EBRD President in Beijing as China joins the Bank

By Anthony Williams

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EBRD President  in Beijing as China joins the Bank

Sir Suma Chakrabarti also attends inauguration of Asian Infrastructure Investment Bank

EBRD President Sir Suma Chakrabarti visits Beijing on 15-16 January to finalise the details of China’s EBRD membership and to attend the inauguration ceremony of the Beijing-based Asian Infrastructure Investment Bank (AIIB).

The EBRD’s existing shareholders agreed at the end of 2015 that China should become a member of the Bank. In his meetings in Beijing, Sir Suma will discuss future cooperation between the EBRD and China following membership.

Speaking ahead of his visit, Sir Suma said, “Chinese membership of the  EBRD is a win-win-win scenario – for China, for the EBRD and for the countries where the EBRD invests.”

The EBRD would support Chinese integration into the global economy and be a strong partner for Chinese companies as they invest in the EBRD regions. EBRD membership would also provide a boost to China’s “One Belt, One Road” initiative, he said.

The EBRD would benefit from having the world’s second largest economy as a shareholder and would have better access to Chinese firms that could be partners in the EBRD regions.

The economies in the EBRD regions would benefit, as China would become an important new source of investment finance for development in the countries where the EBRD is active.

Sir Suma is holding talks with Chinese Premier Li Keqiang, Vice Premier Ma Kai and Zhou Xiaochuan, the Governor of the People’s Bank of China and also the Chinese Governor-designate at the EBRD.

He will also meet the President-elect of the AIIB, Jin Liqun, as well as  K.V. Kamath, the president of the New Development Bank, which is headquartered in Shanghai.

The EBRD has been a strong supporter of the AIIB and has cooperated from very early days, providing advice on such issues as governance and social and environmental standards.

Sir Suma has expressed a strong desire for EBRD and AIIB cooperation in joint projects once the new bank begins its operations. He will attend the AIIB’s inauguration on Saturday, 16 January.

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