China Export & Credit Insurance Corporation (Sinosure) and Singapore's OCBC Bank have signed an agreement to work together on Belt and Road Initiative (BRI) projects.
“With the implementation of the BRI resulting in significant Chinese investments into the region, there will be many exciting and meaningful transactions for us to undertake together in a responsible and sustainable manner,” Ms Elaine Lam, head of global corporate banking at OCBC Bank, said in a media statement.
Focus on sustainable projects
Under the agreement, Sinosure and OCBC Bank
will leverage each other’s experiences and channels. Sinosure will provide insurance coverage with respect to OCBC Bank’s financing activities of sustainable projects such as renewable energy and clean transport or other BRI projects which meet the agreement’s requirements.
In particular, the agreement focuses on project financing in green and sustainable industries in ASEAN. This includes projects related to:
- Renewable energy
- Energy efficiency
- Pollution prevention and control
- Clean transportation
- Sustainable water and wastewater management
- Climate change adaptation
- Green buildings
- Access to essential services.