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Publications Resource Insights China Eximbank, World Bank Sign MOU To Cooperate On Development Focus On Africa
Publications Resource Insights China Eximbank, World Bank Sign MOU To Cooperate On Development Focus On Africa
| China Eximbank, World Bank Sign MOU To Cooperate On Development Focus On Africa |
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| Written by Administrator | |
| Friday, 27 June 2008 08:32 | |
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“The Export-Import Bank of China and the World Bank signed a Memorandum of Understanding (MOU) to cooperate further in the field of development, with a particular focus on Africa. China Eximbank Chairman Li Ruogu signed the MOU with World Bank Managing Director Juan Daboub in Washington Monday. …” [Xinhua (China)/Factiva] Dow Jones writes that “…The move is ‘aimed at building collaboration between the two organizations for development,’ the World Bank said in a statement dated Monday. … The Chinese lender, also known as China Exim Bank, is one of three policy banks in China. Its focuses primarily on export credit financing. Last week, Angolan Finance Minister Jose Pedro de Morais Junior said the African country is negotiating a new $2 billion loan facility with China Exim Bank for building infrastructure, roads, transmission lines and water systems.” [Dow Jones/Factiva] Reuters reports that World Bank Regional Vice President for East Asia and the Pacific, Jim Adams said in an interview that “…initial cooperation would focus on road and energy investment projects by China's Exim-bank in Africa. He said it was important if China wanted to be a major investor in Africa it became part of the global donor system. … It is understood that the agreement with the World Bank will initially focus on Uganda, Ghana and Mozambique, three of Africa's fast-developing countries. Adams acknowledged that concern over African countries' debt sustainability had been discussed with China. … He said the World Bank had exchanged information with China's Exim Bank over the past year on such issues as financial management, procurement, environmental and social impact analyses. ...[He added that] the World Bank hoped to have similar agreements with export-import banks from other large developing nations. …” |