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背景资料:银行业支持“一带一路”举措成效(英)

发布时间: 2017-05-11 11:12:39  |  来源: 中国网  |  责任编辑: 吴爱凤

Measures and Achievements of Banking Industry Supporting “the Belt and Road” Initiative

(11,MAY,2017)

China Banking Association

China Development Bank,

Export-Import Bank of China

Industrial and Commercial Bank of China,

Bank of China

CDB Finances Ferronickel smelting project of SMI, Indonesia with an annual production output of 300,000 tons

Indonesia is the world’s largest island country. In October 2013, the 21st Century Maritime Silk Road was first proposed in Indonesia. As the largest economy in Southeast Asia and the world’s fourth most populous country, Indonesia plays an important role in China’s cooperation with ASEAN. Over the years, China Development Bank (CDB) has done a lot effort into promoting Sino-Indonesia economic and trade cooperation with development finance. Substantial results have been yielded in many areas, such as energy and resources cooperation, helping Chinese enterprises go abroad, international production capacity cooperation, etc. The ferronickel smelting project of Sarana Multi Infrastructure (SMI) is a typical case.

Located in the Central Sulawesi Province, the project builds four ferronickel production lines and one power station, with an annual production output of 300,000 tons of ferronickel, equaling 33,000 tons of nickel metal. This is the first project undertaken in Indonesia by China Tsingshan Holding Group – China’s largest ferronickel manufacturer.

During the visit paid by Chinese President Xi Jinping to Indonesia in October 2013, CDB signed the financing agreement with local enterprises in the presence of the heads of the two states and would provide this project with loans totaling USD 384 million. On 8 April 2015, the principal part of this ferronickel project was put into production without a hitch. This is the first large project of nonferrous metal smelting that was put into production after the Indonesian government implemented its policy to prohibit the export of crude ores. It has been set by the Indonesian government as a role model which complies with its new policy governing mining industry and is believed to foster the industrial development. After this project was put into production, CDB proffered another loan of USD 574 million to the subsequent project with a yearly production output of 1 million tons of stainless steel casting billet and the construction of a power plant. By April of this year, these projects have created employment opportunities for over 11,000 local people, paid taxes of more than USD 110 million to Indonesia and generated an export value in excess of USD 130 million for Indonesia.

the Export-Import Bank of China Supports Facilities Connectivity

The Addis Ababa – Djibouti Railway starts from Addis Ababa, the capital of Ethiopia on the west and ends in Port of Djibouti, the capital of Djibouti on the east. The railway is 752 kilometers long with highest velocity of 120 kilometers per hour for passenger trains and 80-90 kilometers per hour for freight trains. The project is undertaken by China Railway Group Limited and China Civil Engineering Construction Corporation via the EPC model, and the rolling stocks are produced by China North Industries Corporation. This railway is the first electrified railway in Africa that has been built according to Chinese standards and operates with Chinese expertise. The commercial contract of the project is worth USD4.08 billion, and the Export-Import Bank of China provides USD2.983 billion of loans, taking up 73% of the commercial contract amount.

This project is a pace-setter for railway networks in Ethiopia, Djibouti and the African continent at large. Ninety percent of the construction workers, engineers and managers are from the local communities, creating up to 20,000 jobs for the two countries. Thus it has helped train a large number of managerial and technical professionals. Upon official opening, the railway will facilitate the all-weather, convenient and green transport of Ethiopia’s export and import of commodity goods, lower transport costs, shorten travel time from 3-7 days to half a day for passenger and freight trains, thus breaking the bottleneck that has contained Ethiopia’s transport for years, and setting up a green, efficient and modern transport route. In addition, the railway will generate more foreign exchange revenue for Djibouti, boost its economic development, and help the Djibouti Port to reach out to more extensive areas.

CGNPC’s Equity Acquisition of Edra

I. Project Overview

In CGN Power Corp (hereinafter referred to as CGNPC)'s equity acquisition of Malaysia's Edra worth USD 2.3 billion, ICBC granted CGNPC a one-year bridge loan of USD 800 million, with an irrevocable letter of guarantee in full amount issued by CGNPC, to enable its acquisition of a power project company in Malaysia. Edra is a leading independent power producer in Southeast Asia, boasting 13 power projects across five countries along the Belt and Road including Malaysia, Egypt, Bangladesh, UAE and Pakistan with a total installed capacity of 6.62 million kilowatts. Most of the power projects are based on clean energy. The acquisition project is currently closed with good execution.

II. Highlight

As the largest acquisition deal ever in Malaysia, the project becomes a template of pragmatic corporate cooperation between China and Malaysia. By leveraging group-wide resources, ICBC head office led its subsidiaries including ICBC Shenzhen Branch and ICBC Malaysia in developing financing scheme and won the award with the optimal service solution. In addition, ICBC actively worked with peers including China Development Bank and HSBC to realize reciprocal cooperation in cross-border capital through short-term bridge loan and mid/long-term acquisition financing. Edra's power asset portfolio is highly aligned with CGNPC's growth positioning in clean energy, and will drive strong synergy with CGNPC, representing the most iconic example of the two country's clean energy cooperation in Southeast Asia.

Cases of BOC

I. Providing Comprehensive Financial Solutions by Taking a Project-oriented Approach

On January 20, 2016, the Yanbu refinery project, the biggest project invested by Chinese firms in Saudi Arabia and the first overseas joint venture refinery project of Sinopec, was officially launched. Chinese President Xi Jinping, then on a state visit to the country, and Saudi Arabia’s King Salman attended the launching ceremony together. BOC Dubai Branch and London Branch, as joint lead banks and bookrunners, participated in the USD4.7 billion financing project for the joint venture also known as Yanbu Aramco Sinopec Refining Company Ltd., with actual loans extended amounting to USD350 million. BOC was both the lead arranger, and the only Chinese bank in the consortium of dozens of international banks involved in the project. BOC London Branch also acted as the exclusive correspondent bank of the global consortium for USD-denominated loans and Islam financing. The project was not only aligned with Saudi Arabia’s development strategy of optimizing and upgrading its economy and upgrading its energy industry, but also with China’s development thinking of carrying out mutual-benefit cooperation with countries along the Silk Road under the B&R framework.

II. Supporting B&R Development by Innovating Financial Products

In June 2015 and April 2017, the Bank completed two bond issuances, channeling international capital to B&R-related projects, and hence providing stable funding support to such projects.

The said two bond issuances adopted a “multi-institution, multi-currency and multi-variety” model in a creative way. With the issuers being BOC’s branches along the B&R, the bonds involved a number of currencies and maturities, which could meet diversified funding needs, and also highlight the alignment of the Bank’s global deployment with the B&R Initiative. Furthermore, it is worth noting that the bonds issued by BOC Hungary Branch and Johannesburg Branch all broke the country-based rating ceiling in the host countries, and obtained the international rating (A1/A), the same as that of the Head Office. This helped lower the financing cost by 40-100bps, and showcased the Bank’s funding cost advantage in emerging market economies along and close to the B&R.

III. Assisting SMEs in Going Global by Innovating Service Models

By actively exploring new ways to solve the problem of obtaining financing and high funding costs faced by small and medium-sized enterprises (SMEs), BOC has innovatively launched the SME cross-border matchmaking services since 2014. Through a “six-step” process, namely, building the Sino-foreign enterprise information library, customer matching, online matchmaking, B2B talks, the services aimed to lower the threshold and cost for SMEs to enter international markets, help them obtain technology, management and markets, overcome the difficulty in getting access to financing and integrate themselves into the world economy. By the end of March 2017, BOC had held 30 cross-border matchmaking activities worldwide, in which over 20,000 enterprises from about 80 countries participated, and organized over 10,000 B2B talks. More than 5,000 cooperation intentions were reached on the spot, involving industries ranging from high-end manufacturing, environmental protection, to information technology, education, health care and modern agriculture, among others.

IV. Holding Unofficial Training Programs to Strengthen Communication and Exchange

BOC, by leveraging its advantage in internationalization, selected some countries along the B&R to hold unofficial training programs. In the past two years, the Bank has held the B&R international financial exchange & cooperation seminar for Cambodia and the Philippines respectively. Governments of the two countries valued the opportunity, and dispatched senior government officials, and senior management personnel of major enterprises and financial institutions to take part in the activity. Cambodian Prime Minister Hun Sen and Philippine President Duterte even visited trainees of the seminar in person at the Head Office of BOC. In mid- or late-June this year, the Bank will open such seminar again for the Pacific island countries.

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