China Development Bank Pledges 10 million USD in consortium agreement with Banco Unión

China Development Bank Pledges 10 million USD in consortium agreement with Banco Unión On September 22, 2011 the Chinese Development Bank (CBD) signed a consortium agreement with state-owned Banco Unión, according to which CDB pledged to contribute $10 million.

The funds were intended to contribute to the Banco Unión’s ability to finance development projects according to the Chinese Ministry of Foreign Commerce and the Bolivian media.

A memo from the Banco Unión, on the other hand, indicates the agreement was focused more on trade facilitation between China and Bolivia.

The agreement also provided the Banco Unión with technical assistance and personnel training to make the bank operations more efficient. Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.