The Export-Import Bank of China and the World Bank signed a memorandum of understanding on cooperation, with a particular focus on Africa, on Monday in Washington.

The move is "aimed at building collaboration between the two organizations for development", the World Bank said in a statement.

"This collaboration draws on the complementary strengths of each organization - notably, China's development experience and the World Bank's expertise in analysis and capacity building," said Juan Jose Daboub, managing director of the World Bank.

"The signing represents an important step forward in our joint cooperation supporting improved development results for the poor and the vulnerable, especially in Africa," Daboub said.

Reuters reported that initial cooperation would focus on road and energy investment projects by China Eximbank in Africa, citing Jim Adams, World Bank vice-president for Asia.

China Eximbank is China's leading policy bank dedicated to supporting international economic cooperation.

According to the World Bank, it has established a strong working partnership with China Eximbank, including a series of workshops, seminars and training events.

Regarding the cooperation on African issues, "our Beijing office has been working with China Eximbank to give them background on the way we approach investments and the way we work in Africa", Reuters quoted Adams as saying. "We also hope to be able to receive staff from the China Eximbank to work directly with our Africa region in Washington."

"The solution to all kinds of development challenges is to have economically sustainable growth," said Li Ruogu, chairman and president of China Eximbank. "We welcome this memorandum and the opportunities for collaboration that it represents."

Li told China Daily earlier that the bank has put more efforts into supporting development projects in Africa and expects to play a bigger role in nurturing China-Africa business ties.

By the end of 2006, the bank supported more than 300 projects in Africa and outstanding loans for the continent stood at 40 billion yuan.

Bank officials held a series of meetings with development financial institutions in Africa and other institutions, including the World Bank, on the sidelines of the annual meetings of the board of directors of the African Development Bank held last week in Shanghai, for further cooperation on Africa's development.

Source: China Daily