China Export and Credit Insurance Corporation (SINOSURE) and Standard Chartered Bank on Wednesday signed a memorandum of understanding to deepen collaboration to facilitate the Belt and Road Initiative.
The two said they will jointly explore market opportunities, increase resource sharing, and provide clients with comprehensive financial solutions to better support the high-quality development of the Belt and Road Initiative.
According to the MoU, SINOSURE and Standard Chartered will proactively promote collaboration to combine the former's credit insurance products with the latter's financial solutions to provide comprehensive "insurance plus financing" solutions.
The collaboration will include but not be limited to project and syndicated loans and trade finance.
In addition, both parties will strengthen cooperation in macroeconomic analysis and outlook, country risk management and innovative product development.
SINOSURE is the sole official export credit insurance institution in China, which provides risk protection for China's export and investment to the Belt and Road countries and regions.
In 2018, Standard Chartered Bank was involved in nearly 100 Belt and Road projects with combined financing of over 20 billion U.S. dollars.