Bulgarian Development Bank becomes co-founder of an interbank association between China and CEE

Development bankAn agreement to establish an Interbank Association of the countries of China and Central and Eastern Europe (CEE) was signed at the Sixth Annual Summit of the 16+1 format held in Budapest. The Bulgarian Development Bank (BDB) has become a member of the association in which the participants will cooperate on projects of common interest, following the principles of independent management and decision making as well as independent risk taking, the state bank press office announced.

“Under the auspices of the Association, China is committed to providing over 3 billion USD to develop projects in Central and Eastern Europe”, said the Chinese Prime Minister, Li Keqiang.

The 16+1 format, which is part of the One Belt, One Road initiative, is a deepening of trade and economic cooperation between participating countries.

“Bulgaria will rely on China to implement concrete projects”, said the Bulgarian Prime Minister, Boyko Borisov, during the intergovernmental meeting.

Cooperation within the Inter-Association of the countries of China and CEE will allow the Bulgarian Development Bank to expand its instruments by participating in the financing of public and public-private infrastructure projects of national and regional importance.