China-CEEC Interbank Association Officially Established

On November 27, 2017 local time, Chinese Premier Li Keqiang announced at the opening ceremony of the 7th China-CEEC Trade Forum held in Budapest the official establishment of the China-CEEC Interbank Association, and CDB pledged to offer loans for development finance cooperation equivalent to 2 billion euro.

It is known that the China-CEEC Interbank Association was initiated by CDB as a multi-lateral financial cooperation platform under the China-CEEC “16+1” framework. Currently there are 14 member banks, which are policy-based, development financial institutions or state commercial banks in China and Central and Eastern European countries. Following the principle of “independence in operation, decision-making and risk management,” all members cooperate in a range of areas, including project financing, credit extension among the same industry, planning consultation, training and exchange, dialogue among senior management, policy communication and information sharing.

The loans equivalent to 2 billion euro will be offered for the purpose of channeling funds to less developed areas and economic bottlenecks in member countries with the help of the financial cooperation within the China-CEEC Interbank Association, so that all member countries and their citizens will benefit from real economic growth. The loans will be offered through the Interbank Association member banks and, in future, the observation banks for facilitating cooperation among the financial industries, jointly supporting projects in infrastructure, electricity, telecommunications, industrial parks, agriculture, medium and small enterprises, and high-tech fields in China and CEEC countries, to be concreted within 5 years.

It is reported that in recent years, CDB has offered strong support for major cooperation projects in China and CEEC. By far, it has supported 19 projects in CEEC with contracts of 1.132 billion euro and loan balance of 599 million euro. Looking ahead, CDB will continue to focus on the joint construction of the Belt and Road and will, following the principle of “mutual creation, mutual sharing and mutual progression,” manage to build the China-CEEC Interbank Association into a new engine for pragmatic cooperation between China and CEEC.

Disclaimer
The information on this page may have been provided by a contributor to ChinaGoAbroad, and ChinaGoAbroad makes no guarantees about the accuracy of any content. All content shall be used for informational purposes only. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting such content (including texts, pictures, photos and diagrams) to ChinaGoAbroad for publication. ChinaGoAbroad disclaims all liability arising from the publication of any content/information (such as texts, pictures, photos and diagrams that infringe on any copyright) received from contributors. Links may direct to third party sites out of the control of ChinaGoAbroad, and such links shall not be considered an endorsement by ChinaGoAbroad of any information contained on such third party sites. Please refer to our Disclaimer for more details.
Top