SINGAPORE - United Overseas Bank Limited (UOB) has inked a pact with Shanghai Qilu Industrial, a state-owned company under the Shandong provincial government, to provide financing of up to three billion yuan (S$600 million) to Shandong-based companies.

The financing will help Shandong's leading companies in the logistics, construction, infrastructure and industrials sectors expand into South-east Asia, UOB said on Tuesday (Oct 23).

Shanghai Qilu is a conglomerate focusing on investment promotion, logistics and real estate. It was set up in 1992 to drive economic and enterprise growth in Shanghai Pudong and Shandong.

The pact was signed during the 20th Singapore-Shandong Business Council Meeting in Jinan, the provincial capital of Shandong, China

Wang Qian, chairman of Shanghai Qilu, said: "As the leading state-owned company under the Shandong provincial government, Shanghai Qilu helps accelerate economic and industry transformation by encouraging cross-border flows of capital and talent. We will tap overseas investments and markets to deepen the capabilities of Shandong-based companies and to facilitate their expansion as they seize business opportunities from the Belt and Road Initiative."