ICBC to Give Financing, Export Credit for UAE Railway (Update1) - BusinessWeek

Industrial and Commercial Bank of China Ltd. will provide financing, export credit and advisory services to a railway project in the United Arab Emirates, said Yi Huiman, a bank executive vice president.

The world’s largest lender by market value will join China’s Ministry of Railways to provide “railroads plus finance” globally, Yu said at the Abu Dhabi and China Economic Forum in Shanghai today.

Abu Dhabi, capital of the U.A.E., and its companies borrowed about $14 billion last year for acquisitions and infrastructure development, Bloomberg data shows. The Union Railway, an Abu Dhabi initiative, is being expanded to cover all seven U.A.E. sheikhdoms, including Dubai, Chief Executive Officer Richard Bowker said May 11.