China’s industrial bank willing to provide finances for industrial projects along CPEC

Industrial and Commercial Bank of China (ICBC) has shown its willingness to support Pakistan in boosting its industrial growth, under the China-Pakistan Economic corridor’s package.

The Bank’s officials said here on Thursday that the Bank has decided to provide financial support in undertaking industry-related projects in Pakistan and other regional countries.

The government of China encouraged the Bank to invest in Pakistan for making the CPEC successful, that is a major and pilot project one road, one belt.

According to the officials, the Bank has also started a new round of high-level opening-up, in the background of the Silk Road Economic Belt and the21st Century Maritime Silk Road initiatives.

They opined that it will open a new chapter of Bank’s cooperation with Pakistan and other regional countries. In an effort to provide strong support to China’s new wave of opening-up the Bank of China has been committed to boosting its onshore international business and overseas development.

The ICBC has so far set up 127 branches in 18 out of 64 Belt and Road countries and nearly 20branches in the south-east, south-west, central and western regions of China along these routes. It claims more than 50 percent coverage, making it the Chinese commercial bank with the broadest network of the traditional trade routes.

It has been deeply committed to domestic and overseas markets by supporting key Belt and Road projects, including landmark industrial projects involving railways, nuclear power and telecommunications. Its regional development projects are focused along the China-Pakistan Economic Corridor, the Maritime Silk Road, the China-Mongolia-Russia Economic Belt and on Middle East energy infrastructure.

By the end of June, ICBC had issued loans worth $62.1 billion to 239projects invested by Chinese companies going global, with $22 billion of loans issued to 95 Belt and Road projects related to electricity, transportation, oil and gas, minerals, telecommunications, machinery, agriculture and other key sectors in 33 Asian, African and European countries.