IE Singapore signs MOU with Singapore branch of China's ICBC

INTERNATIONAL Enterprise (IE) Singapore signed a memorandum of understanding (MOU) with the Industrial and Commercial Bank of China Limited, Singapore Branch (ICBC), on Tuesday.

This tie-up will see ICBC setting up a team in Singapore to provide project financing and related professional services needed in "One Belt, One Road" (OBOR) basic infrastructure investments.

According to IE Singapore, this move will increase efficiency and shorten the turnaround time on the processing of loans.

"China's 'One Belt, One Road' initiative has opened up investment opportunities in infrastructure projects for Singapore companies," said Chua Taik Him, deputy CEO of IE Singapore.

"ICBC is a vital partner to work with as it has the clearing capacity for renminbi and sound knowledge of Chinese companies."

Mr Chua signed the MOU with Zhang Weiwu, general manager of ICBC Singapore, at the ICBC RMB Internationalisation Summit co-hosted by IE Singapore.

As part of the MOU, ICBC will also explore setting up an infrastructure fund to invest in projects in Asia, and take part in IE Singapore's Infrastructure Development Internship programme.

IE Singapore and ICBC will also work together on infrastructure-related events.

"With this latest MOU, IE Singapore's partnerships with Chinese banks bring to the table more than S$90 billion worth of financing for OBOR projects," IE Singapore said.

IE Singapore signed an MOU with China Construction Bank last month and with Bank of China in November last year, also to further OBOR partnerships in South-east Asia.