China sets aside US$ 22 billion for infrastructure projects in Singapore

China Construction Bank Corporation (CCB) has signed a Memorandum of Understanding (MoU) with International Enterprise (IE) Singapore to provide US$ 22 billion for projects under China’s ‘One Belt, One Road’ (Obor) initiative.

In a statement, announcing the agreement – the first such MoU CCB has signed with a Southeast Asian country – the company said it is now working on 176 major Obor-related projects, with a combined investment of over US$ 300 billion.

It is reported that China is keen for Southeast Asian countries to collaborate with it on what it has called the “21^st Century Maritime Silk Road”.

These collaborative projects could include infrastructure, logistics, financial services, urban planning and clean technology.

Lee Ark Boon, IE Singapore’s CEO, said of the MoU, “China’s Obor initiative will improve the connectivity and catalyse projects in both physical and info-comm infrastructure.”

He added: “As the regional infrastructure hub, Singapore’s know-how and networks with China and Southeast Asia gives Singapore-based companies a further advantage on OBOR projects.”