Chinese Bank signs US$ 2bn Infrastructure Deal
Industrial and Commercial Bank of China (ICBC), China’s biggest lender by assets, reports that it has signed an infrastructure agreement worth US$ 2bn with Equatorial Guinea. The agreement was signed this week following a meeting between Chinese President Xi Jinping and Equatorial Guinea President Teodor Obiang Nguema in Beijing. The deal will include providing “financial support” to Equatorial Guinea’s government as well as Chinese enterprises there, ICBC said in a statement.
China has sought to broaden financial support for Chinese companies investing abroad as part of a policy drive known as “going out”. ICBC called Africa the “strategic and developmental heart of ‘going out’” for firms the bank supports. "Based on our understandin…
New Loans for young EntrepreneursEquatorial Guinea’s Second Vice President, Teodoro Nguema Obiang Mangue, pledged to financially support young entrepreneurs through loans with the CCIBANK Bank. As President of the Youth Foundation of the Democratic Party of Equatorial Guinea, Nguema Obiang Mangue, is working to negotiate the total loan value with the bank. The expected value of the loan is two billion CFA francs. Nguema Obiang Mangue expressed his desire to promote solidarity and national development through these loans. He said that the program aligns with the country’s Horizon 2020 plan, which was established in 2007 to stimulate economic growth and development.