IDB gets new member

China is now officially a member of the Inter-American Development Bank (IDB).



IDB President Luis Alberto Moreno said China\'s membership comes at a critical time for the world economy, when countries need to protect recent social and economic gains.



BBC reports said China plans to fund a number of initiatives to help Latin American and Caribbean countries cope with the global financial crisis and economic slowdown.



Its total contribution is said to be $350 million.



Analysts say the move is part of Beijing\'s plan to expand its influence in the region.