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Chinese bank opens in Georgia

By Tea Mariamidze
Wednesday, May 17
The one billion USD capital Chinese Bank will be opened in Georgia. The declaration about the establishment of the bank was signed in Beijing within the frames of the Belt and Road Forum for International Cooperation held by China on May 14–15, 2017.

The founders of the bank are the largest Chinese corporations, namely CEFC China Energy Company Limited and the Eurasian Invest LLC company.

From the Georgian side, the declaration was signed by the first Vice-Premier and Ministry of Finance of Georgia, Dimitri Kumsishvili.

The declaration obliges both companies to create a new commercial bank in Georgia.

Kumsishvili declared that they have already addressed the National Bank of Georgia to discuss the relevant official procedures.

“Competition in the banking sector is very important for our banking system and economic development,” he added.

Moreover, within the frames of the Belt and Road Forum for International Cooperation was adopted a declaration about the financing principles of the Silk Road Project.

On Georgia’s behalf, the document was signed by Dimitri Kumsishvili. The declaration was also joined by the so-called States of the Silk Road Area.

This Declaration is an attempt to create such a model of global financial system that will facilitate the stable development of financial relations between the countries, but it also confirms Georgia's further integrity and further deepening of cooperation not only in the region but in the entire system of international economic relations.

Moreover, the document says the role of governments of Silk Road area countries should be increased in order to mobilize financial resources for the implementation of national economic and social tasks.

It also envisages the establishment of a universal platform that includes the search of new financial means, and the distribution of them according to the main sectors of the economy and the management of resources.

On Monday, Kumsishvili delivered a speech at a session on financial connectivity. He spoke about the Georgian Government’s efforts to improve the country’s transport infrastructure.

“Georgia has always been and will remain an integral part of the Silk Road,” he added.

The Belt and Road Forum brought together 29 foreign heads of state and government and representatives from more than 130 countries and 70 international organizations.