Silk Road International Bank officially set up to help the establishment of financial infrastructure within the framework of “One Belt One Road” Initiative.

On 16 November, Silk Road International Bank (“SRIB”) was officially established in Djibouti, and the different shareholders signed the shareholders’ agreement in Djibouti. Silk Road International Bank will jointly promote the building of the financial infrastructure in Djibouti ,facilitate the trade and protect the investment of Chinese companies in Africa.

This is the first time a Chinese-funded enterprise has obtained a bank license on the African continent and it is also the first commercial bank to set up overseas within the framework of “One Belt One Road” Initiative.

Djibouti’s Finance Minister Elias Moussa Dawaleh, General Manager of Silk Road E-Merchants Informations & Technology Co., Ltd.,Yin Long signed the shareholders’ agreement on behalf of the shareholders.

The Prime Minister of Djibouti Abdoulkader Kamil Mohamed, the Budget Minister of Djibouti Bodeh Ahmed Robleh, the Chairman of the Central Bank of Djibouti, Ahmed Osman, the Commercial Counselor of the Chinese Embassy in Djibouti ,Ge Hua ,the Deputy General Manager of China Merchants Group and the Chairman of the Board of Silk Road E-Merchants, Hu Jian Hua and other leaders attended and witnessed the signing ceremony.

Ilias Moussa Dawaeh said that China as a major investor in Djibouti, with frequent trade exchanges, the establishment of Silk Road International Bank will help Djibouti to improve the financial infrastructure, to enhance the clearing facilitation on both sides and effectively promote the local socio-economic development .

At the same time, with advanced information technology and mature business model, the market mechanism will turn Djibouti’s geographical advantage into a driving force for economic development, greatly promote the “East African financial center” to achieve this goal.

At present,Silk Road International Bank has obtained the temporary license issued by the Central Bank of Djibouti,and completed the basic functions of the banking system development and on-line preparation.

It is expected to be officially opened by the end of the year.