(Yicai Global) Aug. 31 -- China Development Bank and Bank Mandiri of Indonesia signed a strategic cooperation memorandum of understanding at an event in Jakarta, the capital city of Indonesia, on Aug. 29. The memorandum aims to jointly promote economic cooperation and between China and Indonesia, state-owned news agency Xinhua reported on Aug. 30.
The two parties will look to improve construction of Indonesian infrastructure and bilateral economic and trade cooperation between the pair by setting up multi-level and all-dimensional cooperation systems in finance, investment opportunity advice, and the promotion and use of the yuan in the Indonesian market.
China Development Bank is the largest foreign investment and financing cooperation bank in China, and also the largest development financial institute in the world. Bank Mandiri is the largest state-owned bank in Indonesia, and has a branch in Shanghai. It is the leading domestic bank for supporting infrastructure construction and industrial development.
The two banks started credit cooperation equivalent to the amount of USD1 billion as early as 2015. China Development Bank provided a loan of around USD1 billion to Bank Mandiri, which was used to support the construction of infrastructure in Indonesia.