Barbados

CDB signs MOU with EXIM Bank of China

Monica La Bennett, Vice-President (Operations), Caribbean Development Bank, signs the Memorandum of Understanding between CDB and EXIM Bank of China. Looking on are (left to right) Yu Wen, Deputy General Manager, Corporate Business Department, EXIM Bank of China; Dr Warren Smith, President, CDB, Diana Wilson Patrick, General Counsel, CDB and Dr Justin Ram, Director, Economics, CDB/Photo: Nation News
CDB signs MOU with EXIM Bank of China

The Caribbean Development Bank (CDB) and the Export-Import (EXIM) Bank of China have signed a memorandum of understanding (MOU) which will allow both parties to discuss opportunities for cooperation and coordination in CDB’s Borrowing Member Countries (BMCs).

The MOU will allow both institutions to explore co-financing options, as well as coordinate development strategies, concepts and activities in those countries.

Speaking at the signing ceremony, Monica La Bennett CDB Vice-President (Operations), said both CDB and the EXIM Bank hold a common conviction of the importance of trade in promoting economic ties between China and Caribbean countries.

She noted, therefore, that the partnership had tremendous potential.

“We are especially optimistic about the prospects for co-financing projects in key sectors such as infrastructure; human resource development; agriculture; and renewable energy and energy efficiency.

“We, therefore, welcome this collaboration with the Export-Import Bank of China and look forward to combining our resources, knowledge and expertise to further the development of the Caribbean Region for the benefit of its people,” she said.

“CDB and EXIM Bank, we share the same target, to improve the economic development of Caribbean countries…I am quite sure that by signing this MOU we will expand this kind of cooperation and achieve the given result, the economic cooperation between China and Caribbean agencies,” added Yu Wen, Deputy General Manager, Corporate Business Department, Export-Import Bank of China.

The signing ceremony took place during a CDB-hosted conference on the use of Chinese Renminbi in the Caribbean, which was held at the Hilton Barbados Resort on July 10.

China EXIM Bank is a state-owned policy bank that supports China’s foreign trade, investment and international economic cooperation. It implements projects around the world, including in Latin America and the Caribbean.

China has been a member country of CDB since 1998.

Source/Nation News

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More in Barbados

Call for Caribbean to Support Palestine

November 16, 2017

PM Says ‘Barbadian Lifestyle Draining Foreign Reserves’

November 14, 2017

UWI Students March Against Gun Violence – Barbados

November 13, 2017

Barbados’ Economic Model ‘Obsolete,’ Warns Business Minister

November 10, 2017

‘Barbados Is Not A Tax Haven!’ – Business Minister

November 8, 2017

5th Edition of the Venezuelan Film Festival in Barbados

November 7, 2017

Barbados’ DLP Slams Leak of CBC TV Finances

November 7, 2017

Barbados Named In ‘Paradise Papers’ Leak

November 6, 2017

‘Barbados’ Govt Inching Close to IMF or Devaluation’

October 25, 2017
You Can Advertise Here
"The other side of the news!"
Copyright © 2015 Carib Flame. Follow us on Twitter @caribflame