StanChart signs $1.6 bln 'Belt and Road' funding deal with China

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State-owned China Development Bank will make available up to 10 billion yuan or 1.59 billion US dollars to Standard Chartered to fund projects in countries along China’s Belt and Road infrastructure route, StanChart said on Thursday.

Chinese Premier Li Keqiang and British Prime Minister Theresa May witnessed the signing of a five-year deal in Beijing.

StanChart will use the deal to fund corporate finance projects along the Belt and Road, a Chinese initiative aimed at building a modern-day Silk Road trade route across Southeast Asia and beyond to the Middle East, Europe and Africa.

Source(s): Reuters