China's ICBC to provide $470bln of energy financing over next 5 yrs

The tie-up will also see ICBC and the NEA explore ways to promote green energy development and carbon neutrality

  
The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance to its branch in Beijing, China April 1, 2019.

The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance to its branch in Beijing, China April 1, 2019.

REUTERS/Florence Lo

Industrial and Commercial Bank of China plans to provide 3 trillion yuan ($470 billion) of financing for the energy sector over the next five years, the country's National Energy Administration (NEA) said on Monday.

A strategic cooperation agreement signed by the two entities is partly aimed at helping ensure energy and power supplies in winter and spring, the NEA said in a brief statement, as China grapples with its worst electricity shortages in years. 

The tie-up will also see state-run ICBC and the NEA explore ways to promote green energy development and carbon neutrality, the statement said.

($1 = 6.38960 Chinese yuan renminbi)

(Reporting by Tom Daly; Editing by Susan Fenton) ((tom.daly@thomsonreuters.com; +86 10 5669 2119;))


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