Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Finance

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.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...