Lone Congolese Bank to Sign the China-Africa Inter Bank Association Establishment Agreement

Wednesday 5 September, 16 African banks including RAWBANK, the first banking institution in the Democratic Republic of Congo (DRC), and China Development Bank (CDB) signed an agreement for the establishment of the China-Africa Inter Bank Association in Beijing (CAIBA

RAWBANK,  the only Congolese bank to have been selected as founding member of this cooperation, hence assumes its leading role in the Congolese banking sector alongside international and African banks. This agreement marks the official establishment of the first China-Africa financial cooperation multilateral mechanism. Based on the presentation by  President of China, Xi Jinping, aimed at enhancing China-Africa relations and promoting “10 principal cooperation plans” between this country and the African continent, “eight major actions” of China-Africa cooperation were planned in order to advance the partnership. Taking into account the deficit in meeting the funding needs of African countries with regard to industrialisation, infrastructure connectivity and poverty alleviation, a closer collaboration between Chinese financial institutions and African countries was decided. Within this context, the China Development Bank (CDB), represented by its President, Mr Hu Huaibang, and peer financial institutions in Africa jointly established the China-Africa Inter Bank Association (CAIBA), which is a concrete move in achieving win-win cooperation and better quality and higher common development. RAWBANK, Congo’s lone bank to be selected owing to its leading position in the banking sector for more than 16 years, is henceforth one of the 16 founding members of CAIBA alongside international and Pan-African banks such as Standard Bank, Absa, Attijariwafa Bank, to name only a few. With CDB, CAIBA will, in the long term, enhance financial cooperation between all member banks to advance partnership in various domains such as China-Africa infrastructure interconnection, international cooperation and exchange in the humanities. This agreement is proof of CDB and RAWBANK commitment to strengthen the economic ties and investments between China and African countries, as part of the Forum on China-Africa Cooperation (FOCAC).