China is set to become an official member of the Inter-American Development Bank (IDB), the People's Bank of China, the central bank, said on its website Tuesday.

China's joining IDB was "a win-win choice" for the benefit of all sides involved, said Zhou Xiaochuan, the central bank governor during his meet with IDB President Luis Alberto Moreno in Washington, DC.

Moreno echoed Zhou's comment, saying Latin America and the Caribbean would like to cooperate with China on finance, trade and investment sectors amid the global financial crisis.

The two sides signed a memorandum of understanding, specifying certain terms and conditions relating to China's entry to the IDB.

A month-long voting process, ended on Oct. 15, has approved China to become the 48th member country in the Washington, DC-based bank.

According to previous reports, China would contribute 350 million U.S. dollars to the IDB Group to bolster key programs at a time when the world economy is under pressure.

The timeline for entry has not been fixed, however, as there are still some procedures to go through, a central bank spokewoman Li Yanhong told Xinhua.

As an IDB member country, China will be represented at the Board of Executive Directors, sharing a chair with other donor nations. The Executive directors approve loans, establish policies and set interest rates, among other duties.

The membership would also enable China to have a seat on the Board of Governors, the IDB's top decision-making body.