“On July 25, four U.S. senators introduced bipartisan legislation meant to clear the mist surrounding China’s covert use of the Inter-American Development Bank (IDB) to exert influence over governments in other countries.

The IDB Transparency Act will require the U.S. Department of Treasury to clarify the Chinese Communist Party’s “malign influence” within the financial institution…

China owns a tiny fraction of shares in the IDB. Yet, with less than 0.1 percent ownership, Beijing is consistently ranked near the top of the list of countries awarded IDB contracts. They even took the number one spot in 2019.

Many of these projects are happening in Latin America and the Caribbean, where investment of any kind – from literally anyone – is welcomed with open arms.”