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BancoEstado and China Development Bank signed a cooperation agreement

, Jun 14, 2011. 07:00

In the context of the visit made by the Vice President of People's Republic of China - Xi Jinping - to Chile, both banks signed a cooperation agreement covering various areas. This activity was held in La Moneda Palace, and was attended by Mr. Sebastián Piñera, President of the Republic of Chile.
An important Economic Cooperation Agreement was signed in La Moneda Palace by the Chairman of BancoEstado, Segismundo Schulin-Zeuthen and the President of China Development Bank (CHDB), State development finance institution with over U.S. $ 62,000 million assets. The agreement was executed during a meeting held on Thursday, June 9th, between the President Sebastián Piñera and the Vice President Republic of China, Xi Jinping.

This agreement could result in a direct financing of CHDB to BancoEstado, besides their cooperation in project’s area and providing financial support to different initiatives with development potential or that may represent an important contribution for bilateral assistance.

Likewise, in order to promote business incubation and capacity development, BancoEstado and CHDB may agree on staff exchange and training in areas such as economics, finance, management and technology. This includes the necessary training and support for better understanding financial, economic, legal and investment markets in both countries.

The China Development Bank was founded in March 1994 and its main mission is to help strengthen China’s competitiveness and improve living standards of their people, supporting public policies through medium and long term loans. This financial institution had an important role in financing key projects in terms of infrastructure and support for basic industries.