Chinese-funded Silkroad International Bank opens in Djibouti

DJIBOUTI - The Silkroad International Bank (SIB) opened service in Djibouti on Wednesday in a drive to promote the financial sector development in Djibouti and in the entire Africa.

The Silkroad International Bank is the first Chinese-funded enterprise to obtain banking license on the African continent. It is also the first joint venture bank in Djibouti.

Djibouti President Ismail Omar Guelleh, Minister of Finance Ilyas Moussa Dawaleh and the bank's deputy board chairman Luo Feng attended the opening ceremony in the port city of Djibouti.

The bank will offer various financial services in the Horn of Africa nation, including issuing POS machines and bank cards, providing cross-border payment and international bank card collection, as well as supporting Chinese enterprises' local projects.

Dawaleh said the opening of the bank was the latest example of China's long-term support for infrastructure development in Djibouti.

The Chinese government is developing the best relations with Djibouti based on the principles of mutual respect, equality and mutual benefit, Dawaleh said.

Luo said the bank's major target is to strength economic ties between China and Djibouti, adding it will also work to "facilitate the 'Belt and Road' initiative and support Djibouti to become a financial and trade hub of the entire Eastern Africa."

"SIB's services are based on its state-of-art information technology and advanced financial management skills. With those exceptional advantages, I can not be more confident that SIB will become one of the most successful commercial banks in Africa," said Luo.