By Tang Guhan
The Abu Dhabi Global Market (ADGM), the financial center for Abu Dhabi, has recently approved the first Chinese state-owned financial services firm established by the Jiangsu local government to further support Chinese enterprises financially under the Belt and Road Initiative.
The state-owned financial services firm, namely the Industrial Capacity Cooperation Financial Group Limited (ICCFG), is aiming to provide loans via the ADGM platform.
The ICCFG will, according to its official announcement, offer comprehensive financial services to the Chinese Belt and Road Initiative companies to expand their businesses in Abu Dhabi.
The company will become a pilot project for the internationalization of the RMB under the Belt and Road Initiative.
H.E. Ahmed AI Sayegh, Chairman of ADGM, noted "strategically located along the Belt and Road corridor, Abu Dhabi, as the capital of the UAE, is a natural link to the fast-developing economies of the Middle East and African regions, the Indian Subcontinent, Southeast Asia and Greater China. The ICCFG will support the anchoring of more Chinese enterprises seeking business opportunities along the Belt and Road Initiative."
Wang Bin, the chairman of the China Jiangsu International Group, said: "We are looking forward to seeing the operations of the platform by the end of 2018."
" We projected 2 billion dollars worth of investments would be poured through this financial services platform to support the Chinese enterprises," Wang added.
