Lianyungang in direct finance with BRI country

2021-11-04 15:42:00

In cooperation with China CITIC Bank and its subsidiary Altyn Bank in Kazakhstan, Lianyungang Port Group was able to acquire the cross-border loans in US dollars from the country on October 31, making a milestone in the city’s direct finance with a country engaged in the Belt and Road Initiative (BRI).

Under the BRI framework, Lianyungang has deepened and expanded its cooperation with Kazakhstan. To broaden the financing channels, the port group’s financial arm had active exchanges with China CITIC Bank and Altyn Bank.

According to regulations, domestic enterprises need to register with the State Administration of Foreign Exchange (SAFE) with original documents when applying for foreign lending. Kazakhstan in its fight against COVID-19 has temporarily suspended the express delivery service with China, so the original copy was not available in China. In compliance with relevant rules, SAFE’s Lianyungang branch then decided to review the agreement’s photocopy first, which can save time in the future formal registration process.