Fintech PR
Regions set for another ‘Golden 30 Years’
The Global Conference on the 10th Anniversary of the BRI and the Golden Age of China-Central Asia Engagement event is held in Astana, Kazakhstan, on Thursday. DONG MING / FOR CHINA DAILY
BEIJING, Sept. 10, 2023 /PRNewswire/ — Ten years ago at Nazarbayev University in Astana, the capital of Kazakhstan, President Xi Jinping proposed for the first time building the Silk Road Economic Belt, which later evolved into the Belt and Road Initiative and now stands as a testament to the power of multilateralism.
On Thursday, esteemed guests from various countries and international organizations gathered in Astana for the Global Conference on the 10th Anniversary of the BRI and the Golden Age of China-Central Asia Engagement event.
The conference looked back at the achievements made during the first decade of the BRI, which have further strengthened the bonds of friendship between China and Kazakhstan, and also celebrated the Golden Age of engagement between China and Central Asia.
Erlan Karin, State counselor of Kazakhstan, said in a congratulatory letter that the Belt and Road Initiative has grown to encompass 180 countries and international organizations and has contributed to forming an open, inclusive and balanced regional cooperation system through joint efforts.
“The Republic of Kazakhstan plays a unique role in promoting the BRI,” he said. “The coupling of national infrastructure projects and this initiative creates a synergy in transport and logistics systems and paves the way for a new architecture of transcontinental corridors.”
Zhang Xiao, China’s Ambassador to Kazakhstan, said in his speech that the friendship between China and Kazakhstan is an invaluable treasure for the people of both countries.
Zhang also reviewed the fruitful achievements of China-Kazakhstan cooperation in recent years. A video Thirty Thousand Miles Along the Silk Road was presented, showcasing key moments from the first decade of the BRI.
In the face of recent global challenges, including significant geopolitical tensions, economic uncertainties, energy dilemmas and environmental crises, the guest speakers examined the role of the BRI in offering solutions and fostering international collaboration.
Vladimir Norov, director of the International Institute of Central Asia and former secretary-general of the Shanghai Cooperation Organization, applauded the collaborative achievements between China and Central Asian nations, emphasizing how they have deepened regional interconnectedness.
Djoomart Otorbaev, former prime minister of Kyrgyzstan, emphasized the historical importance of the Silk Road to Central Asia’s development and its transition from a landlocked to a land-linked region.
Economic exchanges between China and Central Asia have played a pivotal role in the success of the BRI, not only fostering robust economic growth, but also strengthening diplomatic ties and deepening cultural connections between the two regions. During the “Golden 30 Years” — the period during which China established diplomatic ties with the five Central Asian nations — media from the BRI countries have collaborated extensively, yielding valuable outcomes.
Shi Huangjun, vice-president of the National Exhibition and Convention Center (Shanghai) praised Kazakhstan’s creativity and efforts in revitalization.
Shi emphasized that the BRI and the China International Import Expo (CIIE) share the goal of improving people’s lives. CIIE, which is closely linked to the BRI, fosters trade connectivity and cooperation through activities such as national exhibitions, enterprise showcases and innovation zones. Support from Kazakhstan has been instrumental in making CIIE a “golden gateway” for Kazakh firms entering the Chinese market. He welcomed all nations to use this gateway, strengthen ties with China, and collectively embrace another “Golden 30 Years” for China and Central Asia.
To fortify the ties between China and Kazakhstan, China Daily 21st Century English Education Media inked a memorandum of cooperation with Kazakhstan’s DKN world news. This agreement seeks to bolster media exchanges between the two nations, amplifying their collective efforts in promoting stability, prosperity and connectivity across Central Asia.
Qu Yingpu, publisher and editor-in-chief of China Daily, emphasized that China Daily is committed to bolstering its coverage of Belt and Road achievements, showcasing stories of people along the route and highlighting the global benefits of the initiative, encouraging exchanges and communication, especially among Generation Z. He also expressed optimism that China-Kazakhstan development momentum would continue, fostering stability and progress in the next “Golden 30 Years”.
In addition to this, the China International Import Expo Bureau joined forces with the Kazakhstan Trade Policy Development Center, setting the stage for the forthcoming sixth edition of the event. This strategic cooperation aims to capitalize on Kazakhstan’s past achievements in trade through its participation in CIIE, laying the groundwork for an even more successful future.
The resounding success of this event, held in the vibrant city of Astana, stands as a symbol of cooperation and unity, serving as a pivotal gateway for the BRI that stretches across Eurasia and beyond. It is poised to further enhance cooperation not only between China and Kazakhstan, but also throughout Central Asia and the rest of the world.
View original content:https://www.prnewswire.co.uk/news-releases/regions-set-for-another-golden-30-years-301922689.html
AMSTERDAM, Oct. 23, 2024 /PRNewswire/ — The 2024 edition of the Atradius Payment Practices Barometer survey reveals that companies across Asia are concerned over the outlook for insolvencies in the coming months, adversely affecting prospects for B2B trade on credit.
A rising level of insolvency risk has emerged as a major concern looking ahead for half of companies surveyed by Atradius across Asia, with widespread worries it could negatively impact B2B trade on credit. Businesses are preparing for ripple effects and payment risks, adding to further anxiety about future profitability.
At the heart of the concern is the current uncertain economic landscape, largely driven by the slowdown in China’s growth. Notably, however, the survey reveals Chinese companies show least anxiety about future insolvency risk.
This is the key finding of the 2024 Atradius Payment Practices Barometer survey across Asia (China, Hong Kong, India, Indonesia, Japan, Singapore, Taiwan and Vietnam).
India, Indonesia, Japan and Singapore are the markets most preoccupied about future insolvency risk but worry right across Asia reflects the view outlined by Atradius economists in the latest Insolvency report which forecasts an increase in insolvencies across Asia in 2024.
Anxiety is compounded by an already challenging credit risk environment, with late payments affecting an average 46% of B2B credit sales and bad debts standing at 4% of B2B sales invoices issued by Asian companies. Concern around business profitability thus continues to weigh heavily.
“The global economy is set to grow by 2.7% this year, but weak demand and tight credit conditions are straining businesses,” says Andreas Tesch, Chief Market Officer of Atradius.
“We expect global insolvencies to increase by 23% in 2024, and China’s current economic slowdown is raising concern about rising insolvencies among many Asian companies. This could lead to deteriorating credit quality and B2B payment behaviour in several economies across Asia.”
The complete report highlighting the findings of the 2024 edition of the Atradius Payment Practices Barometer for Asia can be found in the Publications section of Atradius.com website.
About Atradius
Atradius is a global provider of credit insurance, bond and surety, collections and information services, with a strategic presence in over 50 countries. The products offered by Atradius protect companies around the world against the default risks associated with selling goods and services on credit. Atradius is a member of GCO, one of the leading companies in the Spanish insurance sector and one of the largest credit insurers in the world. You can find more information online at https://group.atradius.com
Connect with Atradius on Social Media
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View original content:https://www.prnewswire.co.uk/news-releases/asia-expects-insolvency-rise-as-chinas-economy-slows-atradius-survey-reveals-302280473.html
Fintech PR
Davidson Kempner completes landmark $1 billion+ debt restructuring of UAE-based plastic manufacturer
NEW YORK and MANAMA, Bahrain, Oct. 23, 2024 /PRNewswire/ — Davidson Kempner Capital Management LP (“Davidson Kempner“), a global investment management firm, has completed the restructuring of more than $1 billion of debt in the JBF Group (“JBF”), a business with industrial plants in the United Arab Emirates (“UAE”), Belgium and Bahrain, which manufactures and supplies high-quality polyester resins and films used in the packaging industry.
The transaction is believed to be the first significant debt-for-equity transaction of this kind executed under the UAE’s onshore bankruptcy law, setting a precedent for foreign investors in supporting businesses in the region with restructurings.
The transaction will see Davidson Kempner hold a significant majority equity stake in JBF Belgium and JBF Bahrain, with local and international investors holding the remainder.
The arrangement positions JBF Belgium and JBF Bahrain to prosper under the ownership of supportive and well-capitalized institutions who are committed to the long-term success of the business, allowing management to focus on innovation and growth, while preserving jobs at JBF’s three plants in the Gulf region and Europe.
For media enquiries:
Davidson Kempner Capital Management
[email protected]
Notes for Editors
About Davidson Kempner Capital Management
Davidson Kempner Capital Management LP is a global investment management firm with over 40 years of experience and a focus on fundamental investing with a multi-strategy approach. Davidson Kempner has more than $37 billion in assets under management and over 500 employees across seven offices: New York, Philadelphia, London, Dublin, Hong Kong, Shenzhen and Mumbai. Additional information is available at: www.davidsonkempner.com.
View original content:https://www.prnewswire.co.uk/news-releases/davidson-kempner-completes-landmark-1-billion-debt-restructuring-of-uae-based-plastic-manufacturer-302283777.html
Fintech PR
IDB Invest Launches Landmark $1 Billion Securitization in Latin America and the Caribbean
WASHINGTON, Oct. 23, 2024 /PRNewswire/ — IDB Invest announced a $1 billion securitization transaction, the first of its kind for private investors to buy multilateral development bank (MDB) assets from Latin America and the Caribbean. This innovative financial structure seeks to create a new MDB asset class for international investors. IDB Invest partnered with Santander and Clifford Chance as key advisors.
The securitization will be unveiled today during the launch event On the Road to Originate to Share, in Washington, D.C., featuring remarks by Ilan Goldfajn, IDB President; James Scriven, CEO of IDB Invest; Ana Botín, CEO of Santander; and Alexia Latortue, U.S. Treasury Assistant Secretary for International Trade and Development.
The transaction – Scaling4Impact – consists of securitizing $1 billion of IDB Invest’s portfolio, creating a tranched structure with an $870 million senior tranche; a $100 million mezzanine tranche, a portion being sold to international investor Newmarket Capital and the remainder insured by AXIS and AXA; and a $30 million junior tranche retained by IDB Invest.
The securitized portfolio includes assets from 20 countries and 10 sectors, such as corporates, infrastructure, energy and financial institutions. The transaction will free up capital, creating up to half a billion in additional lending capacity for new projects.
“With our new originate to share business model, our strong ties with governments and the deep synergies between our private and public sector work, we’re uniquely positioned to attract private capital,” said IDB President, Ilan Goldfajn. “Through this landmark transaction, we are connecting development assets with global investors to scale impact in Latin America and the Caribbean.”
“This initiative marks a major step in IDB Invest’s transition to our new originate-to-share business model, aimed at mobilizing capital and scaling impact through the private sector,” said James Scriven, IDB Invest CEO. “We are building a new MDB asset class to crowd-in investors seeking unique impactful investment opportunities in emerging markets.”
About IDB Invest
IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable projects to achieve financial results and maximize economic, social, and environmental development. With a $21 billion portfolio in development-related assets under management, 394 clients in 25 countries, IDB Invest provides financial solutions and advisory that meet its clients’ needs.
Media Contact:
Ana Escudero
[email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/idb-invest-launches-landmark-1-billion-securitization-in-latin-america-and-the-caribbean-302284116.html
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