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ICBC Strongly Supports Projects Relating to Livelihood under Belt and Road Initiative

Myanmar’s Yangon Region Government recently held a ceremony to transfer imported buses at the People’s Square. With ICBC’s credit support to a local private bank in Myanmar, Yangon Bus Services imported 1,000 gas-fueled buses from China, which were put into operation to facilitate commuters.

Myanmar is China’s important neighbor, and a key location along the Belt and Road. After Yangon’s reforms on bus lines at the beginning of this year, buses were in critical shortage, making it difficult for local commuting. Given the Yangon Region Government’s demand, ICBC has leveraged its group-wide network and Yangon Branch’s local services to develop a financing and settlement plan for the project. It worked closely with a local bank in Myanmar, and solved issues such as collection on accounts receivable under export trade and insufficient international credit line of local bank in Myanmar, helping the project completed as soon as possible.

In recent years, ICBC has established a business network covering countries along the Belt and Road, and offered full-suite financial services to the Belt and Road construction by leveraging its internationalized and localized operation. In addition, ICBC has boosted regular cooperation mechanism with banks along the Belt and Road, strengthened cooperation with international and local banks, and constantly improved the efficiency of services under the Belt and Road Initiative.