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New Development Bank and ICBC Sign a Memorandum of Understanding on Strategic Cooperation

ICBC and New Development Bank formally signed the Memorandum of Understanding on Strategic Cooperation to build an all-round strategic partnership. According to the memorandum, both parties will step up global cooperation in settlement and clearing, project financing, bond underwriting and investment, interbank bond and foreign exchange market trading service, internet finance, information technology to provide quality financial services for the infrastructure construction of countries and regions along the Belt and Road as well as other emerging economies and developing countries.

New Development Bank is an international multilateral financial institution sponsored and established by BRICS, i.e., Brazil, Russia, India, China and South Africa. It was formally open for business in July 2015, with headquarter in Shanghai. The bank’s establishment is crucial for promoting the economic and financial cooperation between BRICS and other emerging economies and developing countries, and will help ease investment and financing difficulties in these countries’ infrastructure construction and drive economic growth.

As one of the most internationalized commercial banks in China, ICBC,has set up institutions in 44 countries and territories. During the Belt and Road Forum for International Cooperation this year, ICBC hosted the Belt and Road Banker Roundtable, initiated a routine cooperation mechanism featuring joint building of mechanism, sharing of interests and responsibilities and win-win cooperation for banks along the Belt and Road. Together with international banks and financial institutions, ICBC plays an important role in funding the Belt and Road construction and optimizing resource allocation, as well as reshaping a reciprocal, harmonious and win-win partnership.