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Money

Financial co-op benefits China and Latin America

(Xinhua)
Updated: 2011-06-01 17:20
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BEIJING - Financial cooperation between China and Latin American countries has created substantial benefits for both sides, the president of the China Development Bank (CDB) said in Beijing on Wednesday.

Chen Yang, president of the CDB, made the remarks ahead of Vice President Xi Jinping's upcoming visits to Cuba, Uruguay and Chile. Xi will visit the three countries between June 4 and 13.

"Xi's visits will be of great importance in further promoting economic and financial cooperation between China and these three countries," Chen said.

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As one of China's most important banks for foreign investment and financing, the CDB has established relations with forty regional and governmental financial institutions in Latin America, including the Inter-American Development Bank and the Corporacion Andina de Fomento.

Cuba, Uruguay and Chile are some of the CDB's most important partners, and the CDB's cooperation with those countries has aided their social and economic development, Chen said.

According to Chen, the CDB has extended $750 million in loans to the three nations until the end of March this year.

These loans are being used to create programs that will improve the livelihoods of the countries' citizens, Chen said.

Loans in Cuba are being used to improve public medical services, according to Chen.

An agreement signed between the CDB and a commercial bank in Uruguay will provide Uruguay with $10 million in credit loans, which will be used to support the development of small- and medium-sized companies in the country.

In Chile, the CDB has worked with local banks to grant loans for mining, forestry and agriculture programs. The CDB has also provided financial services for companies in Chile.

"The great potential for cooperation between China and Latin America in trade has also provided great opportunities for long-term investment and financing," said Chen.

He added that the CDB will continue to deepen its cooperation with Cuba, Uruguay and Chile, as well as other Latin American countries.

The bank will work with these countries to promote their social and economic development by focusing on the energy, agriculture and forestry sectors, Chen said.

Xi will start his upcoming visits on Wednesday. In addition to visiting Latin American countries, he will also visit Italy and attend a ceremony marking the 150th anniversary of Italy's unification.

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