BEIJING: National Bank of Pakistan (NBP) has signed a framework agreement on regular cooperation under the “Belt and Road” with the Chinese Bank, ICBC here, according to state-run wire service.
Deputy General Manager, International Banking Department, ICBC HO, Wang Kun signed the agreement on behalf of ICBC and Chief Representative, Shaikh Muhammad Shariq inked the agreement on behalf of NBP.
The signing ceremony, as reported by the APP, was witnessed Zhang Leilei, Head of FI Division, International Banking Department, ICBC H O, Ge Shengtian, Regional Manager, International Banking Department, ICBC H O and Zhao Peng, Assistant to Chief Representative, National Bank of Pakistan, Representative Office Beijing.
A detailed discussion with Wang Kun was held prior to the signing ceremony, regarding enhancement of mutual cooperation on trade business, RMB business, and credit line.
Wang Kun highlighted the overall performance of NBP and reassured his full support in strengthening bilateral business ties with the bank.
Since its inception in May 2017, the Regular Mechanism has been put into practice rapidly and now have more than 60 members form Belt and Road countries.
The signing of this agreement with ICBC will provide NBP with as platform for information sharing, mutual policy negotiation, project recommendation and mutual support in business with banks in the countries along the Belt and Road.
By now, more than 20 overseas financing projects are recommended, with a total value of over US$ 2.5 billion, covering A/B Loan, international syndicates, asset trading, on-lending, and other various business.
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