Industrial Bank Supports Multi-Billion Construction Program of Pingtan Comprehensive Experimental Zone
On April 27, the Industrial Bank signed a comprehensive strategic cooperation deal with the Administrative Commission of the Fuzhou (Pingtan) Comprehensive Experimental Zone in Fuzhou. Under the deal, the two parties will engage in a close strategic partnership, under which the Industrial Bank will be the priority cooperative bank for the experimental zone.
This is the first comprehensive strategic cooperation agreement signed between the head office of a nationwide bank and the Pingtan Comprehensive Experimental Zone. According to the deal, the Industrial Bank will offer key credit support to the multi-billion construction program of the experimental zone, focusing on infrastructure construction projects. It will give priority support to the high-quality key projects at the experimental zone as the main bank, wherein, key projects include Pingtan Sea Channel Bridge and its double line, Yu-Ping Highway, purchasing and storage of land, passenger and freight RO/RO wharfs on both banks and the municipal project at the Cuiyuan South Road zone. In terms of medium to long-term development, the bank will progressively increase the credit supply for infrastructure construction projects in the experimental zone, such as the purchasing and storage of land and the construction of roads, bridges, water supply, power supply and railways.
In order to better serve the construction of the experimental zone, the Industrial Bank will establish a Fuzhou (Pingtan) Comprehensive Experimental Zone Branch. The branch will be granted special privileges and is planned to be opened before the end of the year. The branch will be charged with project development and credit management in the experimental zone, and will place a focus on serving the development of various economic and social initiatives in the experimental zone.
Based on a progressive approach, the Industrial Bank will pursue the innovation of business modes for financing and apply the combination of financial products within the experimental zone. As for financing modes, in consideration of the features of the experimental zone in terms of planning and construction, investment and financing, and centered on the preference of revenue from land lease, the bank will develop new types of guarantee so as to create a financing mode that suits the experimental zone. It will broaden the channels for financing from short-term financing bonds, medium-term notes, government bonds, trust financing and syndicate loans by integrating international and domestic capital and the resources of the capital market, and will leverage and organize capital to meet the demands of the construction in the experimental zone. In terms of application of pooled financing products, the bank will utilize leading products under its sustainable finance and finance lease services to support and serve the construction of energy saving and environmental protection projects, the construction of new-type clean energy projects as well as the procurement of advanced equipment within the experimental zone. The bank will also offer comprehensive services to meet the financial demands of the zone in respect to fund operation and management via its financial products such as cash management and payment and settlement. The bank will also pursue and actively participate in the pilot financial cooperation initiatives aimed at Taiwan within the experimental zone, such as the exchange of NT dollars, cross-Straits currency settlement and the offshore financial market.
The Industrial Bank stated that since the Central Government, the Provincial Party Committee and Provincial Government attach great importance to the Pingtan Comprehensive Experimental Zone, and Pingtan will surely become a key zone in the development of the economy and finance on the west side of the Straits, offering huge development prospects for banks. With the purpose of signing this agreement, Industrial Bank intends to closely pursue the development and opening up of the experimental zone, integrate nationwide operational resources, strengthen efforts in financial services, firmly seize the development opportunities therein and share the achievements resulting from the development and opening up in Pingtan Area. The bank will make every effort to pioneer and lead the way in financial services, quickly respond to matters concerning the experimental zone, including project follow-up, demand feedback, team marketing and service, project approval, organization establishment, staff assignment and training, and fully increase working efficiency and service capacity so as to meet the demands for the financial services in the experimental zone in a timely and effective manner.