Bank of Cyprus in shipping, energy project finance with China Dev. Bank

Bank of Cyprus announced that it has signed a memorandum of cooperation with government-owned China Development Bank Corp. to co-finance deals in the areas of shipping, renewable energy and development projects in Cyprus and Greece.
CDBC, which primarily focuses on project finance projects related to Chinese foreign investments in developed and developing economies, had assets of 522 bln euros as at the end of 2009 and booked loans worth 427 mln.
The announcement added that the deal will further enhance trade and economic cooperation between Cyprus, Greece and China and is the first step the Bank of Cyprus makes in the promising Chinese market.