OCBC Bank and Sinosure sign cooperation agreement
The agreement aims to put sustainability and Belt and Road focused projects at its core, which is described as the first of its kind involving a Singapore bank and Sinosure
Singapore-based OCBC Bank and China Export & Credit Insurance Corporation (Sinosure) have signed a Framework Agreement of Cooperation, formalizing a partnership to support Belt and Road initiative projects.
Sinosure is the only state-funded insurance institution conducting export credit insurance business in the People’s Republic of China.
Under this Agreement, OCBC Bank and Sinosure will study Belt Road projects and investment opportunities together, leveraging each other’s experience and channels to boost economic, trade and investment cooperation between the People’s Republic of China and Singapore.
Of note is the Agreement’s focus on project financing in green and sustainable industries in ASEAN. This includes projects related to:
Pollution prevention and control
Sustainable water and wastewater management
Climate change adaptation
Access to essential services (such as health, education, healthcare, and financial services)
Sinosure will provide the insurance coverage with respect to OCBC Bank’s financing activities of these sustainable projects or other Belt Road projects which meet the Agreement’s requirements.
The organization is mandated, in accordance with the Chinese government's diplomatic, international trade, industrial, fiscal and financial policies, to promote Chinese exports and investments, especially exports of high-tech or high value-added capital goods, by means of offering export credit insurance against non-payment risks, and providing services in financing, information and receivables management.
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