BEIJING, July 20 (Xinhua) -- Germany’s Commerzbank AG and the Industrial and Commercial Bank of China (ICBC) announced on Thursday that they have signed a memorandum of cooperation (MOU) to support the related projects in the Belt and Road construction.
Commerzbank AG also revealed that it aims to support the Belt and Road Initiative related projects with a business volume of $5 billion in the following five years.
It’s learned that based on long-standing partnership between the two banks, they will further explore cooperation and development opportunities under the Belt and Road Initiative, and the newly signed MOU covers fields of project financing, capital markets and trade finance.
Moreover, the MOU aims to further explore in-depth cooperation channels in trade finance, corporate consulting, bond markets, fund raising and financing, transaction banking and asset management.
Nick Johnston, regional board member Asia of Commerzbank AG, said that through this agreement, Commerzbank AG will provide customers with more flexible financing, investment and risk management solutions along the Belt and Road.
The Belt and Road Initiative has been establishing new trade and investment links between China and countries along the route. Commerzbank AG expects that China’s foreign direct investment in countries along the route will double by 2020 to reach 25 billion U.S. dollars. (Edited by Yang Qi, kateqiyang@xinhua.org)
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