EximBank concludes a Financial Cooperation Agreement with China Eximbank

Bucharest, January 28, 2014 – EximBank Romania has signed today a Financial Cooperation Agreement with China Eximbank establishing the general cooperation framework for the two institutions to stimulate the Chinese investment in Romania.

”Signing of this agreement represents another step forward in the implementation of the talks we had during the Commercial and Economic Forum China – Central and Eastern Europe that took place in Bucharest at the end of last year. We are thus following the strategic framework set by the Government establishing trends and macroeconomic objectives and allowing all the institutions involved to participate in the efforts of fostering the growth of our national economy. Under this favorable context and having in view the huge development potential of the economic relationships between Romania and China we express our deepest belief that we will attain satisfactory results on medium and long term”, said Traian Halalai, President of EximBank on the occasion of signing the cooperation agreement.

He mentioned that both EximBank Romania and China Eximbank have extensive products and services portfolios, specific to the support activities for export and investments abroad, fully harmonized with best practices and international regulations.

The agreement aims at establishing and developing a long term cooperation relationship in order to promote Chinese investments in Romania, especially for projects related to energy and infrastructure in Romania that Chinese companies find attractive for development or for placing investments.

During the visit of the EximBank Romania’s delegation in Beijing there will be organized meetings with representatives of China Development Bank and China Export and Credit Insurance Corporation Sinosure which is specialized in granting insurance for export credits.

”We will have talks with Romanian Embassy in Beijing representatives in order to identify the ways to support Romanian companies that enter business relationships with Chinese partners. We intend to have a close relation with the body of Economic Representatives in our Embassies that we consider as a valuable resource to be involved in the consolidation of the Romanian companies’ presence on foreign markets. They may offer relevant data to Romanian companies and EximBank is constantly acting as a liaison with the Romanian business environment transferring into it the context elements needed in the business decision making processes”, added Traian Halalai.

He has also stated that for the Romanian exporters that are looking at expanding their export targets the Chinese market is an option that presents extraordinary opportunities.Using the EximBank support Romanian companies may reduce the commercial deficit and deliver to the Chinese market more than agro-food products, especially niche products such high technology and software. EximBank has clients that have entered this market and will continue to offer its expertise in the development of this segment.

EximBank Romania is a specialized institution that by specific instruments supports the development of the Romanian business environment and the efforts of Romanian exporters toward foreign markets having an active role in economic policies implementation.

The bank has been constantly acting for encouraging the Romanian business environment representatives to approach non-European markets, especially those ones having a commercial tradition for Romania, China being a relevant sample of the case.

Also, EximBank representatives have been participating constantly in the official meetings with respective ministries for the development of the bilateral relationships between Romania and China.

This involvement allowed the formalization of the cooperation between the main financial institutions state owned in the two countries that share the goal of supporting the international transactions and priority projects for national economies development.

The first step was the signing in 2004 of a framework cooperation agreement between EximBank Romania and China Eximbank allowing the opening of a transparent communication channel for Romanian and Chinese companies looking into the initiation of business relationships.

In order to successfully support bilateral transactions, during the same year, EximBank Romania has signed a Partnership Agreement with China Export and Credit Insurance Corporation Sinosure, which is specialized in granting insurance for export credits and investments abroad.

Also, EximBank Romania has concluded in 2007, a Framework Cooperation Agreement with China Development Bank which represented an important step in identifying complex financial solutions adjusted to the specificity of the public/private partnership projects.