“Cooperation with the financial circles of the People’s Republic of China has a big potential”, Siarhei Pisaryk, Chairman of the Board of Belarusbank, said during a seminar organized by the Interbank Consortium of Shanghai Cooperation Organization. The seminar titled “Building an Economic Silk Route: Finance and Planning” took place in the Chinese city of Sanya January 23-25, 2016.
Belarusbank has been the only Belarusian member of the SCO Interbank Consortium since 2012. In 2007 the bank opened a representative office in Beijing.
As an agent bank of the Belarusian government, Belarusbank services tied loans of Chinese banks to the total tune of $2.3 billion. The bank’s loan portfolio contains over $424 million of direct loans extended by Chinese finance institutions.
Belarusbank is actively developing cooperation with China’s largest banks, such as China Development Bank Corporation, the Export-Import Bank of China and many others. In 2012 Belarusbank and China Development Bank Corporation, the largest financial institutions of their countries, signed a Framework Agreement.
Another landmark event was a General Facility Agreement between Belarusbank and China Development Bank Corporation to the tune of $300 million, which was signed during the visit of President of the People’s Republic of China Xi Jingping to Belarus on May 10, 2015.
Presently the bank and its Chinese partners jointly coordinate and carry out investment projects in the sphere of industry and power engineering. They also work out mechanisms to support small and medium business in Belarus.
“The potential of our cooperation is gaining momentum. Its growth is based on long-developed contacts, all levels of understanding, mutual understanding and economic benefits”, Siarhei Pisaryk said.
The head of Belarusbank also spoke about the importance of business contacts within the Interbank Consortium of Shanghai Cooperation Organization and proposed a number of additional cooperation schemes in the framework of that organization.
Generally the seminar in Sanya could be characterized as an informal networking venue. It gathered the top managers of the largest banks of the SCO Interbank Consortium, who were invited to China by Hu Huaibang, Chairman of China Development Bank Corporation.
Within the framework of the seminar Siarhei Pisaryk met with Hu Huaibang to dwell on the further cooperation opportunities. In addition, representatives of Belarusbank met with several other members of the Chinese banking and business circles, including managing director of the Silk Road Fund.
For reference: the Silk Road Fund officially opened in December 2014. The fund’s equity was formed by China’s gold and FX reserves, the assets of China Investment Corporation, the Export-Import Bank of China and China Development Bank Corporation.
The Silk Road Fund in a medium- and long-term foundation for development and investments which provides assistance to countries and regions located along the Silk Road and the Maritime Silk Route of the 21st century in large-scale projects aimed at the expansion of transport and communications in the region.
Belarusbank press service