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China's ICBC to provide $4.3 billion in financing for Pakistan power projects

Published 21/04/2015, 03:36
© Reuters. A man hangs decorations on a pole next to a banner showing Pakistan's President Hussain, China's President Xi and Pakistan's PM Sharif, ahead of Xi's visit to Islamabad
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BEIJING (Reuters) - Industrial and Commerical Bank of China (ICBC) (SS:601398) (HK:1398), the world's biggest lender by assets, said on Tuesday it has agreed to provide $4.3 billion in financing for energy and electricity projects in Pakistan.

The four power projects, all located in the China-Pakistan Economic Corridor, are major infrastructure projects for China's "One Belt, One Road" initiative, the bank said in a statement sent by email.

© Reuters. A man hangs decorations on a pole next to a banner showing Pakistan's President Hussain, China's President Xi and Pakistan's PM Sharif, ahead of Xi's visit to Islamabad

ICBC Chairman Jiang Jianqing signed the agreement on Monday in Islamabad. Chinese President Xi Jinping and Pakistani Nawaz Sharif also attended the signing ceremony.

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