ICBC and the Czech Government have signed the memorandum on cooperation in a bid to establish and collaborate on the Central and Eastern Europe Fund. According to the memorandum, the Czech Government proposed to invest 200 million euros in the Fund, and promised to support the investment and operation of the Fund in Czech, provide necessary investment guidance and recommend potential investment opportunities.

Based on the proposal from the Chinese Government at the 4th China-CEE Leaders’ Meeting, ICBC is intended to establish China-CEE Finance Holding Corporation (the “Corporation”) which will initiate market-oriented funds like the Central and Eastern Europe Fund. The Corporation will raise funds from CEEC governments (or their authorized institutions) and in other markets in the world. The target markets in which funds will be invested cover CEE and other regions in line with common interests of China and CEE. The funds will be invested in infrastructure construction (interconnection), international production capacity cooperation under the Belt and Road co-construction framework.

In recent years, by leveraging Group-wide integrated strengths, ICBC provides full-suite financial services to Chinese enterprises going global and the “Belt and Road” Initiative, boosting cross-regional economic, trade and industrial cooperation. The establishment of the Corporation is highly significant in boosting international production capacity cooperation and driving the “Belt and Road” Initiative. It is an important trial of exploring innovative financial services through commercialized methods.

An official responsible for the preparation of the Corporation said that CEE has positive business environment, huge demands for investment and financing and complementary economic advantages compared with China, creating opportunities for mutually beneficial development. In the future, the Corporation will leverage ICBC Group’s global network and resources to build a financial bridge for China-CEE economic, trade and industrial cooperation and inject new financial momentum into the Belt and Road construction. The Corporation welcomes Chinese and foreign enterprises, financial institutions, sovereignty funds and other capitals to participate in the fund and is willing to discuss all forms of regional development and investment/financing cooperation with global partners.