atans1

IE, next squanderer of our money?

In China, S'pore Inc on 09/06/2016 at 1:27 pm

One Belt, One Road (OBOR) will cause massive losses for investors. According to the FT, Chinese officials privately admit they expect to lose 80 per cent of their investment in Pakistan, 50 per cent in Myanmar and 30 per cent in central Asia.

Well IE Singapore, the state-owned trade development board, has agreed to a partnership with China Construction Bank to finance OBOR projects, with about US$22bn in funding envisaged. The FT reports the US$22bn in funding, not CNA. Wonder why?

CNA reports:

To help Singapore companies tap infrastructure opportunities in China’s “One Belt, One Road” initiative, International Enterprise (IE) Singapore has signed a Memorandum of Understanding (MoU) with the Industrial and Commercial Bank of China (ICBC).

One Belt, One Road (OBOR) is an ambitious plan proposed by Chinese leader Xi Jinping to build land, sea and air routes reaching across the continent and beyond, with the aim of boosting China’s trade and carving out new export markets between Asia and Europe.

Under the agreement, signed at the 2nd RMB Internationalisation Summit on Tuesday (Jun 7), ICBC will provide financing services and look at project structuring to support Singapore companies in OBOR infrastructure projects across Asia.

ICBC will also set up a team in Singapore to provide project financing and related professional services required in OBOR infrastructure investments.

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  1. Well anybody who asks or shouts “Where is the money?!?! Show us the money!!!” will be treated as the next Mad Dog Chee. Hence no worries with spending taxpayers money. More important to 3-leg the cheenas. Hedge to become 27th province if the mullah influence around Sinkie-land prove too strong.

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