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Ja, China to forge new financial pact
Wednesday, September 05, 2007
Top executives from the Development Bank of Jamaica (DBJ) has set off for China today to sign a deal that is expected to provide funding from the China Development Bank (CDB).
DBJ managing director, Milverton Reynolds, who is making the trip with the firm's company secretary, Wayne Whittingham, said the agreement held "huge benefits, not only for the Development Bank of Jamaica as an institution but also for Jamaica as a whole".
The development financial agreement, as it is called, with CDB, will allow co-operation on issues such as direct lending, project financing, staff exchange and training, information sharing, lines of credit management and other business cooperation.
The CDB was established in March 1994 to provide development oriented finance for government projects of national priority in areas such as infrastructure, basic industries, energy and transportation.
Its main objective as a state financial institution is to support the macroeconomic policies of the central government and to support national economic development and strategic structural changes in the economy.
In 2006, the CDB had an asset base of US$306 billion and a loan portfolio of US$267 billion. With net profits of US$3.7 billion, it is the most profitable bank in China, and the second most profitable in Asia.
While there, the senior officers of the state-owned financing institution will also participate in the China-Caribbean Economic and Trade Co-operation Forum 2007 from September 6-15 in Xiamen, on the south-eastern coast of China.
There, the DBJ team will hold talks with Chinese business persons and other Caribbean and Caricom leaders taking part in the forum.
Wednesday, September 05, 2007
Top executives from the Development Bank of Jamaica (DBJ) has set off for China today to sign a deal that is expected to provide funding from the China Development Bank (CDB).
DBJ managing director, Milverton Reynolds, who is making the trip with the firm's company secretary, Wayne Whittingham, said the agreement held "huge benefits, not only for the Development Bank of Jamaica as an institution but also for Jamaica as a whole".
The development financial agreement, as it is called, with CDB, will allow co-operation on issues such as direct lending, project financing, staff exchange and training, information sharing, lines of credit management and other business cooperation.
The CDB was established in March 1994 to provide development oriented finance for government projects of national priority in areas such as infrastructure, basic industries, energy and transportation.
Its main objective as a state financial institution is to support the macroeconomic policies of the central government and to support national economic development and strategic structural changes in the economy.
In 2006, the CDB had an asset base of US$306 billion and a loan portfolio of US$267 billion. With net profits of US$3.7 billion, it is the most profitable bank in China, and the second most profitable in Asia.
While there, the senior officers of the state-owned financing institution will also participate in the China-Caribbean Economic and Trade Co-operation Forum 2007 from September 6-15 in Xiamen, on the south-eastern coast of China.
There, the DBJ team will hold talks with Chinese business persons and other Caribbean and Caricom leaders taking part in the forum.
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