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Standard Chartered commits Sh2 trillion to the Belt and Road initiative

Standard Chartered Kenya CEO Lamin Manjang says the Bank closed more than 40 deals relating to the Belt & Road/FILE

NAIROBI, Kenya, 29 Jan – Standard Chartered Group will spend $20 billion (Sh2 trillion) to finance projects in the Belt & Road initiative by 2020.

Standard Chartered Kenya CEO Lamin Manjang says the Bank closed more than 40 deals relating to the Belt & Road.

“Our commitment to facilitate Belt & Road financing is largely as an intermediary and service provider across a full range of lending, financial markets, transaction banking, capital markets and project finance activities. 50 percent of the deals closed in 2017 are made in Africa, 25 percent in South Asia and the rest are across the Belt & Road footprint,” said Mr. Manjang.

The Belt and Road Initiative (BRI) was launched in 2013 by the People’s Republic of China to enhance the flow of capital, goods and services between Asia and the rest of the world.

The initiative focuses mainly on infrastructure investment. It is designed to spur economic co-operation among countries along the proposed Belt and Road routes.

Mr. Manjang said Standard Chartered will continue to support internationalization of the Renminbi (RMB).

“Through close and seamless collaboration with our clients, Chinese policymakers and local partners, we shall continue to facilitate trade and investment between China, Kenya and Africa in general.  This partnership is instrumental in contributing to sustainable growth in Kenya and Africa,” he said.

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