China Construction Bank, Labuan Signs Memorandum Of Understanding With Chinese Partners Towards The Financing Of A Steel Plant, An Industrial Park And A Port In Malaysia

Author:Labuan IBFC Inc.
Profession:Labuan IBFC Inc

Shenzhen, 15 August 2019 - The China Construction Bank Corporation (CCB), Labuan Branch successfully signed two Memorandum of Understanding ("MOU") towards the entrenching strategic collaboration with its partners in regard to the One Belt, One Road projects in Malaysia. This signing ceremony was held at the Smart Bank Branch of CCB in Shenzhen.

The signing of these MOUs was witnessed by Danial Mah Abdullah, Director-General of Labuan Financial Services Authority, Wu Xiaolong, Vice General Manager of Investment Banking Department of China Construction Bank, and Li Kun, Vice General Manager of Finance Science and Technology Department.

The first MOU signed was for the investment and construction of 5G Smart Steel Plant project at Samalaju, Sarawak between CISDI, CCCG Industrial Investment, WenAn Steel, Huawei, and China Construction Bank Corporation, Labuan branch. The second MOU was signed by Beibu Gulf, Jianhui Paper, Huawei, and China Construction Bank Corporation, Labuan branch, for the construction of the 5G Smart Industrial Park and Port project at Kuantan, Pahang.

Both projects involve a total investment of approximately USD5 billion, which China Construction Bank Corporation, Labuan branch will lead arrange and finance, notably the financing of both projects will be raised via the application of Financial Technology ("FinTech") developed in-house by CCB.

The signing of these MOUs signifies a big step and achievement for both CCB Labuan and its partners, especially as international financial institutions, including CCB...

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