IE Singapore teams up with ICBC to boost financing for infrastructure projects

ICBC will set up a dedicated team for project financing.

Singapore companies will have a better shot of capturing infrastructure projects under China’s One Belt, One Road (OBOR) initiative, thanks to a new Memorandum of Agreement between International Enterprise (IE) Singapore and the Industrial and Commercial Bank of China Singapore branch.

With this latest MOU, IE Singapore’s partnerships with Chinese banks brings to the table more than S$90 billion worth of financing for OBOR projects.

Under the MOU, ICBC will set up a team in Singapore to provide project financing and related professional services required in OBOR basic infrastructure investments. This will increase efficiency and shorten turnaround time on processing of loans.

ICBC will also explore the establishment of an infrastructure fund to invest in projects in Asia, as well as participate in IE Singapore’s Infrastructure Development Internship (IDI) programme and offer internship positions to groom future talents in infrastructure.

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