On 30 May, in the presence of Chinese President Xi Jinping and Lao President Bounnhang Vorachith, Liu Liange, President of China Eximbank and Thipphakone Chanthavongsa, Vice Finance Minister of Laos signed a power project cooperation agreement. 

The agreement is aimed at consolidating and optimizing relevant management agreements for a number of power projects undertaken by China Eximbank and the Lao Ministry of Finance and Electricite du Laos (EDL). This move can greatly reduce operational risks, besides effectively boosting the overall operational and management efficiency of power projects, thereby laying a solid foundation for cooperation in subsequent power projects among the three parties. 

Bringing its strength as a policy financing institution into full play, China Eximbank has supported a number of hydropower stations and power transmission and transformer substation projects in the Laos. Besides meeting the growing demand for energy in Laos, these projects can also export surplus power to neighboring countries and increase the country’s foreign exchange earnings. Therefore, these projects are of great significance for raising the living standards of the local people and promoting economic growth. 

Going forward, China Eximbank will continue to discuss priorities and expand areas of cooperation with the Lao side, add new substance to bilateral cooperation under the Belt and Road framework, and contribute to the building of a community of shared future for China and the Laos.