DBS signs cooperation agreement with Sinosure on Belt and Road
The agreement offers greater financial reassurance and stability for Chinese and other businesses operating on Belt and Road infrastructure within ASEAN countries
Singapore-based DBS Group has signed a cooperation agreement with China Export & Credit Insurance Corporation (Sinosure) to support infrastructure development in Asia.
Under the cooperation agreement, DBS and Sinosure will collaborate on projects under the Belt and Road initiative, especially those from countries within ASEAN. Sinosure will provide credit insurance for DBS’ mid- and long-term financing activities for projects in the fields of marine engineering, infrastructure and construction, as well as energy, chemicals, textiles and aerospace, plus services and technology.
“Sinosure is excited that this cooperation will increase support for Chinese companies’ projects in the Belt and Road countries and promote the vast investment opportunities in China,” comments Sinosure vice-president Huang Zhiqiang. Sinosure is the state-funded export credit agency.
“Through signing the cooperation agreement with Sinosure, we will strengthen our partnership and increase the depth of our business with mainland China by facilitating project finance, and investment and trade opportunities especially with partners in ASEAN," says DBS Singapore country head, Shee Tse Koon. "We look forward to helping companies capitalize on the numerous business opportunities offered under Belt Road.”
DBS is a financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is positioned to facilitate the three cornerstones of Asian growth: Greater China, Southeast Asia and South Asia.
The Association of Southeast Asian Nations (ASEAN) member countries are Singapore, Brunei, Malaysia, Thailand, Philippines, Indonesia, Vietnam, Laos, Cambodia and Myanmar.
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23 Apr 2019