China's ICBC to provide $470 bln of energy financing over next 5 yrs

Oct 25 (Reuters) - Industrial and Commercial Bank of China plans to provide 3 trillion yuan ($470 billion) of financing for the energy sector over the next five years, the country's National Energy Administration (NEA) said on Monday.

A strategic cooperation agreement signed by the two entities is partly aimed at helping ensure energy and power supplies in winter and spring, the NEA said in a brief statement, as China grapples with its worst electricity shortages in years.

The tie-up will also see state-run ICBC and the NEA explore ways to promote green energy development and carbon neutrality, the statement said.

$1 = 6.38960 Chinese yuan renminbi Reporting by Tom Daly; Editing by Susan Fenton

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Another 'Bubble Check' for the gold sector

Gold stocks continue to hit new highs

Some mining stocks exposed to Burkina Faso take major hit

Gold stocks again hit new highs

Gold stocks reach new highs on metal price gain