The world’s largest bank, Industrial and Commercial Bank of China (ICBC), has pledged to help New Zealand fund its biggest infrastructure building programme in more than 30 years.
ICBC’s new global chairman, Yi Huiman, is currently visiting New Zealand and meeting with government officials to discuss New Zealand’s infrastructure investment needs.
Yi’s visit follows the recently announced joint plan between the government and the Auckland Council for Auckland’s transport priorities over the next 30 years, including motorway upgrades, new busways and upgrades to the rail network.
Work recently began on the City Rail Link, while an additional Waitemata Harbour crossing is in the planning stages.
Big projects outside of Auckland include Wellington’s Transmission Gully motorway, Tauranga’s Northern Link road and several key pieces of infrastructure in the Christchurch rebuild.
ICBC New Zealand chief executive Karen Hou says New Zealand’s infrastructure programme is one of the reasons ICBC sees our country as a priority. “Mr Yi’s visit shows how important New Zealand is to our global business,” she explains.
Infrastructure is a “big focus” for ICBC and the bank sees an opportunity to support New Zealand with its investment in this area. “We can bring not only funding but experience and expertise across a range of infrastructure classes, such as bridges, railways, motorways, schools, power and water.”
This year ICBC injected a further $84 million of capital into ICBC New Zealand to support its lending growth, with infrastructure lending one of the key objectives.
Hou says ICBC is looking at opportunities both in nationally significant projects and small-scale local works.
“ICBC lent $100 million on the Transmission Gully project and we are looking forward to helping New Zealand fund other essential projects,” she adds.
“We see New Zealand as one end of an important economic corridor stretching from the South Pacific through South-East Asia to Europe.”
