Money

China Eximbank to continue financing for SCO projects

(Xinhua)
Updated: 2011-06-14 10:59

ASTANA -- The Export-Import Bank of China will continue to provide financing for the economic cooperation projects under the Shanghai Cooperation Organization (SCO), the bank's head said on Monday.

The Export-Import Bank of China, or China Eximbank, is the only bank that provides preferential loans to the SCO member states, which groups China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan, said Li Ruogu, the institution's president.

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"We have implemented over 50 projects in the SCO member states. The projects directly promoted the economic and social development of these countries and pushed the economic cooperation among the member states forward," Li said.

The leading projects that have earned the bank's loans are those related to communications, transportation, electricity network innovation, water conservancy, soil improvement, agricultural and energy sectors.

Future projects the bank prefers to support, Li said, will focus on cooperation in infrastructure and competitive industries. He said the bank will support the development of modern agriculture, manufacturing and service industries.

Talking about China's commitment at the Yekaterinburg Summit of providing loans of $10 billion to the SCO member states, Li said the relevant sides are still negotiating and initial results have already been made.