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 (SGD 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, 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.