Chinese Exim Bank to Allocate more than $50mln Preferential Credit to Tajikistan
Tuesday 5 June 2012
DUSHANBE (Asia-Plus) – In the course of his official visit to China, Tajikistan President Emomali Rahmon met today with President of the Export-Import Bank of China (Exim Bank) Li Ruogu.
- Founded in 1994, the Export-Import Bank of China is a state bank solely owned by the Chinese government. Its international credit ratings are compatible to the national sovereign ratings. The Bank is headquartered in Beijing. By the end of 2010, the Bank has eighteen domestic business branches, and three overseas representative offices, namely the Representative Office for Southern & Eastern Africa, Paris Representative Office and St. Petersburg Representative Office. At present, it has established correspondent relationship with more than 500 banks.
In the past five years, the Bank has managed to adjust its key businesses, playing a more prominent role in the implementation of China’s economic and political diplomacy policies. The Bank took the initiative to shift its focus from export to both export and import. Besides the provision of official development aid, the Bank also provided other means of financing facilities. The Bank’s business structure has been notably optimized and adapted to China’s external economic activities. Thus the Bank has transformed itself from an official credit agency into an international economic cooperation bank, and is serving as an important bridge for international exchanges and collaborations.
As reported by the President’s press service, the bank has already allocated more than $900mln long-term credits for implementation of various projects in Tajikistan. It has been noted that the bank is willing to fund other vital projects in Tajikistan.
The meeting resulted in signing of agreement on allocation of $50.54 mln credit to Tajikistan on preferential terms. The funds will be allocated for the second phase of the Dushanbe-Kulob-Khorog-Qulma road reconstruction project.
The Exim Bank’s main mandate is to facilitate the export and import of Chinese mechanical and electronic products, complete sets of equipment and new-and high-tech products, assist Chinese companies with comparative advantages in their offshore contract projects and outbound investment, and promote Sino-foreign relationship and international economic and trade cooperation.
- Growth of Total Assets of Exim Bank
- Including both on and off Balance Sheet
(unit: RMB100 million)