China’s ICBC to provide $4.3 bln in financing for Pakistan power projects

China’s ICBC to provide $4.3 bln in financing for Pakistan power projects

BEIJING, April 21 (Reuters) – Industrial and Commerical Bank of China (ICBC) 601398.SS 1398.HK, 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 Prime Minister Nawaz Sharif oversaw the signing ceremony.