WELLINGTON: The world’s biggest bank wants to fund more New Zealand infrastructure, citing bridges, railways, motorways, schools and utility power and water services. Yi Huiman, global chairman of the Industrial and Commercial Bank of China, is here to meet government officials and a statement from the bank detailed expansion plans here.
Karen Hou, the bank’s New Zealand chief executive, said her organisation saw infrastructure as a priority. “Mr Yi’s visit shows how important New Zealand is to our global business. Infrastructure is a big focus for ICBC and we see an opportunity to support New Zealand with its investment in this area. We can bring not only funding but experience and expertise across a range of infrastructure classes, such as bridges, railways, motorways, schools, power and water,” Hou said.
Don Brash, the former Reserve Bank governor, is the bank’s chairman and he also cited infrastructure funding. “In Auckland alone, more than $20 billion of spending is planned for transport infrastructure in the next decade. This investment is needed to keep pace with population growth, upgrade existing infrastructure and improve productivity. New Zealand needs a diversified mix of funding sources for this investment and we can play a role in this,” Brash said.
The bank statement said more. “Mr Yi’s visit follows the recently announced joint plan between the Government and the Auckland Council for Auckland’s transport priorities over the next 30 years, including motorway upgrades, new busways and upgrades to the rail network. Work recently began on the City Rail Link, while an additional Waitemata Harbour crossing is in the planning stages. Big projects outside of Auckland include Wellington’s Transmission Gully motorway, Tauranga’s Northern Link road and several key pieces of infrastructure in the Christchurch rebuild,” the statement said.
