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Fransabank chosen as founding member of the China – Arab Countries Interbank Association
12/12/2018
Fransabank chosen as founding member of the China – Arab Countries Interbank Association

Chinese President Xi Jinping announced at the opening ceremony of the 8th Ministerial Conference of the China-Arab Cooperation Forum, held in Beijing on the 10th of July 2018, that China will set up a " China – Arab Countries Interbank Association " with a special loan of US$3 billion in financial cooperation. On July 12th, Fransabank Group attended, as a founding member, the establishment ceremony of the China – Arab Countries Interbank Association (CACIA) and its first Council meeting, in Beijing.

As China's largest foreign investment and financing cooperative bank, CDB has played an active role in China-Arab pragmatic cooperation. Up to now, CDB's loan balance in Egypt, Oman, United Arab Emirates, Kuwait, Saudi Arabia and other Arab countries has reached nearly 8.5 billion US dollars, supporting a number of key projects in the petrochemical, power, telecommunications, finance and other fields.

CDB announced at the meeting that it will further increase its support through this association providing the first phase of the US$3 billion special loan for China-Arab financial cooperation and the US$10 billion reconstruction and industrial revitalization loan.

 

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