Chinese and British banks have signed a 10 billion yuan ($1.6 billion) deal on Belt and Road cooperation as British Prime Minister Theresa May is in China on a three-day visit.
China Development Bank (CDB) will make available up to 10 billion yuan in the next five years to British Standard Chartered Bank to facilitate the projects under the initiative, according to a statement cited by Xinhua news agency.
Standard Chartered will use this to support loans to fund corporate finance projects and trade finance transactions along the Belt and Road, the press release said.
The banks signed the memorandum of understanding during the British Prime Minister's visit who is accompanied by leaders of over 50 British business and commercial organizations.
CDB is China's largest development bank. Last year, it set up a special lending scheme worth 250 billion yuan to support Belt and Road cooperation on infrastructure, industrial capacity and financing.
With a presence in 45 markets along the Belt and Road, Standard Chartered Bank announced in December a plan to spend at least $20 billion to finance projects under the Belt and Road Initiative by late 2020.
The initiative, proposed by China in 2013, aims to build trade and infrastructure networks connecting Asia with Europe and Africa based on ancient land and maritime trade routes.
--IANS
soni/mr
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