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IE Singapore and China Development Bank Sign MOU to Promote Collaboration in Africa and Southeast Asia

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IE Singapore and China Development Bank Sign MOU to Promote Collaboration in Africa and Southeast Asia JOINT M E D I A RELEASE EMBARGOED UNTIL TUESDAY, 22 OCTOBER 2013, 1230HRS IE Singapore and China Development Bank sign MOU to promote collaboration in Africa and Southeast Asia MR No.: 035/13 Singapore, Tuesday, 22 October 2013 1. International Enterprise (IE) Singapore and the China Development Bank (CDB) signed a Memorandum of Understanding (MOU) at the 10th Joint Council for Bilateral Cooperation (JCBC) meeting held in Singapore today. Both organisations will foster strategic partnerships between Singapore and Chinese companies in third country markets, with an initial focus on Africa and Southeast Asia. The MOU was signed by Mr Teo Eng Cheong, CEO of IE Singapore and Mr Hu Huaibang, Chairman of China Development Bank. It was witnessed by the Co-Chairmen of the JCBC, Mr Teo Chee Hean, Singapore Deputy Prime Minister and Coordinating Minister for National Security and Minister for Home Affairs, as well as Mr Zhang Gaoli, China Executive Vice Premier. 2. Said Mr Teo Eng Cheong, CEO of IE Singapore, “We hope to achieve two objectives with this IE-CDB partnership. One, enable Singapore and Chinese companies to leverage each other’s strengths as they tap opportunities in these markets. Two, help Singapore companies gain better access to financing for infrastructure projects.” 3. China will bring insights and access to valuable networks in Africa as the region’s largest trading partner and one of its top investors; while Singapore offers the same for Southeast Asia. With combined capabilities, companies from both countries can be more effective in securing projects in these regions. As China's leading medium- and long-term lender and largest cross-border financier, CDB is equipped with extensive expertise and experience in financing infrastructure development, energy and natural resources, and industrial development. IE Singapore is also exploring with CDB to offer Joint Media Release 22 Oct 13 infrastructure financing facilities in Singapore for such projects that are capital intensive and have long gestation periods. 4. Commenting on the new partnership, Mr Hu Huaibang, Chairman of China Development Bank said, “We have an international portfolio with business presence spanning 195 markets worldwide. Singapore, a financial powerhouse in Asia, is one of our priority markets for international expansion. CDB is keen to build on this new partnership with IE Singapore to bring together businesses from China and Singapore, to cooperate on regional connectivity and infrastructure projects in ASEAN, and to form alliance in exploring third country markets.” 5. The MOU will encourage partnerships between Singapore and Chinese companies through: a. Joint selection and sharing on opportunities of interest to Singapore and Chinese companies, in growth sectors covering infrastructure planning and development, environmental services, transport and logistics, info- communications technology, business services, energy and mineral resources. b. Exploring of special development funds and loan packages to support joint infrastructure ventures of Singapore and Chinese companies in third countries. c. Exploring co-development of industrial parks in third countries. 6. The partnership comes at a time when developmental needs of emerging markets are rising. Southeast Asia is expected to pump in US$600 billion for infrastructure development in the next decade1, while Africa requires US$360 billion in the next 30 years2. For instance, Indonesia plans to raise its infrastructure budget by about 11%, up from the current 3-3.5% of its GDP. Annex 1: About China Development Bank Annex 2: Chinese terms ---End--- Note to Editor Please use ‘IE Singapore’ or ‘IE’ if an acronym for ‘International Enterprise Singapore’ is required. In addition, unless otherwise stated, the use of statistics cited in our media releases, website or Statlink, should be attributed to IE Singapore. 1 Source: Asian Development Bank 2 Source: Africa Development Bank, http://www.bloomberg.com/news/2012-11-07/africa-needs-360-billion- infrastructure-development-bank-says.html Page 2 of 6 Joint Media Release 22 Oct 13 Jointly issued by IE Singapore and China Development Bank. For media enquiries, please contact: Ms Aw Xiuxing Ms Feng Qihua IE Singapore China Development Bank DID : + 65 6433 4722 DID :+86 10 68307595 Hp : + 65 9155 0433 Email : [email protected] Email : [email protected] International Enterprise Singapore International Enterprise (IE) Singapore is the government agency driving Singapore’s external economy. For the past 30 years, we have been spearheading the overseas growth of Singapore-based companies and promoting international trade. Our vision is a thriving business hub in Singapore with Globally Competitive Companies (GCCs) and leading international traders. IE Singapore attracts global commodities traders to establish their home base in Singapore. Today, Singapore is a thriving trading hub for the energy, agri-commodities and metals & minerals trading clusters. Through our Global Company Partnership, we work with Singapore-based companies to customise total solutions in capability building, market access and financing for their internationalisation. Our global network of overseas centres in over 35 locations provides the necessary connections in many developed and emerging markets. Visit www.iesingapore.com for more information. China Development Bank Established in 1994, China Development Bank (CDB) is a leader in wholesale lending, offering medium- to long-term financing facilities with a strategic focus on China’s infrastructure, basic/pillar industries. In recent years, CDB has further solidified its top-tier market position by diversifying its underlying businesses into livelihood/grassroots finance and global operations. It currently operates its businesses through 37 branches across China, its offshore branch in Hong Kong, and Representative Offices in Cairo, Moscow and Rio de Janeiro, employing a staff of over 8,000. Please refer to Annex 1 for more information on CDB. Page 3 of 6 Joint Media Release 22 Oct 13 ANNEX 1 About China Development Bank Established in 1994, China Development Bank (CDB) is a leader in wholesale lending, offering medium- to long-term financing facilities with a strategic focus on China’s infrastructure, basic/pillar industries. In recent years, CDB has further solidified its top-tier market position by diversifying its underlying businesses into livelihood/grassroots finance and global operations. It currently operates its businesses through 37 branches across China, its offshore branch in Hong Kong, and Representative Offices in Cairo, Moscow and Rio de Janeiro, employing a staff of over 8,000. China’s go-to bank for infrastructure financing CDB has financed a whole host of key infrastructure projects of national priorities, including the Three Gorges Dam, the Beijing-Hong Kong railway, the cross-country water diversion and natural gas distribution projects, China’s Petroleum Reserve Program, the relocation of Capital Steel plants, the Beijing Olympic Games venues, the Shanghai World Expo facilities, and the Beijing-Shanghai high-speed rail. Its reach is not limited to the more developed metropolitan areas. Since 1998, CDB has been fueling China’s urbanization process by providing for the infrastructures far beyond mega urban centers. Champion of financial inclusion Committed to universal financial services, CDB effectively reduces finance sourcing bottlenecks afflicting the disadvantaged communities, by channeling funds via wholesale- based bulk “group” offerings to those who otherwise have limited or no direct financing access. Such an inclusive model is designed to support rural development, small business, low-income housing, student loan program, environmentally beneficial initiatives, public health, microfinance, emergency lending, and etc. In 2012, CDB pooled more money for low-income housing and student loan programs than any of its Chinese peers. Top cross-border financier CDB respects market practices in its international business operations. It pursues mutual benefits for its clients and partners wherever they may be located. It has been funding the overseas expansion of China’s most recognizable companies, including PetroChina, Sinopec, China Minmetals, Huawei and ZTE. CDB reported its Q4 2012 foreign currency loan balance to the tune of 250 billion US dollars outstanding, further cementing its position as China’s top cross-border financier. Consistently solid standing As of the end of Q4 2012, total assets of CDB exceeded one trillion dollars with a non- performing loan ratio below 1% for the 31st consecutive quarter. Page 4 of 6 Joint Media Release 22 Oct 13 CDB is China’s second largest bond issuer after the Ministry of Finance. International professional credit rating agencies, including Moody’s, Standard & Poor’s, and Fitch, all place CDB’s ratings at the same level as China’s sovereign ratings. Responsible Corporate Citizen Of all the state-owned banks in China, CDB is the first to join the United Nations Global Compact. Corporate Social Responsibilities is an integral component of CDB’s business strategies, day-to-day operations and processes, and well ingrained in its corporate culture. It has been actively involved in poverty reduction, disaster relief and other causes for public good. Recognized for its social conscientiousness and continuous contributions, CDB has been awarded repeatedly by reputable media and professional organizations. For example, it was named “Responsible Bank” (2008-2009) by Financial News—IFB; it was awarded “People’s Social Responsibility Award” by People’s Daily Online from 2006 to 2012. Page 5 of 6 Joint Media Release 22 Oct 13 ANNEX 2 Chinese terms International Enterprise (IE) Singapore 新加坡国际企业发展局（企发局） China Development Bank Corporation 中国国家开发银行 Teo Eng Cheong 张永昌 先生 CEO 新加坡国际企业发展局局长 IE Singapore Hu Huaibang 胡怀邦 先生 Chairman 中国国家开发银行董事长 China Development Bank Page 6 of 6 .
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