Local bank pledges USD375m to ‘Belt and Road’ initiative

One of Macau’s major banks has granted more than MOP3 billion (about USD375 million) to support companies doing business in the ‘Belt and Road’ regions since 2016, local media reported yesterday.

Macao Daily reported that Macao Branch, Bank of China (BOCMacao) has worked with the Macau SAR government as well as countries and regions along China’s ‘Belt and Road’.

BOCMacao has granted loans to companies from Macau, the Chinese mainland and overseas to develop programs in Vietnam, Singapore, Saudi Arabia, Pakistan, Israel, Indonesia, Myanmar, and the United Arab Emirates, among others.

The programs mainly support finance, port construction, energy development, and production capacity cooperation.

The report added that BOCMacao’s programs benefited from the many advantages of Macau’s financial system and pro-investment regulations, such as low taxation, no foreign exchange control, and good cross-border financial services.

BOCMacao also has business ties with regional organizations. MDT/Xinhua

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