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IBS and the Djibouti central bank signed cooperation agreement of bank card scheme liquidation

Date:Sat Jan,2016

A few days after China and Djibouti have agreement on the construction of logistics facilities in Djibouti, on 18th of January 2016, Chongqing IBS signed the bank card scheme liquidation Cooperation Agreement with Minister of Djibouti central bank Mr. Ahmed Osman under the witness of the President of the Djibouti, Mr. Ismaïl Omar Guelleh , According to the agreement, Chongqing IBS will establish an advanced clearing system for Djibouti, to offer a low-cost, fast and safe "currency - RMB" clearing and settlement channels between companies in China and East Africa, to help upgrade clearing and settlement facilitation between China and Africa, and eventually to provide financial infrastructure services for country’s OBOR strategy development in Africa.

The representative of Izp Group and the Minister of Djibouti central bank, Mr. Ahmed Osman signed agreement

Djibouti domestic financial infrastructure is related weak, and even there is no comprehensive national payment system; at the present stage, its financial business is totally dependent on cash transactions and dollars SWIFT system architecture. However, China, as the major donor countries of Djibouti, the trade between two sides are frequently, the RMB settlement will be beneficial to bilateral trade. Therefore, the Chinese Navy settled in the port of Djibouti, under the background of combating piracy with Djibouti together and safeguarding China and the world’ interest in these territorial waters; IBS hand in Djibouti central bank, aims to help them build State Bank card payment system which covers the whole territory of Djibouti, to realize the direct clearing and settlement of Djibouti Franc-RMB, to maintain monetary stability and to promote trade volume.

Left side: Djibouti President Mr.Ismaïl Omar Guelleh Right side: the Chairman of Izp Group Mr. Luo Feng