July 19, 2018, 4:39 a.m. EDT

Commerzbank, China's ICBC ally on Belt and Road

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By Nathan Allen

Commerzbank AG (CBK.XE) and Industrial & Commercial Bank of China Ltd. have launched a partnership to support projects relating to China's Belt and Road Initiative, Commerzbank said Thursday.

The Belt and Road Initiative is an extensive Chinese investment program that seeks to expand maritime routes and land infrastructure networks connecting China with Asia, Africa and Europe.

The new partnership covers project financing, capital markets and trade finance, and builds on an existing agreement between the two banks, Commerzbank said.

The German lender said it aims to support Belt and Road Initiative-related projects with a business volume of $5 billion in the next five years.

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