Understanding (MoU) with the Industrial and Commercial Bank of China (ICBC) and the Export-Import Bank of Korea, aimed at promoting and supporting their clients to expand their business in Africa.
In terms of the MoU, the three banks will seek opportunities to participate in projects in support of their clients investing in Africa. They will look to build a "solid partnership" in providing sufficient and timely financing for these projects, especially when Korean or Chinese companies are involved.
Their focus will be on project financing, investment banking, trade financing and other financing areas, including guarantee and lending facilities. The three banks will work with each other to provide consulting and advisory services in relation to the development of projects for their clients in Africa.
They will also endeavour to act as co-arranger, co-advisor, coordinator, guarantor or lender in relation to the financing of projects designed to foster development in Africa.
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