China allocated $ 22 billion to Singapore for the project “One Zone, One Road”
Singapore’s International Enterprise (IE) and China Construction Bank Corporation (CCB) signed a memorandum of intent this week, according to which CCB should allocate $ 22 billion ($ 30 billion) to the infrastructure project under China’s One Zone, One Road initiative.
This money should facilitate cooperation between a Singaporean and Chinese company and help them invest in an infrastructure project in Singapore.
This is the first memorandum of intent that the CCB has signed in South East Asia.
“China’s initiative will improve connectivity and will be the catalyst for projects in the physical and information and communications infrastructure,” said Lee Ark Boon, President of IE, during the signing of the April 25 memorandum.
He added: “Singapore’s know-how and links with China and Southeast Asia give Singapore companies a further advantage in the One Zone, One Road projects.
This concept includes what China calls the “Sea Silk Road of the 21st Century”.China wants the countries in Southeast Asia to cooperate with it in areas such as infrastructure and transportation, logistics, financial conditions, trade, urban planning and clean technology.
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In a statement on the memorandum, CCB said that it has 176 projects in the countries of this initiative with an investment of $ 300 billion that covers energy generation, construction, mining, transportation and communication systems.