the bank ’s origins date back to 1898 , when the company was founded by the nattino family , initially as a finance company .

banca finnat then became a brokerage company , a real estate brokerage company and lastly , since 12 february 1998 , an intermediary bank .

banca finnat is today listed in the star section of the borsa italiana-london stock exchange .

banca finnat

banca finnat euramerica s . p . a . , roma swift code information - fnatitrrxxx
glassdoor gives you an inside look at what it ' s like to work at banca finnat , including salaries , reviews , office photos , and more . this is the banca finnat company profile . all content is posted anonymously by employees working at banca finnat .
this is the bank code assigned to banca finnat euramerica s . p . a . .
censible ratings are measured against banca finnat euramerica ' s peers in the financial conglomerates industry .
banca finnat is a company that provides investment services to institutional , private and corporate customers .
banca finnat euramerica spa è una banca fondata nel 1898 dalla famiglia nattino , dalla quale la banca prende anche il nome . dapprima finanziaria , poi commissionaria di borsa e successivamente sim , nel 1998 diventa banca . oggi banca finnat è quotata al segmento star della borsa italiana ( borsa italiana : bfe ) .
wiki - commons : special : filepath / logo _ banca _ finnat _ 612x104 _ . png
bfe stock price & news - banca finnat euramerica s . p . a . - barron ' s
banca finnat euramerica compared to its peers and competitors companies in this category manage its product and safety risks .
banca finnat euramerica spa provides banking , financial and investment management services . its services include private . . .
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data as of jul 09 2018 . currency figures normalised to banca finnat euramerica spa ' s reporting currency : euro eur
banca finnat euramerica s . p . a . ’s iss governance qualityscore as of n / a is n / a .
swift code ( bic ) - fnatitrr - banca finnat euramerica s . p . a . - roma - italy ( it )
today , banca finnat is lited in the star segment of the italian stock exchange - london stock exchange and offers investment services .
this branch code value means this is the primary office ( or head office ) for banca finnat euramerica s . p . a . .
fnatitrrxxx - swift code ( bic ) - banca finnat euramerica s . p . a . bank - roma - italy ( it ) - fnatitrr
desc : banca finnat is a company that provides investment services to institutional , private and corporate customers ; it is listed on the italian stock exchange .
banca finnat euramerica among its competitors on corporate governance . this score is determined by the company’s accounting practices , executive pay , board organization and ownership structure .
desc : arca fondi s . p . a . sgr is an italian asset management company based in milan , lombardy region . the company was founded in 1983 by arca , an alliance of 8 people ' s banks , namely banca antoniana , banca popolare commercio e industria , banca popolare di crema , banca popolare di cremona , banca popolare di lodi and banca popolare veneta .
desc : banca esperia s . p . a . is an italian bank which is a joint venture of mediobanca and banca mediolanum .
the key operating areas of banca finnat are asset management and financial consulting for private and corporate clients , besides real estate management services through the subsidiary investire sgr s . p . a . investire sgr s . p . a . , a real estate fund manager , banca finnat manages 7 billion assets diversified on various products and markets .
banca finnat euramerica spa palazzo altieri piazza del gesú , 49 rome 00186 phone : + 39 . 6 . 699331 fax : + 39 . 6 . 6784950 web : urltoken
desc : the banca of sassari is an italian bank with its headquarters in sassari , sardinia . it was founded as banca cooperativa fra commercianti società anonima in 1888 , later it was renamed as banca popolare cooperativa anonima di sassari , and since 1948 called banca popolare di sassari .
banca finnat euramerica compared to its competitors on forced labor . a company’s score on this issue depends on its use of forced labor and on its work conditions for outsourced labor .
this permits all businesses to use their current accounts , even if opened with other banks , simply by connecting to the banca finnat portal using their own pc and just one account .
banca finnat euramerica among its peers in this category . a company’s score in this category depends on its measures to minimize water usage and impacts on stressed or drought - prone water resources .
specialist banca finnat euramerica s . p . a . piazza del gesù , 49 00186 roma lorenzo scimia tel : + 39 06 69933446 fax : + 39 06 6791984 l . scimia @ urltoken
banca finnat euramerica spa is an italy - based company engaged in financial services . the company specializes in the provision of investment services to institutional , private and corporate customers . it provides asset management for private and institutional customers . the company , through its subsidiary finnat fiduciaria spa , . . . ( more )
desc : banca intermobiliare di investimenti e gestioni s . p . a . known as banca intermobiliare or just bim is a turin - based wealth management bank .
year on year banca finnat euramerica spa grew revenues 50 . 09 % from 68 . 42m to 102 . 69m while net income improved 397 . 64 % from 7 . 30m to 36 . 31m .
desc : banca sella holding s . p . a . is an italian holding company for the banca sella group . the main company of the group was banca sella s . p . a . , an italian bank based in biella , piedmont .
banca finnat euramerica spa is an italy - based company engaged in financial services . the company specializes in the provision of investment services to institutional , private and corporate customers . it provides asset management for private and institutional customers . the company , through its subsidiary finnat fiduciaria spa , focuses on trusty services , including registration of investments , admi
desc : banca del monte di lucca is an italian regional bank and charity organization .
, ceo and co - founder of epic . from 2009 to 2013 he served as general manager of banca finnat . from 2005 to 2009 in intesa sanpaolo group , first as ceo of banca imi and then as commercial director of the commercial banking division . from 2004 to 2005 he served as general manager in banca di roma . from 1998 to 2004 in unicredit grup as ceo of tradinglab banca and as deputy general manager of the retail bank . from 1990 to 1998 he worked in citibank investment banking .
swift code fnatitrrxxx also known as bic code is a unique bank identifier of banca finnat euramerica s . p . a . and it ' s used to verify financial transactions such as a bank wire transfers ( international wire transfers ) .
desc : cassa di risparmio di asti known as banca cr asti or just banca di asti , is an italian saving bank based in asti , piedmont . it serves piedmont and lombardy regions .
banca finnat euramerica on this issue . companies are evaluated on pollution prevention by the levels of waste ( including hazardous waste ) they produce and release into the environment , and can be affected by whether they develop products that can reduce exposure to pollution .
banca finnat euramerica compared to its peers and competitors . a company’s rating on this issue is based on its history of controversies related to unethical corporate behavior , such as false claims about their products , price fixing , executive misconduct , insider trading or fraudulent practices .
the financial crimes police said in a statement that they had executed the magistrates’ orders , sequestering 2 . 5 million euros ( £2 million ) in buildings , stocks and land belonging to giampietro nattino , head of banca finnat euramerica spa . [ bfe . mi ]
desc : bper banca s . p . a . formerly known as banca popolare dell ' emilia romagna s . c . is an italian banking group offering traditional banking services to individuals , corporate and public entities .
desc : banca cassa di risparmio di firenze s . p . a . known as banca cr firenze , is an italian bank . once a listed company , the group now part of intesa sanpaolo since 2007 .
file photo : giampietro nattino , chairman of banca finnat euroamerica s . p . a . is seen in front of his private bank in rome , italy , september 20 , 2011 . picture taken on september 20 , 2011 . reuters / luigi mistrulli / file photo
banca finnat euramerica among its competitors on this issue . a company’s workplace health and safety is evaluated not only by the number of accidents and injuries in the workplace , but also by their safety policies , training procedures , and their investment in equipment that can reduce accidents .
banca finnat euramerica s . p . a . registered office in piazza del gesù n . 49 , ( it - 00198 ) rome , italy share capital € 72 , 576 , 000 . 00 fully paid - in , represented by 362 , 880 , 000 ordinary shares enrolled in the banking register under no . 5369 holding company of the banca finnat euramerica italian banking group , enrolled in the banca d’italia’s register of banking groups no . 5557 enrolled in the rome companies’ register tax code no . 00168220069 - vat no . 0085601004 r . e . a . n . 444286 – abi 3087 . 4 – codice lei : 815600835712f7ba2869 member of the national interbank deposit guarantee fund
with more than a century of banking experience behind it in addition to its independence , reliability and confidentiality , banca finnat administers and manages the great fortunes of italy . our rapidity and streamlined and efficient structure , made up of expert professionals that stand out for their team . . .
registered at n . 50 of bank of italy ' s register – corporate capital euro 14 . 770 . 000 fully paid – companies ' register of rome fiscal code and vat number 06931761008 a company subject to direction and coordination of banca finnat euramerica spa - privacy policy - cookie policy
desc : banca del monte di foggia s . p . a . also known as banca del monte
domenico siniscalco - ceci
di foggia in honor a sponsor , was an italian regional bank based in foggia , apulia region .
desc : banca popolare di cividale is an italian cooperative bank based in cividale del friuli , friuli - venezia giulia .
ubs and ambromobiliare will act as lead - advisor and co - advisor respectively . banca finnat will act as nomad and global coordinator . nctm will act as legal advisor and pwc as auditor . energica motor company purpose is to speed up the industrial process and the marketing efforts of the company .
banca finnat euramerica among its competitors for its carbon footprint . a company’s performance in this category is based on its success in implementing energy efficiency measures . investments in energy efficient technology , green building and sourcing of renewable energy can all lead to cost savings and reduce the company’s contribution to climate change .
banca finnat euramerica among its peers and competitors for data privacy and protection . companies today digitally manage vast amounts of personal information about their clients . a company’s score on this issue is based on the systems , products and procedures it has in place to minimize the risk for data and privacy breaches .
on this page you will find detailed information on bic code fnatitrr for banca finnat euramerica s . p . a . . this swift code follows the same general structure as mentioned in the next section . for a detailed breakdown analysis of bic code fnatitrrxxx , scroll towards the bottom of the page for specific details .
contacts : natam management company s . a . bd d ' avranches 32 - 36 l - 1160 luxembourg contact person : alberto alfiero , chairman of natam and deputy general manager of banca finnat sante jannoni , managing director of natam ph . + 352 264 979 2112 institutional team ph . + 39 06 69933393 istituzionali @ urltoken
desc : banca carime s . p . a . was an italian bank based in cosenza , calabria . the bank was a subsidiary of ubi banca . as of 31 december 2015 , the bank had 216 branches , serving calabria , apulia , campania and basilicata .
banca finnat euramerica based on its peers as well as companies in similar geographic regions . companies are assessed on factors such as board diversity and senior management diversity . companies performing well on this issue typically are more profitable than its peers , while companies with very poor scores typically have greater stock price volatility and lower returns on capital .
banca finnat euramerica among its competitors in this category . certain products use raw materials that are commonly sourced from militias or other organizations that promote or engage in conflict in their region . to perform well in this category companies must provide adequate assurances that any of these metals used in their production are in fact from conflict - free sources .
desc : banca ifis is a bank founded in 1983 in genoa , italy by sebastien egon fürstenberg , the current chairman and majority shareholder .
desc : banca del territorio lombardo is an italian cooperative bank based in pompiano , lombardy . in terms of branches , the bank is the second largest bank among the federazione italiana delle banche di credito cooperativo - casse rurali ed artigiane , behind banca di credito cooperativo di roma .
banca finnat euramerica spa provides banking , financial and investment management services . its services include private banking , the family office , trusteeships , services for institutional investors , the advisory and corporate finance service , the real estate and property funds service , consultancy and banking services . the company was founded on february 15 , 1929 and is headquartered in rome , italy .
desc : banca di credito cooperativo di cambiano s . c . p . a . known as banca di cambiano is an italian bank based in castelfiorentino , tuscany region . the bank served the tuscan provinces of florence , pisa , siena , pistoia and arezzo . the bank was a cooperative bank .
banca finnat euramerica among its peers for employee satisfaction and pay . a company’s score on this issue depends on its frequency and likelihood of labor disputes as well as its practices to keep and retain talent - such as compensation , family leave , employee health care and other benefits . employers that are rated as good to work for consistently produce higher stock returns than their peers .
desc : banca mediolanum s . p . a . is an italian bank , insurance and asset management conglomerate which is the parent company of gruppo mediolanum .
desc : banca mediocredito del friuli venezia giulia s . p . a . is an italian commercial bank based in udine , friuli – venezia giulia region .
banca finnat euramerica s . p . a . , together with its subsidiaries , provides various financial services in italy . it operates through assets under management , assets under administration , trusteeship , and banking services holding and other segments . the company offers private banking , family office , trusteeship , institutional investor , advisory and corporate finance , consultancy , real estate and property funds , equity research , and other banking services . it also manages real estate and property funds ; provides equity and security trust services ; and offers financial management and consulting services , including asset and portfolio management services . the company has operative branches in rome , milan , and novi ligure . banca finnat euramerica s . p . a . was founded in 1898 and is headquartered in rome , italy .
desc : unione di banche italiane s . p . a . , commonly known for its trading name ubi banca , is an italian banking group , the fifth largest in italy by number of branches , it was formed on 1 april 2007 from the merger of the banche popolari unite and banca lombarda e piemontese banking groups .
desc : banca cattolica del veneto was an italian bank based in vicenza , veneto . in 1989 it was merged with nuovo banco ambrosiano to form banco ambrosiano veneto .
desc : banca popolare del frusinate s . c . p . a . is an italian cooperative bank based in frosinone , lazio . the bank was founded in 1992 .
desc : iwbank s . p . a . is an italian online bank owned by ubi banca . the bank characterises its offer for economic convenience and high technological content .
desc : banca imi is a subsidiary of intesa sanpaolo which is specialized in investment banking and capital markets . the bank can trace its origins to the istituto mobiliare italiano .
desc : banca popolare del lazio s . c . p . a . , is an italian cooperative bank based in velletri , metropolitan city of rome capital , lazio region .
desc : banca di credito popolare s . c . p . a . is an italian cooperative bank based in torre del greco , in metropolitan city of naples , campania .
desc : banca popolare pugliese s . c . p . a . is an italian cooperative bank based in parabita and matino , in the province of lecce , apulia region .
desc : banco popolare società cooperativa was an italian bank , formed in 2007 from the merger of banco popolare di verona e novara and banca popolare italiana . the bank merged with banca popolare di milano on 1 january 2017 . the bank was ranked fourth by total assets , according to ricerche e studi using 2015 data . the bank was a cooperative partnership .
desc : banca popolare di sondrio s . c . p . a . is an italian bank based in sondrio , lombardy . the company was included in ftse italia mid cap index .
desc : banca cassa di risparmio di savigliano s . p . a . is an italian saving bank . the bank was based in savigliano , in the province of cuneo , piedmont .
desc : banca popolare di spoleto s . p . a . is an italian bank based in spoleto , umbria region . it was a subsidiary of banco di desio e della brianza .
desc : intesa sanpaolo s . p . a . is an italian banking group resulting from the merger of banca intesa and sanpaolo imi based in torre intesa sanpaolo , turin , italy .
desc : banco bpm s . p . a . is an italian bank that started to operate on 1 january 2017 , by the merger of banco popolare and banca popolare di milano .
from 2005 to 2008 he was a member of the management board of the oic , the italian accounting body and , from 2006 to 2010 , member of the board of directors and the supervisory council of different companies , also listed on the stock exchange , among which : gruppo editoriale l ' espresso , banca finnat , nomura sim , fiorucci , tim - telecom italia mobile , finsiel , alitalia , raicinema , raisat , rainet , cofiri f & l and fendi .
desc : banca leonardo s . p . a . is a private and independent investment bank . it operates , directly and through its subsidiaries , in the wealth management business in italy and switzerland .
desc : banca italease s . p . a . was an italian finance leasing company , based in milan . the company formed two subsidiaries alba leasing and a
bad bank
in 2009 .
desc : cassa padana banca di credito cooperativo s . c . is an italian bank based in leno , lombardy region . the bank served the area around brescia and 8 other provinces of northern italy .
desc : banca nazionale del lavoro s . p . a . is an italian bank headquartered in rome . it is italy ' s sixth largest bank and has been a subsidiary of bnp paribas since 2006 .
desc : banca carim – cassa di risparmio di rimini s . p . a . is an italian saving bank based in rimini , emilia - romagna . the bank mainly active in the area around rimini .
desc : banca popolare di milano s . p . a . also known as bipiemme or just bpm is an italian bank based in milan , lombardy . the bank is a wholly owned subsidiary of banco bpm .
palazzo altieri , the headquarters of banca finnat , was designed halfway through the 17th century by the architect antonio de ' rossi , and subsequently decorated by several artists on the request of pope clement x . at the end of the 18th century the building became an important monument to the roman and international neoclassicism . it is still regarded today as a fine example of the baroque architectural and artistic style . in the entrance hall of the bank the frescoed ceiling portrays the
apotheosis of romulus
, a piece by domenico maria canuti . [ 5 ]
natam is a management company providing services to institutional investors , asset managers and investment firms . based in luxembourg and authorized to manage funds both in ucits and aifmd regimes . natam is part of a strong banking group , banca finnat , and is led by a management team with recognized experience and know - how . the distinctive values of our third - party management company are competence , accuracy and reliability . natam provides tailor - made financial solutions to financial institutions , intermediaries and investors . the vast range of services offered by natam allows customers and partners :
desc : veneto banca s . p . a . is a former italian bank headquartered in montebelluna , italy and currently a wind - down unit . the bank changed from a cooperative society to a limited company in december 2015 .
desc : banca popolare di vicenza was an italian bank and currently a winding - down company . the banking group along was the 15th largest retail and corporate bank of italy by total assets at 31 december 2016 , according to mediobanca .
desc : webank ( italy ) is an italian bank . managed for almost 10 years by we @ service , the internet services company for bpm group , webank became on 1 november 2009 an independent bank fully owned by banca popolare di milano .
desc : banca generali s . p . a . is an italian bank of generali group . generali via generali italia , alleanza assicurazioni , genertellife , genertel and generali vie s . a . , owned 51 . 029 % stake of the bank .
desc : banca centropadana credito cooperativo , società cooperativa is an italian cooperative bank based in guardamiglio , lombardy . the bank was a member of federazione italiana delle banche di credito cooperativo - casse rurali ed artigiane and federazione lombarda delle banche di credito cooperativo .
desc : banca popolare di puglia e basilicata s . c . p . a . is an italian cooperative bank based in altamura , in the province of bari , apulia . the bank had 137 branches covered 12 out of 20 regions of italy .
desc : banca popolare sant ' angelo s . c . p . a . is an italian cooperative bank based in licata and palermo , the capital of sicily . the bank also had one branch in lampedusa , the south most island of italy .
desc : cassa centrale banca - credito cooperativo del nord est s . p . a . is a central institute of the cooperative banks of trentino , based in trento , trentino . some cooperative banks of veneto and friuli – venezia giulia also joined .
desc : unicredit banca di roma s . p . a . was an italian bank based in rome , lazio region . it was a subsidiary of unicredit group . in 2010 the subsidiary was absorbed into the bank , but retained as a registered trademark .
desc : banca di credito cooperativo di roma is an italian cooperative bank based in rome , lazio region . the bank is a member of federazione italiana delle banche di credito cooperativo - casse rurali ed artigiane and federazione delle banche di credito cooperativo del lazio umbria sardegna .
desc : banca apulia s . p . a . marketed as bancapulia is an italian bank incorporated in san severo , in the province of foggia , apulia region . the main office of the bank was located in bari , in the centre of apulia region instead .
desc : cassa di risparmio di biella e vercelli s . p . a . known as biverbanca , is an italian saving bank based in biella , piedmont . it was acquired by fellow piedmontese bank cassa di risparmio di asti from banca monte dei paschi di siena in 2012 .
desc : banca carige s . p . a . is an italian bank based in genoa , italy and it comprehend more than 500 bank locations in italy . in 2016 it earned a positive net worth of 292 million euro . it was founded in 1483 in genoa , italy .
desc : crédit agricole friuladria s . p . a . formerly known as banca popolare friuladria s . p . a . , or known as friuladria in short , is an italian bank , which is part of crédit agricole italia , the italian arm of french banking group crédit agricole .
desc : banca agricola popolare di ragusa s . c . p . a . is an italian cooperative bank based in ragusa , sicily . the bank had 95 branches inside the island the bank was absent in 4 other provinces in the island , plus one branch in mainland italy in milan .
desc : unione fiduciaria s . p . a . – società fiduciaria e di servizi delle banche popolari italiane is an italian bank that specialized in fiduciary . the bank was formed by 8 people ' s bank of italy in 1958 . on 30 april 2015 ubi banca sold the business in ubi fiduciaria to unione fiduciaria .
• in private banking , via banca esperia ( 48 . 5 % - owned ) and compagnie monégasque de banque ( 100 % - owned ) . the former has branches in eleven italian cities and was set up under a joint venture with the mediolanum group , while the latter is market leader in the principality of monaco ;
desc : unipol banca s . p . a . is an italian bank based in bologna , emilia - romagna region . it is part of unipol group . despite the shares of the bank were either owned by unipol or their subsidiary unipolsai , about 14 . 66 % shares of the bank were indirectly belong to the minority owners of unipolsai .
desc : banca popolare di bari s . c . p . a . is an italian bank based in bari , apulia region . the bank covered most of mainland of italy , except piedmont and liguria , and all the autonomous regions of italy : aosta valley , trentino – south tyrol , friuli – venezia giulia and the islands of sardinia and sicily .
desc : the bank of italy , known in italian as [ la ] banca d ' italia , also known as bankitalia , is the central bank of italy and part of the european system of central banks . it is located in palazzo koch , via nazionale , rome . the bank ' s current governor is ignazio visco , who took the office on 1 november 2011 .
desc : banca monte dei paschi di siena s . p . a . , known as bmps or just mps , is an italian bank . tracing its history to a mount of piety founded in 1472 and founded in its present form in 1624 , it is the world ' s oldest or second oldest bank , depending on the definition , and the fourth largest italian commercial and retail bank .
the new banking law passed in 1993 , abolished the specialization requirement allowing ordinary banks to enter the medium / long term credit market and generated a series of problems between mediobanca and its banking partners , which ceased to be the almost exclusive channel for the placement of term deposits and bonds . in the changing context of the financial markets of the early 1990s , mediobanca evolved by engaging more decisively in investment banking operations , creating a major diversification in the private banking business and expanding its consumer credit area , finally developing an international presence . in the 1990s , it was among the main players in the italian program of privatization of large state - owned enterprises ( the largest operations concerned telecom italia , enel , banca di roma and banca nazionale del lavoro ) , also contributing to foreign programs in the united kingdom , france , germany and spain .
mediobanca is an italian investment bank founded in 1946 at the initiative of raffaele mattioli ( at that time ceo of banca commerciale italiana , the largest commercial bank in italy which promoted its incorporation together with credito italiano ) and enrico cuccia to facilitate the post - world war ii reconstruction of italian industry . cuccia led mediobanca from 1946 to 1982 . today , it is an international banking group with offices in frankfurt , london , madrid , moscow , new york and paris . regarding its league table positions it is the by far most important investment bank in italy .
banca del sempione - base investments sicav base investments sicav is a luxembourg - based open - end investment company established in 2001 . base aims to preserve capital and increase assets thanks to a multi sub - funds structure . portfolios consist of diversified transferable securities focusing mainly on three asset classes ( equity , bond and forex ) featuring different types of risk and a 3 - 5 year ideal minimum investment period . base is a sicav focusing sharply on applying the most modern management techniques with a view to achieving the best results for investors , keeping risks under control . flexible low risk exposure and bonds value ( sub - funds of base ) are rated by citywire ( a , respectively , aa ) and by morningstar with 5 stars . the bonds value funds also has been awarded with the premio alto rendimento ( ilsole24ore ) in 2015 and 2016 , and with the lipper awards in 2015 .
• in financial services to households , through group company compass s . p . a . which provides consumer credit and personal loans directly , and which in 2008 strengthened its positioning with the acquisition and merger of linea . compass today has a wide customer base , with around 1 . 8 million customers . through compass’s 100 % - owned subsidiaries , mediobanca also provides mortgage loans to households ( micos banca s . p . a . ) , credit cycle management ( creditech s . p . a . ) and factoring services ( cofactor s . p . a . ) . mediobanca also has operations in the leasing segment through selmabipiemme leasing s . p . a . ( 60 % - owned by compass and 40 % - owned by the bpm group ) , palladio leasing s . p . a . and teleleasing s . p . a . ( a subsidiary of selmabipiemme leasing ) ;
the death of enrico cuccia in june 2000 exacerbated tensions with the banking shareholders due to conflicts of interest , competition in the same markets and the central bank’s hostility towards mediobanca’s management . in april 2003 , vincenzo maranghi agreed to resign as long as the bank ' s independence was preserved . this was achieved by promoting two of his aides to top management positions , alberto nagel and renato pagliaro . they developed market operations more intensely ( ipos , m & a , trading of financial instruments ) , reducing the weight of historical shareholdings ( some of which , like fiat , were sold ) . they also achieved penetration of the main foreign markets , where the bank’s presence was established through local professional teams . with the launch of che banca ! in 2008 , operations in the retail banking segment expanded creating a model of multi - channel distribution ( internet , call centers , branches ) capable of providing substantial deposit flows . while the years immediately following the resignation of maranghi entailed the appointment of an external presidency ( gabriele galateri and cesare geronzi ) , subsequent events reestablished all the conditions guaranteeing the independence of the institution whose leadership today has alberto nagel as ceo and renato pagliaro as president .
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change of date for the meeting of the board of directors to approve the preliminary half - yearly consolidated financial report at 30 . 06 . 2018
variazione data del consiglio di amministrazione per lâapprovazione dei risultati preliminari semestrali consolidati al 30 . 06 . 2018
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* targets payment of annual dividend of eur 0 . 01 per share in 2018 - 2020
* fy earnings margin eur 102 . 3 million versus eur 66 . 5 million year ago
* fy net profit eur 36 . 3 million versus eur 7 . 3 million year ago
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and compensation values are for the last fiscal year ending on that date . pay is salary , bonuses , etc . exercised is the value of options exercised during the fiscal year . currency in eur .
the pillar scores are audit : n / a ; board : n / a ; shareholder rights : n / a ; compensation : n / a .
scores indicate decile rank relative to index or region . a decile score of 1 indicates lower governance risk , while a 10 indicates higher governance risk .
a swift code is the standard format for business identifier codes ( bic ) and it ' s a unique identification code for banks and financial institutions globally . these codes are used when transferring money between banks , in particular for international wire transfers or sepa payments .
swift code , bic code , swift id or swift - bic ( iso 9362 ) is a standard format of business identifier codes approved by the international organization for standardization ( iso ) . it is a unique identification code for both financial and non - financial institutions . the acronym swift stands for the society for worldwide interbank financial telecommunication . when assigned to a non - financial institution , the code may also be known as a business entity identifier or bei . these codes are used when transferring money between banks , particularly for international wire transfers , and also for the exchange of other messages between banks . the codes can sometimes be found on account statements .
the overlapping issue between iso 9362 and iso 13616 is discussed in the article international bank account number ( also called iban ) . the swift network does not require a specific format for the transaction so the identification of accounts and transaction types is left to agreements of the transaction partners . in the process of the single euro payments area the european central banks have agreed on a common format based on iban and bic including an xml - based transmission format for standardized transactions ; the target2 is a joint gross clearing system in the european union that does not require the swift network for transmission ( see ebics ) . the target - directory lists all the bics of the banks that are attached to the target2 - network being a subset of the swift - directory of bics .
the bank swift code provides information about the bank and branch where the money should be transferred . being able to check information about the swift code will provide you with the proper information necessary to make or receive payments . some of the banks and their associated branches benefit from an address listing which provides you with the means to match swift codes with financial institution office address .
this unique swift code directory provides businesses and individuals with an easy way to avoid bank transfer and money transfer mistakes .
the swift code ( bic code ) consists of 8 or 11 characters . as an example let ' s take the following imaginary swift
aaaabbccddd
. this can be broken down as follows :
the first 4 characters - 4 letters (
aaaa
) : institution code or bank code - this code is used to identify the institution’s global presence ( all branches and all divisions around the world ) .
the 5th and 6th characters - 2 letters (
bb
) : this represents the iso 3166 - 1 alpha - 2 country code . as an example ,
us
stands for
united states
,
gb
for
united kingdom
,
de
for
germany
, ca for
canada
, etc .
the 7th and 8th characters - 2 letters or digits (
cc
) : this represents the location code . for example ,
ff
is the location code for
frankfurt
,
kk
is the location code for copenhagen , and so on . also the second character ( 8th in the bic code ) sometimes carries this information :
if the second character is
0
, then it is typically a test bic as opposed to a bic used on the live network .
if the second character is
2
, then it typically indicates a reverse billing bic , where the recipient pays for the message as opposed to the more usual mode whereby the sender pays for the message .
the 9th to 11th characters - 3 letters or digits (
ddd
) : these final three characters form a
branch code
that points to a specific branch of the banking institution . if this section is missing or is ( optionally ) filled by
xxx
, then we are dealing with an 8 - character swift code which implies this is a primary ( also know as head office ) of the financial institution . the typical naming convention is that in the case we are referring to the main offices of an a financial institution , this branch code is
xxx
.
where an 8 - digit code is given , it may be assumed that it refers to the primary office , however swift codes of primary office banking institutions can be used with or without the
xxx
branch code , depending on th requirement of the payment transfer you are working with .
swift standards , a division of the society for worldwide interbank financial telecommunication ( swift ) , handles the registration of these codes . because swift originally introduced what was later standardized as business identifier codes ( bics ) , they are still often called swift addresses or codes .
this is the 2 - letter country code associated with italy ( it ) .
all the information published on this website is strictly for personal use only and should never be used without verification , on any type of transaction . for professional use , you have to subscribe to the swift online directories at the swift website . urltoken shall not be held responsible or liable for any loss or damage suffered by you as a result of incorrect or incomplete information in this page .
if you’re not sure about any of the swift code details you’re using , get in touch with the bank or financial institution in question . they should be able to give you the right information .
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let me remind you that credit is the lifeblood of business , the lifeblood of prices and jobs .
good health is essential to social and economical development and it empowers all of the public sectors .
innovation is the specific instrument of entrepreneurship . the act that endows resources with a new capacity to create wealth .
talent is a source from which water flows constantly renewed . but this source loses its value unless it is properly used .
rome ( reuters ) - investigating magistrates in italy on tuesday froze millions of euros worth of assets belonging to a prominent italian banker they believe used the vatican bank and another holy see financial department for market manipulation .
magistrates accuse him of market manipulation and providing false information to consob , italy’s stock regulator .
nattino said in a statement that the frozen assets belonged to him personally and not to his bank , and that he would cooperate with investigators .
shares in his private bank fell 3 . 6 percent before recovering some of that loss .
tuesday ' s developments followed an exclusive report by reuters in november , 2015 about a vatican investigation into nattino ' s accounts at the vatican bank , known as the institute for works of religion , and at apsa , an office that oversees vatican real estate and investments . urltoken
a confidential document seen by reuters at the time covered the period from 2000 to 2011 and was passed on to italian and swiss investigators for their checks because some activity tied to the accounts allegedly took place in these countries .
vatican investigators suspected that on one occasion when his bank handled a stock placement , the apsa accounts were used to buy shares before they were allocated to other investors .
in their statement on tuesday , police said nattino had used the “cover” of the vatican financial institutions to carry out “a complex stock operation which resulted in criminal behaviour regarding market manipulation” .
the police statement said nattino had employed “misleading and false” methods to “substantially alter” the price of shares in his bank .
it said italian magistrates were investigating two people who were managers at apsa in 2011 on suspicion of complicity . the vatican had no immediate comment on the italian magistrates’ order or on who the former vatican officials were .
nattino’s statement on tuesday referred back to one issued in 2015 in which he said his work had “always been characterised by maximum transparency and correctness” .
the vatican , a sovereign state surrounded by rome , has enacted a number of provisions to cleanse its finances and make them more transparent in recent years , particularly since the election of pope francis in 2013 .
among the reforms was the closing of accounts held by outsiders such as nattino .
apsa made headlines in june 2013 with the arrest of monsignor nunzio scarano , who worked there for 22 years as a senior accountant .
last year he was acquitted of charges of conspiracy to smuggle 20 million euros in cash into italy from switzerland to help friends avoid taxes .
scarano , who still faces a separate trial on money laundering charges , denies all wrongdoing .
fip was the first real estate investment fund promoted by the republic of italy as part of a broader valorisation process promoted by the mef ( italian ministry of economics and finance ) by the transfer / contribution of properties to real - estate investment funds .
in october 2004 , the board of directors of investire immobiliare ( now investire ) , selected as manager of the fund following a call for bids promoted by the italian government , approved the fund’s by laws , subsequently authorised by the bank of italy on 16 december 2004 .
on 29th december 2004 , fip became the owner of a real estate portfolio , which initially included 394 buildings for “non - residential” use rented , with new and automatically renewable 9 + 9 lease contracts , to italian public authorities including , among others , mef , social securities entities ( i . e . inps ) , income revenues authorities ( i . e . agenzia delle entrate ) and the state authority for motor vehicle ( i . e . motorizzazione civile ) . the buildings were transferred / contributed by specific decrees of the mef , also in agreement with other ministries .
fip fund issued two classes of units : ( i ) class a units for total €1 . 3 bn , with face value of € 100 . 000 , 00 per unit , reserved to qualified investors and entirely placed to institutional investors in july 2005 , and ( ii ) a class b unit , with face value of €1 , assigned to mef .
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energica motor company is proud to announce that is working for the listing to raise capital on aim italia - mercato alternativo del capitale managed by borsa italiana s . p . a .
the company chose giancarlo minardi as independent member of the board , demonstrating the deep roots energica and its parent company crp group has in the formula one world . giancarlo is founder and former managing director of the minardi formula one team , today renamed to
toro rosso
by the red bull energy drink concern in 2006 . he has identified and given breaks to many drivers who subsequently went on to achieve successes with other teams and in other formulas . drivers such as giancarlo fisichella , fernando alonso , mark webber and jarno trulli all had their formula one debut with minardi .
in recent years the ev market appears particularly dynamic . a large number of car manufacturers is gradually introducing electric models on the market , following tesla example . tesla is a real pioneer in this market , now it has become an extraordinary business success story . energica motor company is following tesla business model in electric motorcycles market .
“and is aware that the challenge will be tough , but it is also convinced that customers are now more informed and aware than ever . in 3 years time we will be market leader in our niche . after only one month since the omologation we already sold 10 bikes !
customers are growing a much stronger know - how about technologies , they choose more consciously and not just trusting what big brands tell them . ”
“tesla is a proof of evidence that there is room now more than ever for new brands once that technology is demonstrated and showed to public . ” continues livia cevolini “emc thanks to crp group has one of the strongest and longest background in hi - tech for motorsport globally since almost 5 decades , and this is a fact .
a fact that customers can touch with their hands when riding the ego . quality is not an optional when you are driving at 300km / h , it ' s your life . emc learned well the lesson from crp group and customers know that . energica is the most innovative and technological motorcycle now . ”
energica motor company srl was officially founded in 2014 with the aim of creating the first high - powered electric motorcycles , but the electric motorcycle project started in 2010 . crp group acted therefore as a technology incubator and a financial investor until emc decided to spin off and become an independent factory .


foreign aid from china is development assistance provided by the chinese government to other countries in the form of infrastructure projects given as gifts ; concessional loans to fund projects ; disaster relief ; student scholarships ; and other forms of assistance .

chinese foreign aid

most chinese aid is provided bilaterally . only 15 % is given as multilateral aid .
foreign governments don’t passively receive financial aid but rather actively attempt to manage their foreign aid donors . ( ashraf shazly / afp via getty images )
at the onset , china’s aid policy was premised on equality between partners , mutual benefit , respect for sovereignty , respect for obligations and enhancing the self - reliance of chinese aid recipients . according to china’s 2011 white paper on foreign aid :
in addition , in the past decade , controversies stemming from china’s foreign aid , especially business contracts in less - developed countries and connections to china’s quest for natural resources , have solicited scrutiny and criticism from international observers . how to manage the reputational risks associated with commercial aspects of china’s foreign aid and improve its foreign aid to better serve china’s broader national interests is a key task identified by analysts within the chinese foreign policy community .
[ 3 ] “china’s foreign aid , ” xinhua news agency , april 21 , 2011 , urltoken .
over the past several years , an increasingly strong voice has risen in china calling for the reform of its foreign aid policies and systems . in response to this voice , the ministry of commerce ( mofcom ) initiated a campaign in 2014 to “comprehensively deepen the reform of china’s foreign aid system , ” which led to the release of new “ measures for administration of foreign aid ” in december . under this grand scheme , mofcom is scheduled to introduce mid - to long - term policy guidelines on chinese foreign aid in 2015 . while the changes to china’s foreign aid may not be as drastic as some have hoped , they will nonetheless affect the direction and practice of china’s foreign aid as an important policy instrument .
they expressed fear that cutting foreign aid risks ceding u . s . influence in other regions and countries .
there is also an ongoing debate inside china about the goal and management of chinese aid to africa . for the foreign policy bureaucrats at the ministry of foreign affairs , foreign aid is essentially a political instrument for china to strengthen bilateral ties and facilitate the development of african countries . in their view , political considerations should be the most important criteria in aid decision - making . economic benefits associated with aid projects , such as profitability , resource extraction , or the acquisition service contracts for chinese vendors , should only be secondary .
this is an extract from a working paper titled “the political and economic dynamics of foreign aid : a case study of united states and chinese aid to sub - sahara africa” . [ kafayat amusa , nara monkam and nicola viegi ]
i was in fiji last week to get an update on chinese assistance to the country , as part of a larger project i ' m doing mapping chinese aid activities in the pacific islands , to be launched in early 2015 . navua hospital , built with chinese aid assistance , fiji . ( author photo ) fiji is becoming
lowy institute research associate dr philippa brant writes for foreign affairs about why china ' s foreign aid won ' t replace the west ' s . the full article is available here
today the lowy institute’s melanesia program launches a major update to the institute’s flagship research mapping project on chinese aid in the pacific . * the map now contains a decade of chinese government aid activities in the pacific islands region , making it a valuable resource for
the chinese government is frequently criticised for not being transparent about its aid program . as i mentioned in my quick summary yesterday , there ' s not a lot of specific data in the chinese aid white paper . but we can make a few comparisons — on geographical spread , type of aid , and income
the pacific region is making headlines across australia after pacific and international development minister concetta fierravanti - wells harshly criticised chinese aid in the region . ' useless ' is how fierravanti - wells has described chinese aid projects , leading countries to take on debt they can ' t
mapping chinese aid in the pacific , an interactive map launched by the lowy institute today , is the first comprehensive survey of chinese - funded aid projects in the pacific islands region . lowy institute research associate dr philippa brant drew on over 500 sources including budgets , tender
china proclaims that the aid that it dispenses takes into account the beneficiary country’s economic growth and poverty alleviation goals . over the years , chinese aid projects in developing nations have also ushered in the flow of chinese investors through commercial contracts tied to state - funded projects .
my research on foreign aid diplomacy suggests that there is yet another reason we should care about the proposed cuts . here’s why : unpredictability and volatility in foreign aid undermines the ability of donor officials to lobby for changes in recipient countries .
the ministry of commerce ( mofcom ) is the principal institution for chinese aid , and houses the department of aid . it is in charge of distributing all zero - interest loans and grants . the ministry of foreign affairs coordinates with mofcom to decide aid allocations , and is the on - the - ground diplomatic point of contact for chinese firms and interests in africa . but the relationship between the two ministries is often tense , and , as experts have argued , conflicting interests between the multiple agencies sometimes hurts chinese aid policy .
dr . li ling teaches at chinese military economics academy , based in wuhan , china .
examining what drives chinese aid allocation to sub - saharan africa , empirical evidence suggests that china provides more foreign aid to oil - rich sub - saharan african countries than those that are not oil rich . almost half of the top ten recipients of chinese aid in the past ten years gave access to oil wells and granted first rights to prospect for oil in return . examples include angola and nigeria .
african governments like ghana increasingly have access to financing from “nontraditional” donors like china . just last month , ghana signed a $ 10 billion memorandum of understanding with the chinese to develop the country’s bauxite industry . chinese financial assistance should not yet be seen as a replacement to traditional aid . chinese aid is concentrated in the productive sectors ( infrastructure , agriculture and mining ) and mainly goes to chinese companies . in contrast , traditional aid is more likely to go directly to recipient governments and supports social sectors like health and education .
robbie gramer is a diplomacy and national security reporter at foreign policy . @ robbiegramer
cari has combined and converted china’s officially published foreign aid data from the ministry of finance . all figures are reported in millions of us $ using annual exchanges rates and are available for download in excel format . we have included all budgetary categories under “foreign affairs” , since several categories that are considered “foreign aid” by oecd definitions are in independent categories .
there’s another big reason u . s . foreign aid is important : it helps the u . s . get what it wants .
in addition to securing africa’s natural resources , china’s capital flows into africa also create business opportunities for chinese service contractors , such as construction companies . according to chinese analysts , africa is china’s second - largest supplier of service contracts , and “when we provide africa assistance of rmb 1 billion , we will get service contracts worth usd 1 billion ( rmb 6 billion ) from africa . ” [ 18 ] in exchange for most chinese financial aid to africa , beijing requires that infrastructure construction and other contracts favor chinese service providers : 70 percent of them go to “approved , ” mostly state - owned , chinese companies , and the rest are open to local firms , many of which are also joint ventures with chinese groups . [ 19 ] in this sense , china’s financing to africa , including aid , creates business for chinese companies and employment opportunities for chinese laborers , a critical goal of beijing’s going out strategy .
according to 2011 white paper on china’s foreign aid , published by the state council of the prc , “financial resources provided by china for foreign aid mainly fall into three types : grants ( aid gratis ) , interest - free loans and concessional loans . the first two come from china ' s state finances , while concessional loans are provided by the export - import bank of china as designated by the chinese government [ … ] foreign aid expenditure is part of the state expenditure , under the unified management of the ministry of finance in its budgets and final accounts system . ” kitano & harada ( 2016 ) have inferred that the foreign aid figures “were based on committed amounts and that disbursed amounts were therefore still unpublished . ”
china has provided foreign assistance since the 1950s , and is now the largest developing country to provide aid outside of the development assistance committee ( dac ) , a forum of the world’s major donor countries under the organization for economic cooperation and development ( oecd ) . like its foreign policy more broadly , chinese foreign assistance has adhered to the “five principles of peaceful coexistence” and emphasized the virtue of national self - reliance . at the same time , it has served a strategic purpose alongside other foreign policy priorities .
the chinese have helped build more than 300 dams in africa , like this one on the congo river .
there are three main organs controlling chinese aid : the ministry of commerce , the ministry of foreign affairs and china ' s eximbank . the state council - china ' s cabinet - has oversight , and approves the annual budget , grants and aid projects over a certain amount , as well as aid to politically sensitive countries . the ministry of finance is also responsible for giving aid to multilateral organizations , such as un agencies .
stay up to date on devex coverage of u . s . foreign policy under trump :
recipient governments do not just passively receive aid but rather actively attempt to manage their foreign aid donors . they pay attention to how predictable and consistent donors are with their aid dollars , preferring to work with donor agencies that keep their word and deliver what they promised .
due to the lack of transparency in china’s aid statistics , other efforts were undertaken to collect more information on china’s foreign aid , ranging from media - based , field - based , to extrapolating from official data . “estimating china’s foreign aid 2001 - 2013” ( 2016 ) , by kitano & harada at jica research institute , provides an excellent overview of these efforts .
my conversations with government officials , however , suggest that some african governments see chinese aid as more credible than assistance from traditional western donors . this puts even more pressure on traditional donors to offer credible promises of aid to recipient governments .
there’s another big reason u . s . foreign aid is important : it helps the u . s . get what it wants . - the washington post
however , given the lengthy nature of china’s foreign aid reform and the vested interests associated with the current setup , few expect the top leadership to make any drastic moves in the near future . nevertheless , technical reforms , internal adjustments , and enhanced multilateral cooperation are indeed on the horizon for china’s foreign aid .
given the above considerations , president xi jinping’s 2015 announcement of a three - year $ 60bn aid package for africa presages still deeper chinese soft power forays into this strategically important continent , and arguably represents a wake - up call for the west that size is not the sole , nor even the main , criterion for effective foreign aid .
in a new book , “ the development dance : how donors and recipients negotiate the delivery of foreign aid , ” i argue that aid is about bargaining and diplomacy . contrary to popular conception , aid is not a unilateral gift . foreign aid requires , in president trump’s words , the “art of the deal . ” but diplomacy is not like the real estate business . to get the best deal , you need to be predictable .
for both types of donors , recipient country governance is important . this conclusion is drawn from looking at the determinants of american and chinese foreign aid to 31 countries in sub - saharan africa . in the case of the us , both political rights and civil liberty are considerations in its aid allocation decisions to the region . for china , political rights are more important than civil liberty in influencing who receives aid .
since 2001 the need to boost chinese domestic economic growth has further driven china’s interest in sub - saharan africa’s natural resources .
some observers have also noted that most of the infrastructure projects funded with chinese official aid improve access to locations where chinese companies can produce agricultural products as well as undertake mining activities . if the philippines’ department of environment and natural resources sustains its clampdown on destructive mining operations , will china just discontinue aid for that sector or will it exert pressure to overturn the strict policy ?
china ' s foreign aid program is now the sixth largest in the world . only the uk , us , germany , france and japan provided more last year .
emily tamkin is a staff writer at foreign policy covering ambassadorial and diplomatic affairs in washington . @ emilyctamkin
the economic sectors that get most attention in extending funding assistance and investment — particularly food production , mining and other resource extraction projects — which raises analysts’ questions whether the real beneficiaries are the poor countries receiving the chinese funding or the chinese economy itself .
hart and other aid executives told devex that such deep cuts would be short sighted and discount the role that development plays in creating global stability . the defense community has also emerged as a supporter of foreign aid , with a similar rationale .
prominent in the aid debate is the notion that western donor countries are more concerned about the degree of governance in recipient countries . their chinese counterparts are assumed to overlook the level and type of governance .
international development minister concetta fierravanti - wells ' remarks about china ' s aid to the pacific are part of a long tradition of concern in australia . yet while some chinese aid projects are less than perfect , as my colleague jonathan pryke notes , fierravanti - wells ' sweeping
a political analyst at the university of new south wales in canberra , veasna var , wrote in an article published by the east asia forum days before the asean foreign ministers’ gathering that “excessive dependence on china [ financial aid ] has also placed cambodian foreign policy firmly under china’s influence . ”
“on the one hand , i have never heard as much bipartisan support for foreign aid in my entire career as i have heard in response to this budget , ” said hart .
in terms of the largest sub - saharan africa recipients of chinese aid , nigeria , ghana and sudan have been the top recipients in the past decade . the three countries combined received about $ 250 million in aid . the majority goes to energy infrastructure such as oil pipelines .
the document details how the trump administration’s plans to reduce direct foreign assistance would take place in fiscal year 2018 .
the proposed changes also contradict some previous republican positions , for example the shift toward esf funds , which are subject to less monitoring and regulation . republicans have traditionally favored greater aid transparency and were key backers of the recent foreign aid transparency and accountability act .
in recent years , china’s economic presence in africa has led to a heated debate , some of it well - informed and some of it not , about the nature of chinese involvement and its implications for the continent . the debate is partially motivated by the rapid growth of china’s economic presence in africa : for example , chinese investment in africa grew from usd 210 million in 2000 to 3 . 17 billion in 2011 . [ 1 ] aid is an important policy instrument for china among its various engagements with africa , and indeed africa has been a top recipient of chinese aid : by the end of 2009 it had received 45 . 7 percent of the rmb 256 . 29 billion cumulative foreign aid of china . [ 2 ] this aid to africa has raised many questions , such as its composition , its goal and nature .
dr philippa brant is a lowy institute research associate . china’s aid policy , like almost everything china does on the world stage , attracts close scrutiny and often criticism . the forthcoming release of china’s second white paper on foreign aid ( likely within the next month ) will
chinese foreign aid expenditure have increased steadily in the past decade , growing from us $ 631 million in 2003 to close to us $ 3 billion in 2015 , with an average annual growth rate of 14 % . the steepest growths were observed between 2005 and 2008 , when annual growth rates range between 14 % and 45 % . a sluggish growth of less than 1 % was observed in 2015 , the lowest growth rate yet since 2003 . after peaking in 2014 and 2015 , chinese foreign aid expenditure decreased from close to 3 billion in 2015 to $ 2 . 253 billion in 2016 . the 24 . 5 % decrease arises from large fiscal carryover funds in previous years .
politicians in donor countries determine how much foreign aid a particular country gets . but donor agencies like usaid are responsible for delivering that aid . in exchange for aid dollars , donor officials ask recipients to make changes like implementing anti - corruption programs , establishing an independent electoral commission or overhauling the country’s primary education system . this requires donor officials to negotiate with recipient governments over how and under what conditions aid will be delivered .
although the benefits of chinese aid in sub - saharan africa are clear in health and infrastructure projects , including the provision of medicine , the training of health workers as well as the construction of transport infrastructure , there are some drawbacks to the aid . while china provides aid for different projects over a wide spectrum , for the most part it is focused on a few specific sectors . as a result pertinent issues that enable domestic resource generation in the region are not necessarily addressed . this suggests that there is a need to re - assess the type of chinese aid sub - saharan countries accept and to make sure that the aid ties in with these countries’ development agendas .
it should be noted that , although china’s foreign aid reform is primarily a domestic campaign , recipients , especially african countries could play an important role in shaping the discourse . to fully utilize china’s foreign aid resources and potential , african countries should not stay passively as mere recipients , but actively voice their needs and concerns . only through interactive and collaborative efforts could china’s aid to africa be shepherded for the maximum benefits for the recipient countries . if there is one voice that china’s aid community cannot afford ignore , it is that of africa itself .
it looks like u . s . president donald trump ' s plan to reduce the foreign aid budget will come at a cost to his administration ' s other aims in south and central asia .
compared to top dac donor countries , the scale of china’s foreign assistance is still relatively small . according to some estimates and oecd international development statistics , china’s gross foreign aid in 2001 was extremely limited , amounting to only about 1 . 8 percent of the total contribution by dac donors . however , since launching its “go global” strategy in 2005 , china has deepened its financial engagement with the world , and its foreign aid totals have grown at an average rate of 21 . 8 percent annually . in 2013 , china contributed about 3 . 9 percent to total global development assistance , which is 6 . 6 percent of the total contribution by dac countries and over 26 percent of total u . s . foreign aid .
trump’s plan to cut foreign aid spending has been anticipated for months . the president rarely broached the topic on the campaign trail , but a series of outline documents — some of them released intentionally , others leaked to the press and think tanks — gave a clear indication that the white house had its sights set on cutting foreign aid . the administration’s stance has left the development community facing something of a paradox .
china’s role as an aid donor has been met with wariness , both from aid experts and recipients . confusion over the nature of china’s aid arises because the country uses multiple ministries and agencies to give money , has different strategic priorities than traditional western donors , and does not release detailed reports about how much aid it provides .
this week ' s quick comment interview is with the lowy institute ' s dr philippa brant , who is behind the lowy institute ' s latest ( and very popular ) infographic on chinese aid to the pacific . philippa discusses how she put the data together ( china doesn ' t have a comprehensive accounting of its own aid
china’s ministry of finance has been publishing their annual central government budgets and expenditures since 2003 . relevant budget categories have evolved over the years , though what the budget category of “foreign aid” encompasses has remained fairly unchanged .
this may be a reflection of the fact that china has been a recipient nation of aid .
influenced mainly by their own experience of development and by the requests of recipient countries , the chinese aid and economic cooperation programmes emphasized infrastructure , production and university scholarships at a time when traditional donors downplayed these ,
wrote bräutigam .
despite strong opposition to some of the proposed cuts by members of congress , military leaders and business leaders , administration officials seem to have made few changes to the foreign aid budget from the “skinny” budget and earlier leaks .
most of these aid forms have existed since china became an international donor . the country gives money through three mechanisms : interest - free loans ; grants ; and preferential interest loans or tied loans , according to xue lei , a research fellow of shanghai ' s institutes for international studies .
most of the foreign aid is provided in the form of project aid ,
he told irin .
the restructuring also saw the creation of three policy banks . these were china’s development bank , china export - import bank and china agricultural development bank . they were all state owned and enabled the government to provide targeted finance . the new policy opened the door to an economic and trade strategy . it enabled chinese investments in manufacturing and agriculture , and growth in chinese assembly factories . it also created increased demand for chinese exports and allowed china’s incursion into the exploration and investment in minerals and forest resources in africa .
the foreign aid arena in africa has traditionally been dominated by the organisation of economic co - operation and development ( oecd ) countries . however , over the past three decades non - traditional donors such as china , have emerged .
despite chinese leaders’ claim that china’s assistance to africa is totally selfless and altruistic , the reality is far more complex . [ 9 ] china’s policy toward africa is pragmatic , and aid has been a useful policy instrument since the early days of people’s republic of china .
in the 1960s africa provided china with an opportunity to increase its political and diplomatic reach . chinese interest in the continent came about in part as a result of political tensions between china and the soviet union as well as increased american and japanese competition in asia . in addition to political motives , africa presented china with economic opportunities . while the initial motive for chinese aid was to strengthen diplomatic ties , the resource motive became an important factor .
since the beginning of china’s reform and opening up , especially after 2000 , africa has become an increasingly important economic partner for china . africa enjoys rich natural resources and market potential , and urgently needs infrastructure and development finance to stimulate economic growth . chinese development finance , combined with the aid , aims at not only benefiting the local recipient countries , but also china itself . for example , china’s “tied aid” for infrastructure usually favors chinese companies ( especially state - owned enterprises ) , while its loans are in many cases backed by african natural resources .
moreover , at a time of massive chinese assistance flooding the region , savings achieved through scrounging comparatively small levels of assistance will leave washington with a shrunken profile and a shallower footprint .
china’s aid strategy contradicts the western approach , but is arguably more effective in achieving development goals .
concessional loans , provided by china eximbank , now make up nearly half of the total aid .
earlier this year trump also announced he was withholding $ 32 . 5 million in funding earmarked for the u . n . population fund , the lead united nations agency on family planning and maternal health . trump made that decision on the grounds that the agency helps to support a chinese government family planning program that forces people to get abortions and sterilizations — a determination that both the agency and many advocates for foreign aid vigorously dispute .
the west’s concern is that china’s $ 9bn overseas aid ( and investment ) operates as a form of 21st century neocolonialist imperialism , exploiting poorer states’ energy and commodity sectors . however , this is contested by a growing body of empirical evidence that suggests chinese aid is allocated irrespective of whether recipient nations are resource - rich , or not , acting to dispel fears that china delivers only “rogue aid” ( opaque , political , and exploitative ) to “rogue states” ( authoritarian and corrupt ) .
in a chapter in an edited book , philippa brant examines the dynamics of china’s provision of foreign aid and its quest for natural resources in the south pacific region , with comparative references to other regions . she argues that although major commercial resource contracts do
during the cold war , foreign aid an important political tool that china used to gain africa’s diplomatic recognition and to compete with the united states and the soviet union for africa’s support . between 1963 and 1964 , zhou enlai visited 10 african countries and announced the well - known “eight principles of foreign economic and technological assistance . ” [ 10 ] these aid principles were designed to compete simultaneously with the “imperialists” ( the united states ) and the “revisionists” ( the soviet union ) for africa’s approval and support .
about 61 percent of chinese concessional loans to africa are used for infrastructure construction , and 16 percent are for industrial development . the three areas that receive the largest allocations of chinese concessional loans are transport and storage ; energy generation and supply ; and industry , mining , and construction . a small portion of the remaining allocations go to health , general budget support , and education .
once a government signs a memorandum of understanding , the chinese firm proceeds to work on a feasibility study . the chinese can be “on the ground in a week” doing the feasibility study , which is itself is “not comprehensive” but merely an analysis of the cost — a stark contrast with the long time western companies or even the world bank spend on feasibility studies , hruby noted .
to the white house and congress cautioning against cuts to foreign aid and diplomacy . the letter cited the state department and usaid’s role in maintaining global stability by confronting extremist groups like the islamic state , curbing refugee flows , and combating infectious diseases like ebola .
there are also changes in the way china looks at the links between aid , development and business .
nonetheless , aid experts still expect the final budget passed by congress to lower spending levels on assistance .
president donald trump’s 2018 fiscal year budget proposal would shift funds from the united states agency for international development to the state department , hinting at potential changes in how development is carried out and shedding light on which parts of foreign aid could take the biggest hit .
elizabeth c . economy is c . v . starr senior fellow and director for asia studies at the council on foreign relations . follow her on twitter @ lizeconomy .
studies made in recent years on the experience of developing countries that have received chinese official development assistance and capital investment showed gains made in such sectors as infrastructure , agriculture , energy and mining . some of the aid money also goes to technical cooperation , human resource development , medical assistance , and debt relief .
in addition , over 23 other government ministries and commissions play some role in providing foreign aid . for example , the ministry of education has been responsible for scholarships provided to african students to study in china , and the ministry of health runs and funds overseas medical programmes .
“what i see happening in this budget is elimination and draconian cuts to aspects of the foreign aid program critical for getting results , ” said george ingram , a senior fellow at the brookings institution . “you are removing the account and mechanisms that produce the greatest accountability . ”
chinese aid in infrastructure outweighs that of other donors . it accounts for over 30 % of total value of infrastructure projects in africa . sub - saharan africa’s education and health sectors have also benefited significantly . but the amount committed to these two sectors lags behind others such as transport and energy . this is possibly due to the fact that a significant amount of western aid is focused on these two sectors ( see table 1 ) .
china’s aid policy in africa underwent major reforms between 1994 and 1995 . these were effected in three main ways :
the president’s budget is a proposal to congress and is likely to change considerably before coming into effect . the initial top line cuts have been met with criticism from republicans and democrats in the house and senate . observers and advocates believe that foreign aid and usaid have support on capitol hill .
according to natsios , the former usaid administrator , secretary of state henry kissinger similarly diverted funds during the cold war . natsios pointed to the consultations that current secretary of state rex tillerson has had with kissinger and believes that the elder statesman may be influencing the administration’s attitude toward foreign aid restructuring .
my research tells us that uncertainty in foreign aid negotiations undermines the ability of usaid to lobby for things including democratic overhauls , increased transparency and economic policy that are in the u . s . national interest . this should matter to a president interested in making deals that benefit the american people . to get the best possible deal for our aid dollars , the assistance needs to be given in a predictable way .
in many contemporary accounts of western aid and capacity - building in africa , there would not be a close connection between aid and trade ,
king writes in his book . china by contrast , sees a very important link between private business and aid . indeed , this is a core element of china ' s official view to development .
konyndyk told devex that such a shift could see u . s . programs lose key aid expertise , developed at usaid over the past half century . “when we see state really driving foreign assistance spending , it generally is not as effective , rigorous , or results - driven , ” he said .
this is according to a new paper from the jica research institute estimating china ' s foreign aid program from 2001 to 2013 . their calculations put china ' s total official development assistance ( oda ) at us $ 7 . 1 billion in 2013 . ( china ' s aid budget is growing rapidly , so this fits with the us $ 6 . 4 billion figure reported in china daily in april 2013 . )
the trump administration proposes a 30 . 8 percent cut to the overall foreign aid budget , according to a state department budget document obtained by devex on monday . that top line figure was already apparent in the administration’s so - called “skinny” budget released last month , but the latest document offers great detail .
“despite chinese leaders’ claim that china’s assistance to africa is totally selfless and altruistic , the reality is far more complex , ” said public - policy think tank brookings institution nonresident fellow yun sun in a 2014 analysis paper . africa has been a big recipient of chinese financing , with a sovereign risk officer at the export - import bank of china projecting that by 2025 china will have provided africa with us $ 1 trillion in direct investment , soft loans and commercial loans .
“chinese aid provides an opportunity for cambodia to dodge the efforts of the international community , in particular the united states , to get cambodia on the right track for democracy , good governance and human rights , since cambodia can ultimately turn to china when it disagrees with these initiatives , ” explained var , a phd student in the unsw program in political and international studies .
some of the experts who spoke at the forum pointed to alleged misconceptions about china’s aid and investment flows to africa . for instance , aid recipient countries were said to also include commodity - poor nations and not just nations with rich mineral and agricultural production .
in southeast asia , the influence of china’s financial aid on the recipient country’s government policy stance is best reflected in the position taken by cambodia when in july 2016 it blocked an asean foreign ministers’ move to include in a joint statement a reference to the united nations - backed ruling that rejected beijing’s claim to the south china sea .
bolstering the economic support fund while gutting development assistance has raised fears in the development world that the trump administration is more interested in using foreign assistance to achieve short - term political objectives than his predecessors .
enation or invigoration to remind the chinese people of past glories in an attempt to bind them to modern china . xi has , however , surpassed his predecessors in the sheer scale of his efforts to achieve the goal of national revival . he has put in motion a massive infrastructure plan , the belt and road initiative , which is designed to revive the ancient silk road and the maritime spice routes that flourished as early as the han dynasty , thus reinforcing the claim of chinese centrality . he has also
a long wait : lonmin miners - involved in a bloody clash with police with killed 34 people - are arguing for a greater share of wealth that has steadily flowed into foreign economies , most recently china .
given the steep bipartisan opposition to slashing foreign assistance , congress likely will not consent to the entire proposed reduction . republican sen . lindsey graham went as far as to declare trump’s budget “dead on arrival . ”
philippa brant is a lowy institute research associate . earlier this week a massive database of chinese development finance activities in africa ( warning : big pdf ) was launched by aiddata and the center for global development . this endeavour involved a team of researchers and has
africa enjoys rich natural resources and market potential , and urgently needs infrastructure and development finance to stimulate economic growth , sun noted . much of the chinese financing that had gone to africa , she said , is “associated with securing the continent’s natural resources . ”
a partner in the international law firm dentons , thomas laryea , confirmed that chinese “facilitators” are constantly monitoring countries for potential projects that their companies can undertake . this activity , laryea said , has given rise to “a cadre of professional facilitators” on such deals .
[ 19 ] jamil , anderlini , “china insists on ‘tied aid’ to africa , ” financial times , june 25 , 2007 , urltoken .
on november 15 , 2012 , the day he became general secretary of the chinese communist party , xi jinping stood onstage at the great hall of the people , in beijing , to reflect back on his country’s 5 , 000 years of history . after citing china’s “indelible contribution” to world civilization , xi called for “the great revival of the chinese nation . ” and he acknowledged that others had “failed one time after another” to realize that goal . implicit in xi’s remarks was a promise : unlike his predecessors , he would not fall short .
for the first time , we have a well - informed estimate that includes bilateral aid , multilateral aid , concessional loans , and aid that sits outside the main budget ( like scholarships administered by the ministry of education ) . as china - africa expert deborah brautigam has said , ' lead author naohiro kitano and his colleague yukinori harada have done a superb job . the methodology is carefully worked out and fully explicated . '
that’s why drastic cuts in aid will hurt the u . s . ’s ability to keep its promises to countries like ghana . retracting aid promises will discourage recipients from upholding their side of the bargain . it will also undermine the u . s . ’s credibility in future negotiations .
the trump administration’s proposed federal budget includes a 28 percent cut ( $ 26 . 6 billion ) in spending for the state department and the united states agency for international development ( usaid ) . according to trump’s budget director , the may budget proposal prioritizes “hard” vs . “soft” power , increasing military spending and preserving current foreign aid levels for just one country — israel .
for developing economies like the philippines , development aid and investment flows from china are an attractive proposition that could energize a range of productive sectors .
china’s aid in sub - saharan africa is varied and can be found in almost all sectors from telecommunication to health . the largest amount of aid funding goes towards the transport , storage , energy and communications sectors . a significant share , about 70 % , is geared towards infrastructure development .
some of the cuts appear directed at countries that had been regarded as strategically important . for instance , foreign assistance to ukraine , which is used to encourage political and economic reform , is facing a 68 . 8 percent cut .
aid experts reacted to the budget document with alarm . the proposal would take “aid back to the worst days of the 1950s” by ignoring the development lessons of the past half century , said john norris , the executive director of the sustainable security and peacebuilding initiative at the center for american progress .
one expert , aubrey hruby , a co - founder of the africa expert network , noted that chinese companies usually deploy representatives to a developing country and look for potential infrastructure projects . they arrange high - level meetings with government ministers or the president of the country to pitch the idea .
foreign - policy and national security experts on both sides of the aisle have argued that the cuts pose concrete risks to u . s . security interests . in february , a group of 121 retired generals and admirals sent an open letter
on one level the reductions did not come as a surprise . trump had already made clear in his
skinny budget
proposal , released in march , that he wanted to lower spending on foreign assistance by more than a third .
in all four countries , there are aid units within the ministry of finance whose sole job is to dialogue with donors , manage aid funds and represent the government’s interests with donors . in rwanda , this government unit produces annual reports on the performance of individual donors — an attempt to shame agencies into upholding their commitments .
what does china’s new white paper on aid need to say ? dr philippa brant china policy institute blog , university of nottingham 26 march 2014 please click here for online text .
some countries would see dramatic increases in parts of their aid budgets and cuts in others . sometimes cuts will offset with new funds , sometimes they don’t . countries including the central african republic , niger , sierra leone , laos , thailand , poland , brazil , cuba and nicaragua would see all their aid for the u . s . government disappear .
“it is a politicized foreign assistance budget , ” said scott morris , a senior fellow at the center for global development . morris added that the choice to treat cuts to humanitarian assistance and global health programs as an opportunity to make a political statement represents a “departure” from recent decades .
adva saldinger is an associate editor at devex , where she covers the intersection of business and international development , as well as u . s . foreign aid policy . from partnerships to trade and social entrepreneurship to impact investing , adva explores the role the private sector and private capital play in development . a journalist with more than 10 years of experience , she has worked at several newspapers in the u . s . and lived in both ghana and south africa .
the proposal would slash development assistance funds , which are managed by usaid and intended to boost development outcomes . in some cases , the budget would redirect spending through the economic support fund , which is run through the state department and intended to meet u . s . foreign policy objectives .
these efforts were enhanced during the cultural revolution under the influence of a radical revolutionary ideology , motivating china to provide large amounts of foreign aid to africa despite its own domestic economic difficulties . [ 11 ] one famous example was the tanzania - zambia railway built between 1970 and 1975 , for which china provided a zero - interest loan of rmb 980 million . by the mid - 1980s , china’s generous assistance had opened the door to diplomatic recognition with 44 african countries . [ 12 ]
sadly , the cuts to the global health account do not come as a surprise . the global health initiative was a signature foreign assistance priority of the obama administration—in fact , it was called a “presidential initiative”—and the cuts are in keeping with president trump’s desire to undo many of the obama administration’s undertakings .
the administration’s march budget proposal vowed to slash aid to developing countries by over one - third , but contained few details . according to a detailed 15 - page state department budget document obtained by
more broadly advocates worry that by putting such an unprecedented cut on the table trump will at least chip away at the longstanding bipartisan consensus that global health aid should be funded at current levels .
the president’s budget request proposes to eliminate title ii food aid , relying instead on the international disaster assistance account it deems to be more efficient , and yet which it also proposes to cut .
by 1976 chinese resource interest was apparent in numerous sub - saharan african countries . examples include the construction of the tan zam railroad in zambia in part to facilitate china’s access to copper . there was also the construction of roads in countries like ethiopia to assist the movement of cotton exports to china . china’s view of the resource possibilities in sub - saharan africa continues today .
“the draconian and unprecedented nature of the cuts that are being proposed to foreign assistance … really does threaten our ability to pursue and achieve our national security interests , ” said michèle flournoy , chief executive officer of the center for a new american security and a former undersecretary of defense in the obama administration .
for more than a decade , u . s . engagement in global development efforts has stood as a rare exception to washington’s constant partisan warfare , with both democrats and republicans tending to agree that relatively small investments in developing countries benefit u . s . national security and project american values . the trump administration’s proposal to slash foreign aid spending by a third marks a distinct turn toward a more politically charged environment for these programs than has been seen in a long time , many in the development community agreed .
on tuesday , the administration defended its proposal to slash foreign affairs spending as part of an effort to enhance efficiency , and focus on only the most effective programs . the officials suggested that current humanitarian needs can be met in part with funds already appropriated in the 2017 omnibus budget bill that passed last month .
michael igoe is a senior reporter with devex , based in washington , d . c . he covers u . s . foreign aid , global health , climate change , and development finance . prior to joining devex , michael researched water management and climate change adaptation in post - soviet central asia , where he also wrote for eurasianet . michael earned his bachelor ' s degree from bowdoin college , where he majored in russian , and his master’s degree from the university of montana , where he studied international conservation and development .
aid to kazakhstan and turkmenistan will end , full stop . kazakhstan , an upper middle - income country according to world bank data , was receiving limited u . s . aid , on the order of $ 6 million . turkmenistan , also an upper middle - income country with an authoritarian leader—a place the guardian recently called the world’s second - most isolated state after north korea—will see the closure of its miniscule $ 3 . 9 million aid package . assistance to the kyrgyz republic , tajikistan , and uzbekistan will continue—but under the esf account , and with smaller budgets shrunk by about half . assistance to uzbekistan will increase slightly .
still , the proposal sends an ominous message on global development as legislators dive into the first of several contentious budget negotiations in the coming months . this week , congress will try to hammer out a budget for the rest of 2017 before funding runs out at the end of the week . this could include foreign aid cuts , and analysts are watching it as a signal of what might follow . debate on the 2018 budget is expected to pick up at the end of may or early june , when trump’s full budget proposal is expected .
scholars have defended the importance of aid in fostering economic growth and democratization . faith leaders , retired military and even republican members of congress have criticized the proposal as undermining diplomatic efforts that are important for national security .
given the lack of transparency in china ' s aid program , much is still ( educated ) guesswork . this new paper won ' t be perfect . but it is the best we ' ve seen to date .
the budget document also points to a shift in aid philosophy and perhaps in the way the government delivers assistance . the allocations of cuts have fueled rumors that the administration would like to merge usaid into the state department .
china on july 15 , 2016 announced the grant of us $ 600 million in aid to support cambodia infrastructure , education and health projects . “china , a key ally of cambodia in the region and the southeast asian nation’s largest donor , in return expects support in international forums , including in discussions over the future of the south china sea , ” the us - funded voice of america khmer said in reporting the signing of the aid agreement .
it’s worth thinking about the tradeoffs here in ceasing and shrinking these relatively small programs in central asia . as nisha desai biswal—who served as assistant administrator for asia at the u . s . agency for international development before becoming assistant secretary of state for south and central asia during the obama administration—puts it , “limited foreign assistance is playing a crucial role . ”