Belarusbanks international business goes east (press release)

Representatives of Belarusbank took part in a seminar organized by the Interbank Consortium of Shanghai Cooperation Organization. The subject of the seminar was “Building an Economic Silk Route: Finance and Planning”. The seminar, which functioned largely as an informal networking venue, took place in the Chinese city of Sanya.

The SCO Interbank Consortium focuses on the development of financial partnership with various regions of the world which are interested in cooperation with the SCO member states.

The consortium consists of the leading financial institutions recommended by the governments of the SCO member states, namely, the Development Bank of Kazakhstan, China Development Bank, Russia’s Vneshekonombank, the National Bank of Tajikistan, the National Bank for Foreign Economic Activity of Uzbekistan, the Settlement & Savings Company of Kyrgyzstan. Belarusbank became a partner bank of the SCO Interbank Consortium on June 5, 2012 during a meeting in Beijing.

Following the seminar, which dwelled on the new schemes of cooperation between member banks, Belarusbank acknowledges a vast cooperation potential within the SCO Interbank Consortium.

China is one of the most promising directions of Belarusbank’s international business development. The volume of tied loans issued by Chinese banks (in which Belarusbank acts as an agent) in the bank’s loan portfolio makes as much as $2.3 billion. In addition, there is $150 million worth of direct loans, in which the bank functions as the borrower.

While in China, Belarusbank delegation took part in several business meeting and negotiations. The bank’s representatives met with Vice President of China Development Bank Wang Yongsheng to exchange business information. CDB implemented a number of investment projects in Belarus in construction and energy sectors.

The visit to Sanya revealed the interest of Chinese partners towards the expansion of cooperation with Belarusbank within the framework of the SCO IC. In turn, the Belarusian party is willing to explore new types of interbank cooperation and further strengthen the eastern direction of international business.

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