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China Export and Credit Insurance Corporation (Sinosure) and Standard Chartered Bank have signed a memorandum of understanding to deepen cooperation on infrastructure projects under Beijing’s Belt and Road Initiative.
The two firms will work together to explore market opportunities, increase resource sharing, and provide clients with comprehensive financial solutions to help undertake various projects, Xinhua reported.
In 2018, Standard Chartered Bank participated in close to 100 Belt and Road projects, with a combined worth of US$20 billion. Meanwhile, Sinosure is the official export credit insurance arm of the Chinese government. It provides insurance and risk management services for export of high-value goods and overseas infrastructure projects.
Sinosure recently partnered with DBS, the largest bank in Singapore, to work together in Belt and Road projects in Southeast Asia.
Under the latest memorandum, Sinosure and Standard Chartered will bring together the former’s credit insurance products with the latter's financial solutions to create comprehensive “insurance plus financing” solutions. These include project and syndicated loans, trade finance, and other areas.
Other areas of cooperation include macroeconomic analysis and outlook, country risk management, and innovative product development.
