The first RMB loan in the Tianjin Economic-Technological Development Area (TEDA) has been successfully disbursed.
Release time:
2025-04-09 14:59
Recently, the Tianjin Economic-Technological Development Area (TEDA) Development Company (hereinafter referred to as the "TEDA Development Company") and the Tianjin Branch of the China Development Bank successfully signed a RMB 220 million overseas loan agreement for the Phase II expansion project of the China-Egypt TEDA Suez Economic and Trade Cooperation Zone (hereinafter referred to as the "TEDA Cooperation Zone") and completed the loan disbursement. This marks the successful implementation of the first RMB loan in the TEDA Cooperation Zone.
In order to implement the outcomes of the third Belt and Road Forum for International Cooperation and the Forum on China-Africa Cooperation in Beijing, the Tianjin Branch of the China Development Bank and the parent company of the TEDA Development Company, China-Africa TEDA Investment Co., Ltd. (hereinafter referred to as "China-Africa TEDA"), conducted in-depth research. Under the policy guidance of the People's Bank of China Tianjin Branch, the Municipal Development and Reform Commission, the Municipal Commerce Bureau, the Municipal State-owned Assets Supervision and Administration Commission, and other departments, they seized the RMB financing window and successfully opened up a cross-border RMB payment channel to Egypt. This is not only a beneficial attempt for domestic RMB to directly Enter Egypt and be applied, but also a vivid example of the combination of the traditional advantages of development finance institutions and the requirements of the era of RMB internationalization.
This marks that the RMB usage plan in the TEDA Cooperation Zone promoted by China-Africa TEDA has Enter the practical stage, which will help build a closed-loop environment for RMB circulation in the TEDA Cooperation Zone, provide better financial services for enterprises in the zone, help Chinese "going global" enterprises better integrate into the Egyptian and global markets, enhance international competitiveness, and make greater contributions to RMB internationalization and service the joint construction of the Belt and Road Initiative.
The TEDA Cooperation Zone is a national-level overseas economic and trade cooperation zone approved by the Chinese government. When meeting with Egyptian leaders on multiple occasions, national leaders including President Xi Jinping have emphasized the importance of promoting the construction of the TEDA Cooperation Zone. Under the joint attention of the leaders of the two countries, and with the strong support of central and local government departments at all levels, after 16 years of development, the Cooperation Zone has become an excellent platform for investment cooperation between enterprises of the two countries. Its economic and social benefits are very significant. To date, the TEDA Cooperation Zone has attracted 185 enterprises, with a total investment of over US$3 billion, sales exceeding US$5.3 billion, tax payments of nearly US$300 million, and nearly 10,000 jobs directly created. Many leading Chinese companies in various industries, such as Giant Stone, Xidian, Dayun, Midea, XinXing Cast Pipe, China Glass, Binhai Chemical Group, Fengshang, Vanward, and international companies from Egypt, the UAE, Dubai, Canada, etc., are thriving here. Egyptian Prime Minister Madbouly praised the TEDA Cooperation Zone as an "ideal model for the development of industrial parks in Egypt".
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