Singapore’s DBS Group and China Export & Credit Insurance Corporation (Sinosure) have signed a cooperation agreement seeking to support the development of Asia’s infrastructural needs.

Under the agreement, the two firms will work together on projects under the Belt and Road Initiative, especially those in Southeast Asia, by leveraging each other’s strengths in trade and investments and in-market experience, a statement from the Singaporean bank said. Sinosure will provide credit insurance for DBS’ mid and long-term financing activities for projects in the fields of marine engineering, infrastructure and construction, energy, chemicals and textiles, aerospace, as well as services and technology.

According to DBS, it has a long history of connecting global businesses that are looking for strategic growth in the region. The bank has harnessed its extensive network in Asia, allowing it to play a prominent role as financial advisor and lender for many projects.

“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,” said DBS singapore country head Shee Tse Koon. “We look forward to helping companies capitalise on the numerous business opportunities offered under BRI.”

“Sinosure is excited that this cooperation will increase support for Chinese companies’ projects in the Belt and Road countries and promote the vast investment opportunities in China,” added Sinosure vice president Huang Zhiqiang.