Standard Chartered inks deal to fund China's BRI

China Development Bank will make $1.59b available for BRI projects.

China Development Bank and Standard Chartered Bank signed a memorandum for a partnership aiming to facilitate trade and investment relating to China's Belt and Road Initiative.

In the next five years, the memorandum will enable China Development Bank to make available up to $1.59b (RMB 10b) to Standard Chartered to facilitate Belt and Road Initiative projects.

This follows Standard Chartered’s announcement in December 2017 that it will be facilitating additional financing to the value of at least $20b by 2020 to support the initiative. The bank was involved in over 50 projects related to the Belt and Road Initiative in 2017.