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China, Arab Countries Establish Interbank Partnership

Beijing, Jul 12 (Prensa Latina) Important banks from China and Arab countries established today an association responsible for channeling financial assistance to joint projects, especially those linked to the Belt and Route initiative.
The alliance is currently comprised by Development Bank of China; the National Bank of Egypt; Fransabank, from Lebanon; BMCE, from Morocco; and the National Bank of Abu Dhabi, but in the future the incorporation of other institutions is expected.

It is the first union of this kind among the parties and must operate as a club that will promote communication, exchanges, services and financial support, among other purposes.

According to official sources, the priority will be infrastructure projects, telecommunications, rehabilitation and construction of air terminals and ports.

The association was created two days after the eighth ministerial meeting of the China-Arab States Cooperation Forum (CASCF), precisely focused on determining the instruments that expand economic cooperation in the context of the Silk Road, emerged in 2013.

Chinese President Xi Jinping also announced an industrial revitalization program that involves the delivery of 23 billion dollars in loans, and humanitarian aid.

Of that amount, Syria, Yemen, Jordan and Lebanon will receive 91 million, while Palestine will receive 15 million dollars for its economic growth and social assistance efforts.

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  • Countries: Africa

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