Asiamoney New Silk Road Finance Awards

Citi has set itself apart from its international peers thanks to its growing dedication to the Belt and Road Initiative this year, building an enviable portfolio of landmark BRI projects.

The seed of this eye-catching project was planted when Chinese president Xi Jinping visited Peru in November 2016. During Xi’s visit, China Three Gorges Corp (CTG) signed an agreement with the Peruvian ministry of energy, agreeing to collaborate in the renewable energy industry. After that, the Chinese company began a series of investments in Peru, paving the way for this landmark acquisition.

Despite being nicknamed ‘bank of the universe’ by Chinese bankers because of its sheer size and wide client reach onshore, ICBC has a surprising reputation for being low key. Its belt-and-road effort is no exception. The bank has made little attempt to market itself as a BRI bank but by the end of June this year, ICBC had supported more than 400 BRI projects and provided more than $100 billion of loans.

What does the coronavirus mean for the Belt and Road Initiative? The BRI scheme is defined by the global transfer of financial and physical capital, labour and increasingly deeper relationships between people from vastly different places. How can it survive at a time when global travel has been brought to a virtual standstill?

One of the less-mentioned shifts in the Belt and Road Initiative over the last few years has been in the ability of mainland lenders and corporates to adapt to a complex and ever-changing world.

With a track record of more than 160 years of operations in China and 150 years in the Middle East and Africa, Standard Chartered is ideally placed to foster connections between the regions in the Belt and Road Initiative.

Supporting the Belt and Road Initiative globally is a strategic priority for HSBC – and the bank’s deep roots in Asia make it a natural partner for governments and firms looking to enhance their integration with the project.

Banque Misr wins the award for best local bank in the Middle East and Africa for BRI for the second year in a row by virtue of its impressive commitment to promoting trade and financing flows between China and the region.