caribbean. As part of the capital increase, the bill encourages support for the creation of the IDB’s first environmental fund and lending facility—a groundbreaking initiative that would position the Bank to expand efforts to improve environmental sustainability and disaster preparedness in the hemisphere.
Rubio is the Chairman of the Senate Foreign Relations Subcommittee on Western Hemisphere, Transnational Crime, Civilian Security, Democracy, Human Rights, and Global Women’s Issues.
“With the growing economic adversities our region is confronting, caused by the COVID-19 pandemic or the destruction left behind after previous natural disasters, I’m proud to join Senator Menendez in introducing this important bill,” Rubio said. “By supporting the advancement of the Inter-American Development Bank’s capital increase, we are reaffirming America’s leadership in our hemisphere through the IDB’s financial initiatives. We must do all we can to counter China’s predatory schemes in our region, as they continue to prey on developing nations. America’s partnership is needed now more than ever.”
“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,” Ranking Member Menendez said. “The IDB must consider the resource needs of 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 will also ensure 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 look forward to working with my colleagues on both sides of the aisle to approve this legislation as soon as possible.”
El Inter-American Development Bank General Capital Increase Act includes the following provisions:
- Authorizes the U.S. Governor for the IDB to vote in favor of an $20 billion increase in the capital stock of the Bank and requires U.S. diplomatic engagement in support of a tenth IDB capital increase;
- Encourages U.S. support for the creation of an IDB environmental fund and lending facility to strengthen environmental policies and safeguards, sustainability initiatives, and disaster preparedness in Latin America and the Caribbean, and;
- Recognizes the significant economic impact of the COVID-19 pandemic in the Western Hemisphere, as well as the impact of the Venezuelan refugee and migration crisis.
RUBIO JUNTO A MENÉNDEZ PRESENTAN LEY EN APOYO AL AUMENTO DE CAPITAL DEL BID
Washington, DC – El senador estadounidense Marco Rubio (R-FL) junto a Bob Menendez (D-NJ), el miembro de más alto rango del Comité de Relaciones Exteriores, presentaron una nueva legislación que autoriza el décimo aumento general de capital para el Banco Interamericano de Desarrollo (BID, por sus siglas en español), la institución financiera líder en el hemisferio. En un momento en que los países de la región han sufrido el impacto económico causado por la pandemia del COVID-19 y tras los devastadores huracanes en la región, el histórico proyecto de ley destaca los esfuerzos del Congreso de EE.UU. para priorizar y asegurar un aumento en el capital del BID.
La legislación aumentaría los préstamos anuales del BID en $20 mil millones de dólares y fortalecería su capacidad para liderar los esfuerzos financieros en América Latina y el Caribe. Como parte del aumento del capital, el proyecto de ley fomenta el apoyo a la creación del primer fondo ambiental y servicio crediticio del BID, una iniciativa pionera que posicionaría al Banco para ampliar los esfuerzos para mejorar la sostenibilidad ambiental y la preparación para los desastres naturales en el hemisferio.
Rubio es el presidente del Subcomité de Relaciones Exteriores para el Hemisferio Occidental, Delincuencia Transnacional, Seguridad Civil, Democracia, Derechos Humanos y Asuntos Globales de la Mujer.
“Con las crecientes adversidades económicas que enfrenta nuestra región, causadas por la pandemia del COVID-19 o la destrucción tras el paso de los desastres naturales, me enorgullece unirme al senador Menéndez en presentar este importante proyecto de ley”, Rubio dijo. “Al apoyar el avance del aumento del capital del BID, reafirmamos el liderazgo de EE.UU. en nuestro hemisferio a través de las iniciativas financieras del banco. Debemos hacer todo lo posible para contrarrestar los esquemas depredadores de la China en nuestra región, mientras ellos continúan abusando de las naciones en desarrollo. La alianza de EE.UU. se necesita ahora más que nunca”.
“A medida que continuamos buscando formas de intensificar nuestros esfuerzos para abordar los desafíos globales causados por la pandemia del COVID-19, esta importante legislación renueva el compromiso de EE.UU. con el principal banco multilateral de desarrollo en la región y profundiza las relaciones económicas con nuestros socios hemisféricos”, Menendez dijo. “El BID debe considerar las necesidades de nuestros socios en latinoamérica y el caribe, en particular después que las perspectivas económicas del hemisferio se vieron severamente afectadas por el COVID-19 y una devastadora temporada de huracanes. Este proyecto de ley también asegurará que el BID esté mejor preparado para abordar los crecientes desafíos del cambio climático en las Américas al pedir el establecimiento de su primer fondo ambiental. Espero trabajar con mis colegas de ambos partidos para aprobar esta legislación lo antes posible.”
El texto de la Ley de Aumento de Capital del Banco Interamericano de Desarrollo en inglés está aquí.