ICBC inks deal with Germany's Commerzbank to finance Belt & Road projects

The German lender has committed to a business volume of $5b in the next five years.

ICBC has signed a memorandum of understanding with Germany’s Commerzbank to finance projects related to China’s Belt and Road Initiative, according to a press release. 

Commerzbank is aiming to support B&R projects with a business volume of $5b in the next five years.

The MOU aims to explore areas of cooperation in trade finance, corporate advisory, debt capital markets, funding & financing, transaction banking and asset management.

“We are delighted to partner with ICBC to further support projects along the Belt and Road route. Through this framework we are building on our international reach in more than 50 countries offering more flexible funding, investment and risk management opportunities for our clients across the Belt and Road route,” said Nick Johnston, regional board member Asia at Commerzbank AG.