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Monday, November 27, 2017, 22:47
Li announces financing support for 16+1 cooperation
By Xinhua
Monday, November 27, 2017, 22:47 By Xinhua

In this April 28, 2012 file photo, Chinese Premier Li Keqiang delivers a speech at Moscow State University in Moscow, Russia. Li arrived in Budapest on Nov 26, 2017 for an official visit to Hungary and for the sixth meeting of heads of government of China and 16 Central and Eastern European countries. (PHOTO XINHUA)

BUDAPEST – Chinese Premier Li Keqiang on Monday announced financing support for cooperation between China and 16 Central and Eastern European countries (CEEC), also known as the 16+1 cooperation.

The second phase of the investment cooperation fund that totaled US$1 billion will be mainly invested in Central and Eastern Europe 

Li Keqiang, Chinese Premier

Li announced the establishment of China-CEEC Inter-Bank Association and the second phase of China-Central and Eastern Europe Investment Cooperation Fund in a keynote speech to the seventh China-CEEC Economic and Trade Forum held in the Hungarian capital city of Budapest.

READ MORE: New era diplomacy to strengthen ties with CEE countries

The China Development Bank will provide an amount equivalent to 2 billion euros (US$2.4 billion) as development-oriented financial cooperation loans for the inter-bank association, Li said.

Meanwhile, the Chinese premier said the second phase of the investment cooperation fund that totaled US$1 billion will be mainly invested in Central and Eastern Europe.

The two sides need to further expand financing channels, Li said.

China supports commercial and development financial institutions to provide finance for bilateral cooperation projects, supports companies from Central and Eastern European countries to issue Panda Bonds in China, and also supports the two sides to conduct renminbi-denominated financing business for their cooperation projects, Li said.

ALSO READ: Li's visit to boost China's cooperation with CEE, SCO countries

Li arrived in Budapest on Sunday for an official visit to Hungary and for the sixth meeting of heads of government of China and 16 Central and Eastern European countries.

During his stay in Hungary, Li will hold bilateral meetings with CEEC leaders and work with them to outline future cooperation. 

He will also witness the signing of a series of cooperation documents and celebrate the fifth anniversary of the establishment of the 16+1 cooperation.

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