The Industrial and Commercial Bank of China (ICBC) announced that it signed a $4.3-billion financing agreement for power projects with four Pakistani companies in Islamabad, the capital city of Pakistan, on April 20.

ICBC has 120 branches in 18 countries along the Silk Road Economic Belt and the 21st Century Maritime Silk Road. Its financial services almost cover all the planned area of the trading routes.

Last year, ICBC had 73 projects in countries or regions along the Belt and Road, with a total amount of $10.9 billion. Meanwhile, the bank is developing more than 130 large-scale projects related to the Belt and Road Initiative amounting to $158.8 billion and covering the industries of electricity, transportation, oil and gas, telecommunication, machinery, park construction and agriculture.

Also on April 20, China and Pakistan upgraded their relations to all-weather strategic partnership of cooperation. The consensus was reached as visiting Chinese President Xi Jinping met with Pakistani Prime Minister Nawaz Sharif in Xi's first state visit to Pakistan, which was also the first stop of his first overseas visit this year.

President Xi proposed the Belt and Road Initiative in 2013 to foster the common development of nations or regions along the routes in Asia, Europe and Africa. China established the $40-billion Silk Road Fund in November 2014. The Vision and Actions on Jointly Building Silk Road Economic Belt and 21st-Century Maritime Silk Road was issued by the National Development and Reform Commission, Ministry of Foreign Affairs, and the Ministry of Commerce, on March 28.