BOC to Step Up Efforts in Support for the Belt and Road Initiative
The Bank of China is stepping up their efforts in supporting the Belt and Road Initiative by expanding their global footprint and extend credit to several projects. Being the nation’s fourth biggest lender by assets, the Bank of China announced that they will be either be launching or upgrading their offices in India, Czech Republic, Mongolia, Myanmar and turkey within this year.
the Bank of China is planning to open more branched in countries along the Silk Road Economic Belt and 21st Century Maritime Silk Road which include Thailand, Cambodia and Singapore. The Belt and Road Initiative will connect Asia with Africa and Europe through more than 60 countries and regions that have a population of more than 4.4 billion.
Since June, the Bank of China has established branches in 16 countries and is involved in 300 major over seas projects amounting to $250 billion. For the first half of the year, the Bank of China extended credit of around $10 billion to several countries along the Belt and Road Initiative
As of June 30, the Bank of China had established branches in 16 countries and had been involved in 300 major overseas projects worth $250 billion. Their target its extend credit of up to $20 billion this year to projects related to the Belt and Road Initiative with a total of $100 billion for the next three years. the Bank of China also made great efforts to promote a wider use of the yuan in countries along the Silk Road Economic Belt as Chinese companies plan to go global.