On November 13, Chinese Premier Li Keqiang announced at the 20th China-ASEAN Leaders’ Meeting in Manila, capital of the Philippines, that China would launch a special loan equivalent to RMB 10 billion for the China-ASEAN Interbank Association to support cooperation projects. This special loan is reported to be administered by CDB. The outcome announcement shows the high recognition by the Chinese state leadership of the efforts made by the China-ASEAN Interbank Association, which is expected to enhance the international influence of the Interbank Association and play a significant role in upgrading and optimizing cooperation within the Interbank Association.
The China-ASEAN Interbank Association is a multilateral interbank organization jointly established by CDB in cooperation with major financial institutions in ASEAN countries in 2010. It has so far held 6 Executive Board Meetings successfully, where member banks conducted in-depth discussions on various topics such as project financing, currency settlement and cooperation mechanism, and signed a range of cooperation agreements on areas including training and information sharing. The cooperation within the Interbank Association has received great attention from the Chinese government. Leaders of the Chinese government have introduced the Interbank Association as an outcome of China’s foreign cooperation in many occasions including the China-ASEAN Summit and the East Asia Summit.
By far, CDB has signed with some member banks a range of bilateral facility agreements on capital transaction, guarantee letter, bond issuance, etc. It has promised to offer loans of USD 6.2 billion and has issued USD 4.6 billion, with a loan balance of USD 4 billion. It has committed a total of USD 200 million in capital transaction, and USD 7.3 billion in cooperative loans with banking groups. CDB’s cooperation endeavor has reached all the ten ASEAN member banks.
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