Industrial and Commercial Bank of China (ICBC), one of China's "Big Four" State-owned commercial banks, and the New Development Bank (NDB) recently signed a memorandum of understanding on strategic cooperation.
According to the memorandum, both sides will strengthen cooperation in settlement and clearing, project financing, bond underwriting and investment, trading services of interbank bond and forex markets, internet finance and informatization construction, to provide high-quality services for infrastructure projects of countries involved in the Belt and Road Initiative, as well as other emerging economies and developing nations.
The NDB, a multilateral financial institution set up by BRICS, which is made up of Brazil, Russia, India, China and South Africa, formally opened in Shanghai in July 2015. It was created with the objective of financing infrastructure and sustainable development projects in BRICS countries and other emerging economies and developing countries.
ICBC, one of the commercial banks with highest internationalization in China, has established overseas institutions in 44 countries and regions all over the world. It successfully hosted the Belt and Road Bankers Roundtable during this year's Belt and Road Forum for International Cooperation.