Monday, April 24, 2006

Banking: Russia looks to Inter-American Bank to enter Latin American market

The chairman of Russia's Vnesheconombank, has said admission to the Inter-American Development Bank will help Russia expand its access to Latin American markets.

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

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.