Mexico's Bancomext renews cooperation agreement with China Development Bank
Mexico's National Bank for Foreign Trade (Bancomext) and the China Development Bank (CDB) announced on Friday the renewal of a cooperation agreement to finance projects in Mexico, Xinxua reported.
This marks the renewal of agreements signed in November 2014 when Mexican President Enrique Pena Nieto visited China, Bancomext said in a statement.
Both institutions agreed to co-finance projects in Mexico in key sectors such as technology, equipment, tourism and renewable energy, among others.
"As much Bancomext as the China Development Bank further commit to establishing exchange mechanisms on development policies in sectors and regions that allow to identify business and trade opportunities, through cofinancing by Mexican and Chinese companies," the statement explained.
Bancomext and the CDB agreed on the need to analyze cooperation alternatives in the infrastructure and telecommunications sectors.
The CDB is the world's largest development financial institution. In 2016, it managed assets worth over 2 billion U.S. dollars and a credit portfolio worth around 1.4 billion U.S. dollars, said the Bancomext statement.
The renewal of the agreement was signed by Bancomext director-general, Francisco Gonzalez, and CDB Executive vice-president, Zhang Xuguang.