BEIJING: The Industrial and Commercial Bank of China (ICBC) has announced to give $4.3 billion loan to Pakistan for construction of power projects
ICBC, world’s biggest lender by assets, ICBC Chairman Jiang Jianqing signed the agreement in Islamabad. Chinese President Xi Jinping and Pakistani Prime Minister Nawaz Sharif oversaw the signing ceremony.
The bank to finance four power projects, all located in the China-Pakistan Economic Corridor and are major infrastructure projects for China’s ‘One Belt, One Road’ initiative.
