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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

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.

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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