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ICBC signs MOUs to strengthen cooperation related to "Belt and Road" initiative

Xinhua, September 19, 2016 Adjust font size:

The Industrial and Commercial Bank of China Limited (ICBC) on Monday signed MOUs with organizations across Singapore and China, strengthening its commitment to infrastructure partnership and financing efforts related to the "Belt and Road" initiative.

The signing of agreements was witnessed by Singapore's Minister for Trade and Industry (Trade) Lim Hng Kiang, Chinese Ambassador to Singapore Chen Xiaodong as well as about 200 representatives from Chinese and Singapore companies.

"There are many opportunities available in the Belt and Road region, especially in terms of connectivity and infrastructure," said Yi Huiman, Chairman of the Board of Directors and Executive Director of ICBC.

Media group Singapore Press Holdings (SPH) joined hands with ICBC to develop South-east Asia's first bilingual B2B e-commerce platform to enhance cross-border trade between China and Southeast Asia.

According to the agreement, Singapore branch of ICBC will extend up 50 billion yuan (7.5 billion U.S. dollars) to member companies of Singapore Business Federation in project financing and other professional services for Infrastructure investments related to the "Belt and Road" initiative.

Under the MOU, Singapore Exchange (SGX) and ICBC will work together to promote Singapore's capital markets and support Chinese companies looking to list equities or bonds on SGX, with a focus on real estate investment trusts (REITs) and offshore RMB bonds.

ICBC also signed a MOU with Surbana Jurong, to strengthen collaboration with a full suite of comprehensive financial and engineering expertise for major urban and infrastructure projects related to the Belt and Road initiative.

Chairman of Surbana Jurong Liew Mun Leong said that the group is optimistic about the vast infrastructure opportunities in Asia brought up by the "Belt and Road" initiative.

"Sound financial and technical expertise are two key components for successful implementation of infrastructure projects. Our expertise in urban planning, engineering, project management and facilities management services can complement ICBC's financial related services," added Liew.

Up to now, ICBC has established 123 branches serving 18 countries and regions related to the "Belt and Road" initiative.

It's estimated that ICBC has supported 95 "Belt and Road" projects with total financing up to 22 billion U.S. dollars as of June 2016. Meanwhile, there are 211 prospective projects in the pipeline with a total investment of 213.2 billion U.S. dollars. Endit