NIB and China Development Bank sign cooperation agreement

NIB and China Development Bank sign cooperation agreement

The FINANCIAL -- NIB President Henrik Normann and Chairman of the China Development Bank Hu Huaibang have signed a cooperation agreement between the two financial institutions with the aim to support economic activities and environmental improvements, in compliance with the banks’ mandates.

The CDB is China’s largest development financial institution mandated to strengthen the country’s competitiveness. It supports key industries with a view towards promoting sustainable development of the national economy and society. The CDB’s loan portfolio totals USD 1.4 trillion, of which around 15% is placed outside China, according to NIB.

“NIB’s member countries greatly appreciate China’s support for international trade and believe that a concerted effort can do a lot to improve the environmental challenges on a global scale. NIB welcomes the opportunities to assist in technology transfer, in particular green technologies, from the Nordic–Baltic to support transition to low-carbon economies around the world”, said Henrik Normann, NIB President & CEO, at the agreement signing ceremony, held in Norway’s capital, Oslo, on 10 July 2017.

“China is working towards mitigating climate change and reducing environmental pollution by introducing new climate-friendly technologies. The CDB would appreciate joint efforts with NIB to transfer technologies from NIB’s member region. The CDB has supported innovations in the Nordic automotive industry and research into biofuels, made investments in solar energy, pulp and paper manufacturing, and the sea transport and logistics sector”, said Hu Huaibang, Chairman of the China Development Bank.

NIB and the CDB have mutual borrowers in the Nordic–Baltic region and are looking for opportunities to co-finance eligible projects in NIB’s member countries. The CDB aims at further intensifying ties with the Nordic–Baltic countries, which are becoming increasingly important in China’s policy for international cooperation with a special focus on environmental technologies, fisheries and energy.