ICBC has successfully signed a USD 600 million financing agreement with Zain KSA, a telecommunication operator in Saudi Arabia, which will help Zain KSA to purchase equipment from Huawei Technologies Co. Ltd. in China. This project represents a record high in single-deal value in ICBC’s telecommunication financing.

The parent company of Zain KSA is Zain KSC, the largest telecommunication company in Kuwait. Zain KSC’s network covers eight countries in the Middle East. In 2015 global telecommunication operator ranking, it took 60th position by comprehensive strength and 39th position by profit.

An official with ICBC said that ICBC has actively supported Chinese enterprises going global by leveraging its strength in internationalized operation. By the end of H1 2016, ICBC granted loans worth USD 62.1 billion to 239 “go global” projects. For example, China National Nuclear Corporation Nuclear Power Project in Argentina, China Gezhouba (Group) Corporation Hydropower Project in Angola and Power Station Project in Saudi Arabia, where ICBC provided financing support as the lead arranger, are respectively the first, second and fourth largest projects among China’s “go global” projects. ICBC has taken the lead in completing or reserving a series of large-scale projects with proven cooperation model and positive bankability in key areas along the Belt and Road such as China-Pakistan Economic Corridor and Bangladesh-China-India-Myanmar Economic Corridor.