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ICBC, Singapore companies ink MoUs

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Industrial and Commercial Bank of China has entered in MoUs with Singapore based companies with an aim to help Singapore companies to tap infrastructure opportunities in China’s One Belt, One Road (OBOR) initiative. ICBC has signed MoUs with International Enterprise (IE) Singapore and with shipping firms including Pacific International Lines China and Berhard Schulte. Under agreement with IE, ICBC will provide financing services and look at project structuring to support Singapore companies in OBOR infrastructure projects across Asia. The agreement with Pacific International Lines China and Berhard Schulte is as part of the launch of the Shipping Finance Centre in Singapore. The finance centre will allow ICBC to securitise its shipping loans by tapping the Singapore bond market, among other activities.

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