Bank of China Ltd plans to extend more credit to local enterprises and further expand its overseas businesses to take advantage of opportunities arising from the Belt and Road Initiative.

The State-owned lender plans to extend credit of $20 billion this year and scale it up to $100 billion in three years, according to top officials from its Chongqing branch.

"Bank of China is trying to attract more clients that are distributed along the Belt and Road Initiative routes. We are seeking new markets and new growth areas for our overseas lending and capital settlement businesses," said Liu Xianqi, deputy general manager of BOC's Chongqing branch.