The Singapore branch of the Industrial and Commercial Bank of China (ICBC) is shelling out S$10.2 billion (RMB 50 billion) to support infrastructure development initiatives by local companies as it lays the groundwork in the city-state for China’s One Belt, One Road (OBOR) initiative.
The Singapore Business Federation (SBF) revealed it signed an agreement with ICBC to assist Singapore-based firms in seeking opportunities under OBOR and in the regional and global expansion of trade and investments.
“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,” SBF explained.
SBF and ICBC will also encourage small and medium enterprises (SMEs) collaboration and business matching among SBF members and ICBC customers through networking sessions and business missions.
“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,” said Ho Meng Kit, SBF CEO.
Singapore firms to receive $10.2 billion to help build China’s OBOR initiative