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

People walk outside the main branch of Standard Chartered in Hong Kong, China August 1, 2017. REUTERS/Bobby Yip

LONDON (Reuters) - State-owned China Development Bank will make available up to 10 billion yuan ($1.59 billion) to Standard Chartered to fund projects in countries along China’s ‘Belt and Road’ infrastructure route, StanChart 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.

Reporting by Lawrence White; editing by Jason Neely