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ICBC plans to invest RMB8 bln in National Green Development Fund

July 17, 2020


Abstract : The Industrial and Commercial Bank of China (ICBC), the country's biggest commercial lender, planned to join the National Green Development Fund Co., Ltd. as a founding member, with an initial subscribed capital of 8 billion yuan, according to a statement released by the ICBC on Thursday.

BEIJING, July 17 (Xinhua) –The Industrial and Commercial Bank of China (ICBC), the country's biggest commercial lender, planned to join the National Green Development Fund Co., Ltd. as a founding member, with an initial subscribed capital of 8 billion yuan, according to a statement released by the ICBC on Thursday.

This move showed the bank's latest initiative to implement the concept of green development in a bid to further improve its service capacities for green industries and vigorously promote the development of green financial business.

With a total registered capital of 88.5 billion yuan, the National Green Development Fund Co., Ltd. was jointly launched by 26 institutions.

The establishment of the fund, which focused on key areas of green development along the Yangtze River Economic Belt, will inject new impetus into the country's ecological progress.

The funds raised by ICBC will be directed to investment fields such as pollution control, ecological restoration, afforestation of national land, conservation of energy and resources, green transportation and clean energy.

(Edited by Yang Yifan with Xinhua Silk Road, yangyifan@xinhua.org)

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Keyword: ICBC

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