ICBC extends $19B loans to outgoing Chinese firms

The Industrial and Commercial Bank of China has committed to lend US$18.7 billion to Chinese firms that wish to expand their presence overseas.

The outgoing companies are engaged in multiple sectors, including electric power, telecommunications, transport, construction, oil and gas, coal, mining, new energy and manufacturing.

Catering to the companies' needs, such as overseas investment, acquisitions, construction project contracts and international trade, the bank has offered a raft of financing products, such as export credit, project lending and loans via cooperation with foreign banks, an ICBC spokesman said.

As of the end of August, US$13.4 billion in loans had been provided to the firms, the spokesman said.

He added that the bank has granted 7 billion U.S. dollars in loans so far this year to companies operating in Africa.

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