China Development Bank opens representative office in Kazakhstan
Baku, Azerbaijan, Oct. 15
By Rashid Shirinov – Trend:
The first representative office of the China Development Bank (CDB) in Central Asia has been opened in Astana, Kazakh media reported.
The office of one of the largest financial institutions in the world will operate at the site of the Astana International Financial Centre (AIFC).
"CDB is the world's largest development finance institution, which has been working with industrial conglomerates in Kazakhstan for many years. Placing the CDB in the jurisdiction of the AIFC will contribute to the AIFC's activities on the development of the capital market through developing market infrastructure and stock and debt obligations," AIFC Governor Kairat Kelimbetov said during the opening ceremony of the representative office.
He added that the opening of the CDB representative office will enhance trade and economic cooperation between Kazakhstan and China through interbank cooperation.
CDB Vice-President Liu Jin, in turn, noted that due to large investment injections, the Bank takes an active part in the financial planning of the Kazakh-Chinese cooperation.
"In June this year, CDB provided financial support to 32 projects in Kazakhstan. The loan obligations amounted to $33.5 billion. We have signed contracts worth more than $28 billion," Liu Jin noted.
During the opening ceremony, a memorandum of understanding was signed between AIFC and CDB, providing for the improvement of communication channels and the development of permanent relations based on mutual benefit.
China Development Bank was founded in 1994 as a policy financial institution under the direct leadership of China's State Council. CDB is the world’s largest development finance institution and the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance.