Following the agreement with Intesa Sanpaolo, CDP signed an agreement with Bank of China to help exports and internationalisation of Italian enterprises in China. Fincantieri and Snam were also in Beijing to identify new growth opportunities on the Chinese market
The CDP Group's commitment in China moves forward following the agreement signed with Intesa Sanpaolo for the internationalisation of Italian enterprises active in the Asian country.
CDP signed a preliminary agreement with Bank of China (BoC), one of the leading Chinese state commercial banks, as a continuation of the path in support of Italian companies located in China. Due to the agreement signed by CDP CEO Fabrizio Palermo and BoC Vice Chairman Lin Jinzhen, the two institutions will work together in areas such as support provided to exports, the funding of infrastructural and environmental sustainability projects, activities on the capital markets and the sharing of experience and expertise.
The agreement also provides for the identification of other areas for cooperation in order to guarantee Italian exporter companies access to credit and medium/long-term loans, with potential issues in local currency in the market of the so-called "Panda Bonds”.
The undertaking in China also involves the CDP Group companies, Fincantieri and Snam, whitch signed two memorandums of understanding (MoU) to assess opportunities for synergy and identify common projects with their Chinese equivalents. The Italian shipbuilding group, controlled by CDP through Fintecna, renewed collaboration with China State Shipbuilding Corporation (CSSC) to extend the industrial cooperation already present, which includes a joint venture dedicated to the first cruise units ever built in China for the local market and other related activities. The signed agreement will allow this collaboration to be extended, promoting common research and development projects in many areas of naval mechanics, with new opportunities for the Italian shipbuilding sector.
Snam, on the other hand, intervened in the field of environmental sustainability by signing an MoU with State Grid International Development (SGID) to assess opportunities for collaboration in connection with the uses of the new technologies to reduce CO2 emissions.
Owing to this initiative, the company - a CDP Reti investee - might make its know-how available in order to build biogas and biomethane plants aimed at generating electricity from renewable sources in the rural zones of China. The agreement might also help identify potential partnership opportunities in research and development of renewable gas, sustainable mobility and joint electricity-gas projects. The presence of the CDP Group in China falls within a broader strategy supporting enterprises, infrastructures and people, and strengthens its intervention capability in a priority country for Italy's economy, giving a tangible contribution to the Italian companies engaged in global competition.