Standard Chartered Bank announced on Wednesday that it has signed an memorandum of understanding with the China Export and Credit Insurance Corporation (Sinosure) to jointly explore opportunities along the Belt and Road.
Under the MoU, the two parties will collaborate to provide comprehensive “insurance plus financing” solutions.
The cooperation will cover export, project, syndicated and trade financing, among other business lines.
For example, customers can enjoy financing services covered by Sinosure’s medium and long-term export credit insurance or overseas investment insurance.
Sinosure is the only export credit insurance institution in China providing risk protection for exports to and investment in Belt and Road countries.
The insurer has supported more than US$4 trillion in trade and investment at home and abroad and offered credit insurance and related services to more than 110,000 enterprises. Claims paid amounted to US$13 billion. Sinosure has helped more than 200 banks finance over 3.3 trillion yuan (US$490 billion) of export enterprises.
Standard Chartered Bank has business outlets in 45 Belt and Road markets, and has been in 26 of them for more than 100 years.
In 2018 alone, the lender was involved in nearly 100 Belt and Road projects with total project size exceeding US$20 billion.