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  • SBF and ICBC Singapore ink agreement to provide RMB 50 billion funding for “Belt and Road” infrastructure investments

SBF and ICBC Singapore ink agreement to provide RMB 50 billion funding for “Belt and Road” infrastructure investments

  • The partnership will support SBF member companies seeking opportunities under the "One Belt, One Road" initiative and help expand businesses in the global market
19 September 2016 [Singapore] - The Singapore Business Federation (SBF) and the Industrial and Commercial Bank of China Limited, Singapore Branch (ICBC SG) signed a Memorandum of Understanding today to establish and develop long-term cooperation in line with the “One Belt, One Road” (OBOR) initiative. The agreement was signed by Mr Ho Meng Kit, CEO of SBF, and Mr Zhang Weiwu, General Manager of ICBC SG, and witnessed by Mr SS Teo, SBF Chairman, and Mr Yi Huiman, Chairman of the Board of Directors and Executive Director of ICBC.

The agreement will enhance the collaboration between SBF and ICBC SG in assisting Singapore-based businesses in the regional and global expansion of trade and investments. Under the agreement, ICBC SG will extend up RMB 50 billion (SG $10.2 billion) to SBF member companies in project financing and other related professional services in OBOR infrastructure investments.

Mr S S Teo, Chairman of SBF, who is in Nanning, said, “Guangxi, where CAEXPO is held, is an increasingly important regional gateway between China and ASEAN. It is in close proximity to ASEAN countries and forms an important node connecting the Silk Road Economic Belt and the 21st century Maritime Silk Road. Through this mission, we hope to help businesses better understand and participate in the “One Belt, One Road” initiative, and showcase Singapore’s strengths as a modern connectivity hub to investors from China and the region.”

As the world’s largest RMB bank and Singapore’s sole RMB clearing bank, ICBC intends to provide financing services and project financing structure to support SBF member companies in OBOR infrastructure projects across Asia. Both parties will also promote Small & Medium Enterprises (SMEs) collaboration and business matching between SBF member companies and ICBC SG customers through networking sessions and business missions.

Mr Ho Meng Kit said “With its strategic location in Asia, Singapore is well-positioned to be Asia’s infrastructure hub. We hope this partnership will provide SBF member companies with more contacts with ICBC’s customers and partners, nurture more OBOR project opportunities and obtain solid financial support from the bank.”

Commenting on the partnership, Mr Zhang Weiwu said “As China’s largest bank and Singapore’s official RMB clearing bank, ICBC is committed to supporting the regional and global development of businesses under the 'One Belt, One Road' initiative, especially through our expertise in financial services. Under this partnership, we will work closely with SBF to strengthen the region's infrastructure, and help businesses better capture the growing opportunities in this part of the world. ”

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