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

Reuters - UK Focus

LONDON, Feb 1 (Reuters) - State-owned China Development Bank will make available up to 10 billion yuan ($1.59 billion) to Standard Chartered (BSE: 580001.BO - news) to fund projects in countries along China's 'Belt and Road' infrastructure route, StanChart (HKSE: 2888-OL.HK - news) said on Thursday.

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

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

($1 = 6.3035 Chinese yuan renminbi) (Reporting by Lawrence White; editing by Jason Neely)