Spain Lends EUR360m to China
Spain is lending, without any conditions, EUR360m to China, state media reports. The money will be paid in several installments between November 2008 and 2010. EUR20m will be used to reconstruct earthquake-hit regions in Sichuan province, the Ministry of Finance said in a statement. It did not say how the remaining EUR330m will be spent. Figures show that Spain has “extended loans to China since 1985,” totaling EUR3.1 bn.

China Becomes a Member Of IDB
The Inter-American Development Bank, based in Washington D.C., has announced the membership of China, AP reports. The country will invest USD350m in the bank and support efforts to mitigate poverty and global warming in Central and South American countries and the Caribbean, President Luis Alberto Moreno said. The IDB was founded in 1959 as a partnership between 19 Latin American countries and the United States.

Last 5 posts by Biz China Update

• Shanghai's Economy Grows 10.1 Per Cent - October 28th, 2008
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• CIC Says Major U.S. Fund Investments Are Secure - October 16th, 2008
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