TAIPEI (Taiwan News) — The Ministry of Foreign Affairs (MOFA) on Thursday (Nov. 4) expressed gratitude for a move by senior members of the United States Senate to help upgrade Taiwan’s status at the Inter-American Development Bank (IDB).

Since 1991, the Asian country has had observer status, but a bipartisan motion in the Senate is aimed to compel the State Department to help Taiwan become a non-borrowing member of the regional financial institution.

If the move succeeds, Taiwan will be able to intensify its cooperation with allies and friendly nations in Latin America, MOFA said. Membership would benefit sustainable development, job creation, and social stability in Latin America and the Caribbean while also boosting Taiwanese investment in the region, according to the ministry.

MOFA said it values the efforts by members of the U.S. Congress to help Taiwan increase its participation in global and regional organizations, as this would allow the country to expand its contributions to the international community.