A tie-up between PwC and China’s largest development bank is being formalised this morning to help rebuild Christchurch.

The memorandum of understanding has just been signed between PwC and China Development Bank in Wellington (CDB).

That means the two organisations will cooperate on major development projects, with a focus on reconstruction and investment in Canterbury, as well as in agriculture, infrastructure, natural resources and finance.

CDB is dedicated financer of China’s major development strategies, with registered capital of 300 billion Renminbi.

PwC chief executive Bruce Hassall said China would be an increasingly important source of money for New Zealand businesses and infrastructure projects and would help facilitate investment and trade.

“CDB is committed to helping investment and development in New Zealand and particularly assisting with the reconstruction of Christchurch,” Mr Hassall said in a statement.

“Today’s signing signals the first step on what we at PwC believe will be a constructive and positive path for the benefit of Christchurch businesses and the wider New Zealand economy.”