THE CHINA DEVELOPMENT BANK (CDB), A TOP-RANKING FINANCIAL INSTITUTION, HAS ASSURED ITS SUPPORT TO PAKISTAN, UNDERTAKING MAJOR INFRASTRUCTURE PROJECTS, AIMED AT STRENGTHENING MUTUALLY BENEFICIAL COOPERATIVE PARTNERSHIP BETWEEN THE TWO COUNTRIES, OFFICIALS SAID. THE BANK WILL PROVIDE FINANCING FOR PROJECTS IN SECTORS LIKE ENERGY, CONSTRUCTION OF DAMS AND ROADS, UP-GRADATION OF KORAKORUM HIGHWAY, OIL AND GAS EXPLORATION, MODERATION OF RAILWAYS AND URBAN DEVELOPMENT. CDB'S FINANCING PROJECTS ARE USUALLY LARGER AND MORE COMPREHENSIVE THAN THE ONES OF COMMERCIAL BANKS, OFFICIALS SAID. CDB REPORTED A NET PROFIT OF $2.8 BILLION IN 2005, A RECORD HIGH, AND AN INCREASE OF 31 PER CENT FROM A YEAR EARLIER. AT THE END OF 2005, THE BANK'S TOTAL ASSETS REACHED $234.3 BILLION AND TOTAL LENDING PORTFOLIO GREW TO $213.8 BILLION, UP 22.9 PER CENT. OFFICIALS SAID CDB APPRECIATES THE IMPRESSIVE ECONOMIC PERFORMANCE OF PAKISTAN, WITH ALL ECONOMIC INDICATORS SHOWING POSITIVE TRENDS. THE BANK RECEIVED VERY FAVOURABLE RESPONSE FROM THE CHINESE COMPANIES TO UNDERTAKE JOINT VENTURES IN PAKISTAN IN ALMOST ALL SECTORS OF THE ECONOMY. THE BANK IS ALSO LOOKING FORWARD TO ESTABLISHING A LONG-TERM AND MUTUALLY BENEFICIAL PARTNERSHIP WITH PAKISTAN, THE SOURCES ADDED. --SP 14 06 LOCAL TIME 11 06 GMT
