site.btaIn 2017 Bulgarian Development Bank Signs Credit Agreements Worth More Than EUR 100 Million with Chinese Financial Institutions

Sofia, July 5 (BTA) - In 2017 the Bulgarian Development Bank (BDB) signed credit agreements worth more than 100 million euros with Chinese financial institutions, Economy Minister Emil Karanikolov said Thursday, speaking at the First Meeting of the China-CEEC Interbank Association in a 16+1 format taking place in Sofia.

The meeting, organized by BDB, was attended by Hu Huaibang, Chairman of the Management Board of China Development Bank and representatives of the 14 banks members of the China-CEEC Interbank Association.

Karanikolov said that in 2017 BDB and China Development Bank signed a credit agreement to the amount of 80 million euros which has helped the development of crucial projects in Bulgaria in the area of transport, renewable energy sources, construction, farming, industry and other sectors.

The Economy Minister also spoked about a credit line of 50 million euros signed with the Exim Bank of China. He said that talks are underway on a new credit agreement with the Industrial and Commercial Bank of China, after the previous one signed in 2016.

Karanikolov said that the 16+1 format of the One Belt, One Road initiative already has a tangible contribution in the dynamics of the economic ties, as well as in the strengthened interest of Chinese companies in Central and Eastern Europe. The Economy Minister said that Bulgaria attaches key importance to the initiative as a platform for new opportunities for strengthening the investment and trade cooperation.

A programme for cooperation in 2018-2020 and a cooperation agreement on capacity building and exchange of expertise will be signed at the forum. These will be the first documents of the China-CEEC Interbank Association after its creation in Budapest in November 2017.