ICBC has recently granted the first loan of USD25 million to Pakistani DAWOOD wind power project. This is the first loan granted by a Chinese commercial bank to China-Pakistan Economic Corridor construction project, signaling that the energy construction of “Belt and Road” initiative has tapped into accelerated implementation.

Located along China-Pakistan Economic Corridor, DAWOOD wind power station is constructed by HydroChina International Engineering Co., Ltd. and is an important infrastructure project prioritized by the two sides for the “Belt and Road” initiative. By leveraging its advantage as the only Chinese commercial bank with a branch in Pakistan and its comprehensive financial services, ICBC has efficiently completed project financing structuring through cooperation between domestic and overseas institutions. On April 20, 2015, in the presence of President Xi Jinping and Pakistani Prime Minister Nawaz Sharif, ICBC Chairman Jiang Jianqing signed the DAWOOD power project financing kick-off agreement with the project owners, in which ICBC would provide financing support for the design, equipment purchase and site construction.

According to an ICBC official, since 2015, ICBC has approved the financing support for many large power projects including Sukhi Kinari hydropower project, DAWOOD wind power project, Sahiwal coal-fired power plant and Thar coal-power integrated projects. ICBC’s financing support not only helped Pakistan improve its energy structure and break through the economic development bottleneck due to insufficient electric power, but also stimulated export of China’s advantageous electric power capacity as well as international investment and financing cooperation. Specifically, the financing of DAWOOD wind power project will offer guidance to develop and advance the follow-up cooperative investment projects for the China-Pakistan Economic Corridor.