IE S'pore-ICBC MOU to power One Belt One Road projects

Singapore

IE SINGAPORE signed on Tuesday a memorandum of understanding (MOU) with the Singapore unit of Industrial and Commercial Bank of China (ICBC) to set up financing and project-structuring support services for Singapore companies looking to take part in infrastructure projects under China's "One Belt One Road" (OBOR) initiative.

Under this MOU, the Chinese bank is to set up a team in Singapore to provide project financing and related professional services which will be required in OBOR basic infrastructure investments.

Projects to be considered under the MOU will include those in shipping, power plants, ports and logistics, railways, roads, industrial parks planning and development.

The OBOR is a development strategy and framework focusing on connectivity and cooperation among countries, but primarily between China and the rest of Eu…