CDB to maintain BRICS lending level

Source: Xinhua| 2017-08-18 19:01:33|Editor: Zhou Xin
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QUANZHOU, Fujian, Aug. 18 (Xinhua) -- China Development Bank (CDB), one of the two largest Chinese overseas lenders, will maintain its level of financing to support projects in BRICS countries, the bank's chairman said.

CDB Chairman Hu Huaibang told a BRICS seminar that as of the end of June, the bank's outstanding loans to BRICS countries excluding China had reached 57.8 billion U.S. dollars, about 18 percent of the bank's total overseas loans.

The bank has committed a total of 134.6 billion U.S. dollars to projects in the four BRICS countries and loans worth about 86.9 billion U.S. dollars have been issued, he said.

The loans went to energy and resource development projects as well as infrastructure projects such as ports, roads, power stations, telecommunications, and industrial park construction.

Hu said the CDB has been supporting BRICS for years and will continue to do so to help the BRICS achieve market expansion, easier access to finance, connected infrastructure, and more people-to-people exchanges.

Hu said the bank will also improve its think tank operations and produce more substantial market research reports on BRICS countries.

The CDB is the world's largest development lender. The CDB and the Export and Import Bank of China issue most of China's overseas loans.

The two-day BRICS Seminar on Governance ended in the city of Quanzhou, Fujian Province, on Friday. It was part of a series of events leading to the 9th BRICS Summit to be held in Xiamen, Fujian, in early September.