China becomes a member of the EDRB
December 21, 2015 Category Finance, Weekly
The European Bank for Reconstruction and Development (EBRD) has approved China as a new bank shareholder. China’s membership will help to connect its Belt and Road Initiative with the Investment Plan for Europe and open up new investment opportunities for regions where the EBRD is active. The EBRD will not do business in China, but Chinese enterprises and financing institutions can start projects and build financial cooperation among its 36 members that can borrow money from the bank. Besides China, the existing shareholders include 64 countries and two international organizations. EBRD President Suma Chakrabarti said the bank plans to work closely with the Asian Infrastructure Investment Bank (AIIB). Experts said future cooperation between the two banks will focus on infrastructure construction, energy and railway projects. Last year, the EBRD issued a total of €8.9 billion in debt, of which €800 million was for countries in Central Asia, a region of importance on the Belt and Road routes. Peter Kung, Vice Chairman of KPMG China, said that the move will accelerate projects under the Belt and Road Initiative, which will provide significant support for China’s economic growth in the coming year, the China Daily reports.
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