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China Development Bank, StanChart sign Belt and Road funding agreement

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China Development Bank, StanChart sign Belt and Road funding agreement

China Development Bank signed a memorandum of understanding with Standard Chartered Plc to facilitate trade and investment related to China's Belt and Road Initiative.

The agreement will allow China Development Bank to make available up to 10 billion yuan in the next five years to Standard Chartered to facilitate Belt and Road Initiative projects, according to Feb. 1 release.

Standard Chartered will use the funds to support loans that will fund corporate finance projects and trade finance locations along the proposed Belt and Road Initiative routes. The U.K.-based bank will make the drawdown decisions and take the credit risk of the borrowers.

The Belt and Road Initiative is intended to promote economic cooperation among countries along the land and maritime routes from and through Asia.

As of Feb. 1, US$1 was equivalent to 6.30 Chinese yuan.