China CIC Rating Co, VIS sign cooperation agreement focused on OBOR

KARACHI: China Chengxin International Credit Rating Company Limited and Vital Information Services (Pvt) Limited Pakistan sign cooperation agreement to provide credit rating services to especially support One Belt and One Road initiative.

The cooperation agreement, signed in Beijing on Thursday, will include joint efforts in capital market research, development of rating framework, rating methodologies and rating related technologies specific to the requirements of OBOR infrastructure projects, said press release reaching here.

“Part of our vision is to promote the China-Pakistan Economic Corridor which is a component of the OBOR in Pakistan and in other Islamic countries crossed by the belt, VIS Group Founder Faheem Ahmad.

China Chengxin International Credit Rating Chairman Van pointed out that the cooperation was built on the foundations of resource sharing, advantage complementation, strategic coordination and mutual sharing of benefits.

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He emphasised that the main purpose of the cooperation was to support the credit rating needs of OBOR infrastructure projects.

Faheem Ahmad further elaborated that “VIS WI” assisted in promoting Pakistani enterprises issue Panda Bonds in China and CCXI, in turn, would assist in promoting Chinese enterprises issue their bonds in the Pakistani market.

“This is an example of the kind of collaboration we would pursue and there were more areas we intended to explore,” he added.

This agreement of cooperation was signed during a forum, co-sponsored by CCXI and VIS, on “The Opportunities and Risks” under the New Globalisation Strategy of the OBOR held on, held on November 23, 2017, at the Kerry Center, Beijing. The forum was attended by prominent members of Beijing financial and the business community.

The forum suggested that CO and VIS should convene an Ad Hoc Joint Working Committee to promote Credit Rating Support for OBOR Infrastructure projects.

The conveners had agreed to make the vehicle to initiate their parallel commitment to support the OBOR initiative through credit ratings.

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