Partnerships for BRI
Singapore is Asia’s leading regional infrastructure financing hub, home to a critical mass of international banks with project financing capabilities. Complementing this is a growing ecosystem of project developers, engineering, procurement and construction (EPC) firms, professional services providers and development finance institutions.
In 2016, IE Singapore (now Enterprise Singapore) signed three Memoranda of Understanding (MOU) with some of the largest Chinese banks, committing S$90 billion worth of financing services for BRI projects in the region. Besides giving Singapore companies access to financing, the move also presents collaboration opportunities with Chinese companies.
Enterprise Singapore-Industrial & Commercial Bank of China MOU
Enterprise Singapore signed an MOU with the Industrial and Commercial Bank of China Limited (ICBC) on 6 June 2016. ICBC will provide financing services and look at project structuring to support Singapore companies in BRI infrastructure projects across Asia.
The partnership allows Singapore companies to tap ICBC’s global network across 39 countries in six continents. With the MOU, ICBC will set up a team in Singapore to provide project financing and related professional services required in BRI basic infrastructure investments, increasing efficiency and shortening loan processing time. ICBC will also explore setting up an infrastructure fund to invest in Asian projects.
Enterprise Singapore-China Construction Bank MOU
Enterprise Singapore and China Construction Bank Corporation (CCB) signed an MOU on 25 April 2016, the first which CCB has signed with a country in Southeast Asia.
Under this MOU, CCB will provide financing support for Singapore and Chinese companies to invest in BRI infrastructure projects via Singapore, enhancing our position as an infrastructure hub in Southeast Asia. CCB will also explore setting up a centre in Singapore to provide project financing and related professional services for basic BRI related infrastructure investments, the first of its kind for CCB outside China.
Enterprise Singapore Singapore-Bank of China MOU
In November 2015, Bank of China became the first Chinese bank to establish a global energy commodity business centre and global commodity repo centre outside of China, with the launch of two such centres in Singapore. Under the MOU between Bank of China and Enterprise Singapore, both parties will further assist Singapore companies in their internationalisation efforts and develop Singapore’s commodity trading and financial industries.
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