The Canadian government pledged to offer US$4 billion at the Fifth Summit of the Americas in Port of Spain on Saturday, in an effort to bolster the Inter-American Development Bank's (IDB) lending capacity to developing countries in the America.

Canadian Prime Minister Stephen Harper made the pledge at the summit in Port of Spain, Trinidad and Tobago, responding to demands from some Latin American and Caribbean leaders on increasing the IDB's lending capacity.

The leaders claimed that the IDB needs more capital to support their countries to struggle with the global financial crisis.

"The summit is an opportunity to connect Canada's strengths and effective response to the crisis to the circumstances and needs of regional partners while building on the outcomes of the London G20Summit," the Canadian government said in a statement.

At the London summit, which was held on April 2, heads of state or government from the G20 agreed to provide US$1.1 trillion to improve international finance, credit, trade, and overall economic stability and recovery.

"This timely increase in support to the IDB will provide countries in the region with greater access to credit to promote economic growth, an essential element of economic recovery," said the statement.

"Fixing the financial system is essential to restoring credit and investment flows to emerging economies... Canada is making a substantial contribution to strengthening the resources of the international financial institutions," said the statement.

The IDB is the oldest and largest regional development bank in Latin America as well as the Caribbean, and the main source of multilateral funding for economic, social and institutional development in the region.

Canada will host the annual meeting of IDB Governors in 2011.

(Xinhua News Agency April 19, 2009)