Tuesday, September 18, 2018 09.25AM / APO / African Review
About 16 African banks including RAWBANK, the first banking institution in the Democratic Republic of Congo (DRC), and China Development Bank (CDB) signed an agreement for the establishment of the China-Africa Inter Bank Association in Beijing (CAIBA).
Based on the presentation by Xi Jinping, President of China, aimed at enhancing China-Africa relations and promoting “10 principal cooperation plans” between China and the African continent, eight major actions of China-Africa cooperation were planned in order to advance the partnership.
Taking into account the deficit in meeting the funding needs of African countries with regard to industrialisation, infrastructure connectivity and poverty alleviation, a closer collaboration between Chinese financial institutions and African countries was decided.
Within this context, CDB, represented by its President, Mr Hu Huaibang, and peer financial institutions in Africa jointly established the China-Africa Inter Bank Association (CAIBA), which is a concrete move in achieving win-win cooperation and better quality and higher common development.
RAWBANK, Congo’s lone bank to be selected owing to its leading position in the banking sector for more than 16 years, is henceforth one of the 16 founding members of CAIBA alongside international and Pan-African banks such as Standard Bank, Absa, Attijariwafa Bank and others.
With CDB, CAIBA is set to enhance financial cooperation between all member banks to advance partnership in various domains such as China-Africa infrastructure interconnection, international cooperation and exchange in the humanities.
This agreement aims to strengthen the economic ties and investments between China and African countries, as part of the Forum on China-Africa Cooperation (FOCAC).