China Development Bank and Uruguayan Nuevo Banco Comercial S.A. signed a 10 million USD cooperative agreement

On November 15th, 2010, China Development Bank and Uruguayan New Commercial Bank (now Scotiabank Uruguay S.A.) signed an agreement for a 10 million USD line of credit with a four year maturity period. The loan would be used for on-lending to small and medium sized enterprises in Uruguay that contribute to trade with China. Particular industries that will be targeted for financing included those that have high levels of exports to China, particularly the agricultural and agro-processing industry; those that rely on products from industries with high levels of exports from China such as industrial and electronic products; and industries that help facilitate logistics involved in trade itself, such as maritime or road transportation.

Additional details

In 2011 the Canadian bank Scotiabank acquired the Uruguayan bank Nuevo Banco Comercial (NBC) [New Commercial Bank]. Agreement may have been suspended following the acquisition of NBC by Scotiabank in 2011. However, although it does not specify what the obligation is, the "Estados Contables al 31 de diciembre de 2011" lists debt obligations to China while the 2014 end of the year financial statements do not (pages 23 and 24 respectively).

Number of official sources

4

Number of total sources

5