President Chakrabati hails “win-win-win scenario” as China joins EBRD

China joins EBRD: After a meeting between EBRD President Sir Suma Chakrabarti and Chinese Premier Li Keqiang in Beijing yesterday, China formally became the 67th member of the European Bank for Reconstruction and Development. 
“Chinese membership of the EBRD is a win-win-win scenario for China, for the EBRD, and for the countries where the EBRD invests,” Sir Suma said. “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.” 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, he added.
The EBRD was founded in 1991, and serves as a finance channel for major infrastructure projects in Europe and elsewhere. The EBRD oversees development projects in 36 countries. Meanwhile, the AIIB is scheduled to start operations at the end of this year. The two banks could join hands to upgrade logistics networks that would boost trade and finance throughout Asia, Europe, the Middle East, and Africa.

Source: TREND