Macao bank grants $375m to support 'Belt and Road' Initiative

MACAO - One of Macao's major bank has granted over 3 billion patacas (about $375 million) since 2016 to support enterprises in doing business in countries and regions along the "Belt and Road", local media reported Wednesday.

Macao Daily said in its report that Macao Branch, Bank of China (BOCMacao), has made full use of "one country, two systems" principle and actively participated in cooperation between the government of the Macao special administrative region and the countries and regions along the"Belt and Road".

The report said the bank has granted loans to companies from Macao, the Chinese mainland and overseas to develop programs in Vietnam, Singapore, Saudi Arabia, Pakistan, Israel, Indonesia, Myanmar, the United Arab Emirates, etc.

The newspaper also mentioned that those programs include traditional trade finance, port construction, energy development, and production capacity cooperation. Due to the advantages of Macao financial system and regulation, such as low taxation, no foreign exchange control, good cross-border financial service, BOCMacao accomplished those programs and helped those companies in their business cooperation.