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ICBC and HNCEG Seek New Belt & Road Cooperation

ICBC and Hunan Construction Engineering Group Corporation (HNCEGC) entered into a global project coordinator cooperation agreement in Beijing, under which ICBC will serve as the global project coordinator for HNCEGC to help it develop markets along the Belt & Road and accelerate relevant projects through country-specific market development and comprehensive services.

According to the Special Financing Department of the Bank, as the Belt & Road initiative deepens, ICBC has shifted financial services from following enterprises going global to getting in direct touch with foreign governments and corporate customers to  obtain market information and opportunities, and lead enterprises to go global. In emerging markets including Africa, Southeast Asia, Central and Eastern Europe, ICBC has become a key bank under intergovernmental capacity, trade and economic cooperation frameworks. In response to HNCEGC’s financial needs, the Bank will assist the client in capturing opportunities, controlling risks, boosting operational efficiency and expanding markets along the Belt and Road by leveraging its strength in information, channel and expertise, engaging in country-specific market development and providing comprehensive services from project recommendation to resource coordination and financing.

According to HNCEGC, as a major enterprise in the Hunan Province and one of the first Chinese enterprises going global, the company has extensive experience in project operation in more than 30 countries and territories in Africa and Southeast Asia. In addition, it has established Zhongxiang Overseas Construction and Development Co., Ltd. by integrating its group-wide resources. In the future, the subsidiary will become its only window for internationalized development,  international talents training base, new growth point of social and economic benefits, as well as upgrading platform for asset-backed securitization.