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Beijing, June 1, 2007
- IFC and China EXIM Bank today announced they will develop their cooperation by supporting environmentally and socially sustainable Chinese investment in emerging markets, including China itself, thus advancing private sector development and alleviating poverty.
China EXIM Bank is a state policy bank charged with promoting Chinese exports and helping the country’s companies secure overseas investment and construction projects. The Memorandum of Understanding on Cooperation with IFC is part of China EXIM Bank’s comprehensive cooperation with the World Bank Group.
IFC and China EXIM Bank will engage in joint investments, including equity investments, project financing, and credit guarantees. They will also partner to provide advisory services in environmental protection, energy efficiency, and sustainable finance.
“IFC will use its global experience and local expertise in partnership with China EXIM Bank to help support sustainable development in emerging markets,” said Lars Thunell, IFC Executive Vice President and CEO. “We are delighted to be strengthening our cooperation with China EXIM Bank.”
“We hope this agreement will lead to opportunities in areas where our two organizations can collaborate and cooperate,” said China EXIM Bank Vice President Li Jun. “We look forward to working toward a sustainable world economy.”
The agreement comes as the government is encouraging Chinese companies to target developing countries and regions for investment opportunities and construction projects. Many of these opportunities are in Sub-Saharan Africa and Southeast Asia, regions where IFC supports sustainable private sector companies, especially in less developed markets and sectors.
About IFC
IFC, the private sector arm of the World Bank Group, promotes open and competitive markets in developing countries. IFC supports sustainable private sector companies and other partners in generating productive jobs and delivering basic services, so that people have opportunities to escape poverty and improve their lives. Through FY06, IFC Financial Products has committed more than $56 billion in funding for private sector investments and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. IFC Advisory Services and donor partners have provided more than $1 billion in program support to build small enterprises, to accelerate private participation in infrastructure, to improve the business enabling environment, to increase access to finance, and to strengthen environmental and social sustainability. For more information, please visit
www.ifc.org
.
About China EXIM Bank
The Export-Import Bank of China, a state financial institution, supports the country’s export and import trading activities and its foreign economic cooperation. It provides a range of policy and financial support for export of Chinese products, facilitates the engagement of Chinese enterprises in overseas contracting projects and investments, and promotes the development of foreign relations and cooperation on overseas economic activity and trade. For more information, visit
www.eximbank.gov.cn
.
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