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ICBC Arranges Financing for the Largest Power Plant Project in Eastern Africa

On June 8, ICBC and the syndicate of Power Construction Corporation of China and Electric Power Design Consulting Co., Ltd. signed the financial service agreement for the Lamu power plant project of Kenya in Beijing. According to the agreement, ICBC will arrange around USD 900 million export credit financing for the Lamu power plant project of Power Construction Corporation of China as the lead bank and also serve as the financial advisor for the project.

Kenya is the most industrialized country with the biggest economic size in Eastern Africa. It is also one of the countries along "One Belt and One Road"; however, it is facing power shortage while hydropower accounts for an excessively large proportion in its power supply structure. The total installed capacity of Lamu power plant is 1,050MW. It is the first coal-fired power plant in Kenya and it will be the largest power plan in Eastern Africa and solve the power shortage for millions in the region.  Meanwhile, the project will supply electric power to the railway from Mombassa to Nairobi after its completion and significantly improve the power supply capacity and reliability of Kenya's grid and it will also enhance the country's power supply structure, featuring joint development of hydropower, thermal power and wind power and geothermal power.

By leveraging the Group's diversified operation and its global service network, ICBC has in recent years provided full-suite financial services for Chinese companies going global and the implementation of the "One Belt and One Road" strategy. ICBC's overseas network has covered 42 countries and territories worldwide, representing the broadest global network coverage among the Chinese financial institutions. Meanwhile, ICBC has indirectly covered 20 African countries by investing in the Standard Bank of South Africa and formed a global service network covering Asia, Africa, Latin America, Europe, America and Australia. ICBC will seize the opportunity of the "One Belt and One Road" strategy and capitalize on its extensive experience in overseas infrastructure investment and financing, innovative model of commercial banking + investment banking as well as its diversified overseas product lines to provide professional investment and financing services for customers in electric power, transport, oil and gas, minerals, telecommunication, machinery, industrial park construction and agriculture. The Bank will also support and guide Chinese companies to expand overseas, improve their global operation and contribute to the economic and social development of the host countries.