ICBC financing company for super bridge’s border construction

The Industrial and Commercial Bank of China (Macau) Limited (ICBC) yesterday announced it would advance financing totalling MOP3.5 billion to China Harbour Engineering Company Ltd. (CHEC) for the construction of the Hong Kong-Zhuhai-Macau Bridge’s Macau Border Area. The financing in question is claimed to be the first attempt at running a financial leasing business in the city. The amount leased will also provide a strong financial guarantee for the construction project.
During yesterday’s signing ceremony at MGM Macau, ICBC also inked a strategic cooperation financing agreement with CHEC in order to integrate with the development of the Greater Bay Area project, as well as the Belt and Road initiative.
The authorities responsible for the super bridge announced previously that the construction of the bridge was slated for completion by the end of this year.
Inaugurated during the 1980s, CHEC is a subsidiary of China Communications Construction Co., Ltd which specialises in projects relating to marine engineering, dredging, roads and bridges, rail transportation, aviation hubs and related equipment supply and installation, among others.