iChongqing Title

CCI Helps Achieve USD 100M in Cross-Border Financing

Mar 27,2020 ByYULING CHENICHONGQING

Under the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI), Chongqing Southern New Town Industrial Investment Group Co., Ltd. (the Group for short) in Chongqing signed with the Development Bank of Singapore (DBS) on March 24. The DBS will provide USD 76.2 million in credit support for the Group, totaling USD 100 million-plus the USD 23.8 million provided in the earlier stage.

China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity

China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (Photo by Li Qian)

The Group is a key state-owned enterprise in Ba’nan District, and the contracted capital will be directly used for Chongqing International Biological City operated by its subsidiary. Chongqing International Biological City is an important biomedical industry cluster in the city, and it has gathered numerous key enterprises for epidemic prevention. So far, it has produced 470,000 masks, 2,536 tons of various liquid disinfection products, and 64,000 sets of protective clothing.

As the epidemic situation changes, the prevention work has entered a new phase with the support of the CCI. It has evolved from “coordinating overseas epidemic prevention materials” to “supporting the development of local epidemic prevention enterprises.”

Trough the CCI, more than 10 Singapore enterprises, including Hong Leong Group Singapore and Vibrant Group Limited, directly donated or assisted Chongqing to purchase nearly 350,000 surgical masks, more than 730,000 pairs of medical gloves and 2,500 sets of medical protective clothing. CapitaLand Limited donated RMB one million to Chongqing Three Gorges Central Hospital for the purchase of protective goods and materials, making a tangible contribution to the epidemic prevention in the city.

MUST READ

A Tour in Chongqing, A Gain in Vision

A Land of Natural Beauty, A City with Cultural Appeal