CDB is now the world's largest provider of overseas loans
The China Development Bank, or CDB, one of the largest providers of loan to overseas markets, plans to open a representative branch in Dubai to provide financing facilities to public and private sectors in the UAE, Jiang Zhigang, director general of the planning department of the bank, said.
Zhigang, who led a CDB delegation to Dubai, revealed the plan to open the rep office at a meeting with the Dubai Economic Council (DEC) officials.
Hani Al Hamli, DEC secretary general, said the Chinese bank could provide financial and advisory services to all the strategic and mega development projects initiated in Dubai. The Chinese bank can also provide access to finance for private companies including the small and medium enterprises, he said.
At the meeting, Hamli highlighted the latest developments in Dubai's economy and the growing bilateral relations between the UAE and China. He said the visit of the delegation follows a strategic partnership agreement signed between the DEC and CDB in Beijing last year. CDB is now the world's largest provider of overseas loans and is playing a leading role in promoting Beijing's economic interests abroad. Since the 2008 global financial crisis, CDB has been on an aggressive loan expansion drive outside the mainland. It issued almost one trillion yuan ($161 billion) in urbanisation-oriented loans in 2013. Total loans reached 8.19 trillion yuan. The bank has already supported several large scale infrastructure and social development projects in various countries, including in Argentina, Brazil and Venezuela.
DEC has pledged CDB its support in finding trade finance opportunities in the UAE across a variety of areas, including infrastructure. Al Hamli said the collaboration between the DEC and CDB covers a wide spectrum of services including exchange of expertise, knowledge and data, bilateral talks on various economic issues.
"Such a partnership would help boost the strong bilateral relations that the UAE has with China and its continued efforts in strengthening trade and economic ties," said Al Hamli. He said that given the great significance of CDB in China and in many countries worldwide, DEC is confident that the bank can play a critical role in Dubai.
The CDB delegation comprised of senior executives including the bank's directors Sui Dongning and Du Bin; in addition to Song Xiaoli, LI Shigang, associate research fellows from Economic Research Institute of National Development and Reform Commission; Zhang Li'an, deputy chief engineer from CAH Airport Construction Company; Jiang Mingsheng, engineer from CCCC First Harbor consultants Co; Yang Jinsong, associate research fellow from China Tourism Academy; Ke Changwei, deputy president of CDB Ningxia branch; Zhao Hui, Zheng Wenbo, and Chen Ran, all members of the UAE working team.