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IE Singapore, CCB sign agreement for infrastructure

Staff writer |
More funds will be made available to support Singapore and Chinese companies in One Belt, One Road (OBOR) infrastructure projects.

A Memorandum of Understanding (MOU) was signed between International Enterprise (IE) Singapore and China Construction Bank (CCB).

The OBOR connects China with people from Europe, Africa and Asia economically, socially and culturally through the continental Silk Road Economic Belt and the 21st Century Maritime Silk Road.

Under the MOU, which is the first the bank has signed with a Southeast Asian country, CCB will provide S$30 billion of financing services to support local and Chinese companies to invest in OBOR projects through Singapore.

Singapore companies will also be able to tap the bank's network in 25 countries and regions. The bank has 176 major projects in OBOR countries, with an aggregate investment size of more than $300 billion (S$405 billion) covering sectors such as power generation, mining and transportation.

IE Singapore's CEO Lee Ark Boon said that as the regional infrastructure hub, Singapore's know-how and networks with China and Southeast Asia give Singapore-based companies an advantage in OBOR projects.

He added that the partnership with the bank is "strategic, strengthening the critical financing element and bringing more projects to fruition".

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