Belarus offers China EXIM BANK to sign memorandum of cooperation

Business Materials 29 October 2008 14:37 (UTC +04:00)

Belarus offers the Export-Import Bank of China (EXIM BANK) to consider an opportunity of signing a memorandum of cooperation, First Deputy Prime Minister of Belarus Vladimir Semashko told a delegation of the EXIM-BANK group on October 29.

In his words, the leading Belarusian banks, Belarusbank and National Bank, have certain proposals to develop long-term cooperation in the financial area, reported Belta.

According to Vladimir Semashko, the Chinese yuan has been included into a list of the reserve currencies in Belarus. The central banks of the two countries have been currently completing the development of the regulatory system where payments between the economic agents of Belarus and China are made in the national currencies.

Founded in 1994, the Export-Import Bank of China (China Eximbank) is a governmental bank under the direct leadership of the State Council. The international credit ratings of the bank headquartered in Beijing are compatible to the national sovereign ratings. The bank has established correspondent relations with more than 140 banks worldwide.

China EXIM BANK has developed into a key channel of policy financing for exports and imports of mechanic and electronic products, complete set of equipment, and high- and new-tech products, and for offshore construction contracts as well as overseas investment projects. Meanwhile, the bank is also the major onlending bank of foreign government loans and the sole lending bank for Chinese Government Concessional Loan entrusted by the Chinese Government. The bank is playing an important role in promoting the development of the open and export-oriented economy of the country.