July 18, 2018 / 5:00 PM / 3 months ago

Commerzbank and ICBC sign MoU to support silk road trade- FAZ

FRANKFURT, July 18 (Reuters) - Germany’s Commerzbank has signed a memorandum of understanding with China’s ICBC to fund $5 billion worth of projects along the so-called silk road, Germany’s Frankfurter Allgemeine Zeitung said on Wednesday.

The partnership will involve funding projects, underwriting trade finance, and providing loans to projects along the silk road, a Chinese initiative linking Eurasian countries, FAZ said.

Commerzbank declined to comment. (Reporting by Edward Taylor Editing by Alexandra Hudson)

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