According to MANA Both parties signed the MoU at IE Singapore’s first of a number of One Belt, One Road roundtable discussions, among more than 30 Singaporean and Chinese firms, organised to explore partnerships for infrastructure projects, especially ones along the Maritime Silk Road which will likely include port developments.
Under the MoU, CCB will provide S$30bn ($22.1bn) in funding services for Singaporean and Chinese companies participating in infrastructure projects related to Chinese president Xi Jinping’s ambitious One Belt, One Road initiative.
The pact will allow Singapore companies to utilise CCB’s network in 25 countries where it has invested more than $300bn in 176 major infrastructure projects along the One Belt, One Road initiative comprising power generation, construction, mining, transportation and telecommunications.
The Singapore government agency noted that Maritime Silk Road component of the One Belt, One Road initiative runs through Southeast Asia giving companies the opportunity to collaborate with China in areas such as infrastructure and connectivity, logistics, financial services, trade, urban planning and clean technology projects in the region.
CCB will also consider establishing a centre in Singapore to handle project financing and related services needed in infrastructure investments for One Belt, One Road-related projects.
“China’s OBOR initiative will improve connectivity and catalyse projects in both physical and information communications infrastructure. As the regional infrastructure hub, Singapore’s know-how and networks with China and Southeast Asia gives Singapore-based companies a further advantage on OBOR projects," said IE Singapore chief executive Lee Ark Boon