China's biggest lender by assets, the Industrial and Commercial Bank of China, said it plans to sell 10 billion rand, or $696 million worth of bonds in South Africa, making it the first Asian issuer of rand-denominated debt.
The deal was announced in a statement by the ICBC.
The statement also said Standard Bank will issue the bonds that aim to help infrastructure projects in South Africa.
The signing ceremony was attended by Chinese President Xi Jinping and South African President Jacob Zuma. [Special Coverage]
Some 6.5 billion dollars of agreements have been signed between China and South Africa, mostly on infrastructure projects, as Chinese President Xi Jinping is now in the country on a state visit.
