Bank of Chile signs US$100-mln loan with China Development Bank
15/8/2008 16:40
The Banco de Chile signed a three-year US$100-million loan yesterday with
the China Development Bank (CDB), the Chilean bank said.
The loan is part of
a free trade agreement signed by Chile and China in April during an official
visit by Chilean President Michelle Bachelet to China.
The Banco de Chile,
one of the most prestigious banks in the country, also signed with the CDB an
agreement on mutual investment support.
Representative of Banco de Chile in
China, Federico Dietrich, said the agreement is pioneering in that it is the
first of its kind signed by a Chinese bank with a Chilean financial
institution.
Dietrich said China has become one of the main sources of
liquidity nowadays. "The Chinese financial institutions, which have already
occupied an important position in the international ranking, will have a
predominant role in global finances in the following years," Dietrich
said.
The CDB, founded in 1994, has concentrated on key projects for national
development in the fields of energy, transport and infrastructure.
It has
financed famous projects like the Three Gorges Dam and the National Stadium, or
the "Bird Nest."
Xinhua
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