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The representative of IZP Group and Central Bank Governor of Djibouti Ahmed Osman signed agreement.
On January 18th, China signed an agreement with Djibouti, to promote the cooperation in launching a pilot free trade zone, Sino-Djibouti bank card clearing service and other services.
According to the agreement, China will develop a set of advanced bank card clearing systems for Djibouti to provide a channel of currency and trade clearing to both sides.
Guelleh, President of Djibouti, said that the FTA will bring 15,000 job opportunities. He hopes the first phase of the project, covering 1.5 square kilometers, can be put into operation at the end of 2016. In the "Transit Station" agreement, Djibouti will play an important role in China’s trade with other countries. The agreement is under the framework of the One Belt and One Road and will be a bridge between China and Africa, according to AFP on Jan, 21st.
IZP Group will be responsible for the development. Chongqing Globebill, a subordinate of IZP Group, has signed a cooperative agreement with Djibouti on bank card clearing. Chongqing Globebill plans to establish a bank card payment system covering the whole country, which will realize direct Sino-Djibouti currency clearing and boost bilateral trade.
China and Africa are taking positive steps to implement the consensus reached during the Johannesburg Summit and Sino-Djibouti agreements will boost the development of Africa, according to Hong Lei, the spokesman of the Ministry of Foreign Affairs of the People’s Republic of China.
Djibouti is a key point on the west oceangoing line of Belt and Road strategy. At present, Djibouti has relatively weak domestic financial infrastructure and lacks a complete national payment system. The financial system relies on cash and US Dollars.
Djibouti, located in the Eastern Africa, occupies a total area of 23,000 square kilometers, with a population of 900,000. The country is strategically located near the world's busiest shipping lanes, controlling access to the Red Sea and Indian Ocean. According to AFP, China plans to set up a naval base in Djibouti according to a bilateral agreement signed last December. Hong Lei responded on Jan 21, Sino-Djibouti consensus on the construction of support facilities, which will be conducive to a better complement of escort missions and to make contributions to regional peace and stability. The duty of such facilities is to provide logistical support to Chinese convoy fleets in Aden Gulf and Somalia.
During the signing ceremony, President Guelleh met with Luo Feng, the president of IZP Group. Guelleh said Djibouti and other African countries hope to attract more Chinese investment. The cooperation between Chongqing Globebill and the Central Bank of Djibouti will promote African financial infrastructure.
IZP Group is a world-leading companies providing big data and cross-border trade services. Its big data platform already covers more than 90 countries and regions. Globebill specializes in offering cross-border payment and clearing service, and cooperates with central banks from more than 30 countries to supply trade in RMB - local currency direct clearing services.
