DBS Partners Sinosure for BRI Projects
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DBS Group has signed a cooperation agreement with China Export & Credit Insurance Corporation, adding to the list of banks that are partnering Sinosure for projects under the Belt Road Initiative.
DBS Group Holdings on Monday announced that it has partnered with Sinosure, the only state-funded Export Credit Agency conducting export credit insurance business in the People’s Republic of China. It joins OCBC Bank, who last week announced a similar partnership agreement.
«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. We look forward to helping companies capitalize on the numerous business opportunities offered under BRI,» said DBS Singapore Country Head Shee Tse Koon.
Under the cooperation agreement, DBS and Sinosure will collaborate on projects under the Belt and Road Initiative, especially those from ASEAN, by leveraging each other’s strengths in trade and investments and in-market experience.
Sinosure will provide credit insurance for DBS’ mid and long-term financing activities for projects in the fields of marine engineering, infrastructure construction, energy, chemicals and textiles, aerospace, as well as services and technology.
Questions & Answers
Q.What is the primary purpose of the cooperation agreement between DBS and Sinosure?
What is the primary purpose of the cooperation agreement between DBS and Sinosure?
The agreement aims to strengthen DBS's partnership and business depth with mainland China. It will facilitate project finance, investment, and trade opportunities, particularly with ASEAN partners, under the Belt and Road Initiative.
Q.Which specific industries will Sinosure provide credit insurance for under this partnership?
Which specific industries will Sinosure provide credit insurance for under this partnership?
Sinosure will provide credit insurance for DBS's financing activities in marine engineering, infrastructure construction, energy, chemicals, textiles, aerospace, services, and technology projects. This covers mid and long-term financing.
Q.Which other bank has recently formed a similar partnership with Sinosure?
Which other bank has recently formed a similar partnership with Sinosure?
OCBC Bank recently announced a similar partnership agreement with Sinosure. This indicates a growing trend of banks collaborating with the state-funded Chinese export credit agency for BRI projects.
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