Washington, D.C./Beijing, April 9, 2015—
IFC, a member of the World Bank Group, and China’s National Association of Financial Market Institutional Investors (NAFMII) will deepen their collaboration by focusing on introducing innovation, exchanging knowledge and research, and working together in domestic and international forums to support the development of China’s capital markets.
A formal cooperation agreement signed by both institutions outlines specific areas of focus, which include promoting innovative financial mechanisms to encourage private sector companies and particularly small and medium enterprises (SMEs) to access the domestic capital markets; and holding joint conferences and other knowledge exchange events.
“Innovation and reform in the capital markets will be essential for China to ensure lasting growth and job creation,” said Jingdong Hua, IFC Vice President and Treasurer. “IFC stands ready to support these efforts. Deepening our engagement with NAFMII is an essential part of our strategy to meet the financing needs of the local private sector and contribute to long-term growth and prosperity in China and globally.”
IFC supports the development of China’s financial sector by working with the government to create a regulatory and legal environment that supports the growth of financial services, promotes the microfinance industry, strengthens commercial banks, and develops the country's financial and capital markets. Efficient financial and capital markets allow companies to raise financing so they can grow and create jobs.
In 2012, IFC became the firs
t multilateral institution to sign the NAFMII Master Agreement with domestic Chinese banks.
IFC
pioneered the international issuance of renminbi-denominated bonds in China (Panda bonds) and Hong Kong (Dim Sum bonds). IFC was also the first to set up a program to regularly issue offshore renminbi-denominated discount notes. Last year, IFC became the largest multilateral issuer of renminbi-denominated bonds on the London Stock Exchange to support foreign investment and the internationalization of the Chinese currency.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
www.ifc.org
Stay Connected
