OREANDA-NEWS. January 06, 2016. Under the witness of Chinese President Xi Jinping and Polish President Andrzej Duda, Industrial and Commercial Bank of China Limited (“ICBC”) signed the Agreement on Cross-border E-commerce and Trade Financing Cooperation and the Agreement on Finance and International Capacity Cooperation with Polish Information and Foreign Investment Agency and Bank Gospodarstwa Krajowego (“BGK’) in Beijing.

The purpose was to enhance cooperation between China and central and eastern European countries in finance.

According to the agreements, ICBC will establish comprehensive strategic partnership with Polish Information and Foreign Investment Agency and BGK. Through innovative services of ICBC such as Internet finance, cross-border e-commerce and PPP financing, the parties will establish a systematic cooperation mechanism. Efforts will be made to realize expedited matching between China and Poland in cross-border financing, investment and trade information and cultivate and refine a new mode of bilateral financial cooperation. Meanwhile, the two parties will leverage complementary advantages in commercial finance and development finance to promote in-depth integration between development projects and financial capital. Both parties will also deepen exchange in knowledge and information sharing, market research and consultation, bond issuance and investment management and support interconnection and capacity cooperation in the western routes of the Silk Road, setting an admirable model for cooperation between China and central and eastern Europe.

In recent years, ICBC has been providing overall financial services for Chinese enterprises “Going Global” and “ Belt and Road” initiative by leveraging its strength in integrated operation and global service network. To date, ICBC overseas network has expanded to 42 countries and territories across the globe, making it the Chinese financial institution with the widest global network coverage. In addition, ICBC indirectly covers 20 African countries through equity participation in Standard Bank of South Africa, forming a relatively complete global service network. In central and eastern Europe, ICBC has taken the opportunity of “Belt and Road” initiative to promote local businesses to cooperate with Chinese enterprises and provides project investment and financing support in areas such as infrastructure upgrade, renewable energy development, construction of industrial parks, manufacturing, logistics and research and development. It also offers auxiliary localized services including deposit, settlement and account supervision to help host countries introduce Chinese enterprises and capital to support local economic growth.