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ICBC Strongly Supports New Energy Development along “One Belt and One Road”

On March 11, a loan agreement for the 50-MW Pakistani Dawood wind power project invested and built by HydroChina International Engineering Co., Ltd was officially signed in Beijing. Under the agreement, ICBC will provide the project with financing support in terms of project design, equipment purchases, and site operation and construction. Earlier, on February 15, ICBC signed a loan agreement for the Sachal wind power project with Pakistani Sachal Energy Development Co., Ltd to provide the project with USD 100 million worth of export buyer’s credit financing service, kicking off development and construction of the new energy projects along the “One Belt and One Road”.

Pakistan is in the intersection of overseas lines of the “One Belt and One Road”. After China-Pakistan economic corridor is completed, it can closely connect countries in South Asia, Central Asia, North Africa, and the Gulf through cooperation in economic and energy fields to form an economic resonance. Meanwhile, it can also strengthen Pakistan’s strategic position as a bridge and bond linking Eurasia and African continent, which is of great significance to advancing construction of “One Belt and One Road” initiatives. At present, Pakistan is severely plagued by power shortage. The country’s daily power gap is 4 million KW on average. In summer, power gap in the peak time can reach up to 7.5 million KW on average each day. It has become a bottleneck to restrain its economic development. Therefore, Pakistan hopes to rely on its abundant solar power and wind power resources to increase power supplies and improve energy structure.

The Dawood wind power project and Sachal wind power project are both development priorities in the plan of building the China-Pakistan economic corridor. Specifically, the Dawood wind power project is also the first Chinese investment project finishing signing of a loan agreement in the plan of China-Pakistan economic corridor construction. The project’s financing implementation will offer guidance to develop and advance the follow-up Chinese investment projects for the China-Pakistan economic corridor. HydroChina International Engineering Co., Ltd, a subsidiary of HydroChina Corporation, has great strength in the field of developing international new energies.