Home | News | Standard Chartered promotes benefit of ‘Belt and Road

Standard Chartered promotes benefit of ‘Belt and Road

Accra, Nov. 24, GNA - Officials from Standard Chartered Bank have held a roadshow in Ghana to outline the benefits and investment opportunities from China’s Belt and Road initiative (B&R).

The initiative involves China investing billions of dollars in infrastructure development in countries along the old Silk Road, linking it with a network of countries in Europe, Asia and Africa.

China’s B&R is a development strategy launched by the Chinese government in 2013.

Also referred to as the ‘New Silk Road Plan’, the ‘Belt’ route links China with Europe through Central and Western Asia, and the ‘Road’ refers to the 21st Century Maritime Silk Road, which connects China’s ports to Southeast Asian countries, Europe and Africa.

Mr Sebastian Er, Executive Director, The Belt and Road Strategy Execution Team Standard Chartered Corporate and Institutional Banking in China, said the Belt and Road (B&R) initiative as defined by China covers more than just infrastructure development.

He posited that the initiative was to build synergies in development strategies and policies, promote the construction of economic corridor, enhance major projects cooperation and enlarge financial support.

According to him Africa was an important direction and a goal of the Initiative, saying that, the project would bring unprecedented opportunities to the development of China-Africa cooperation.

Standard Chartered has been at the forefront of this journey, partnering with Chinese authorities and supporting global clients in leveraging the opportunities of B&R.

He said the vision also includes facilitating trade and financial cooperation.

“With considerable branch presence in the B&R countries and substantial on-the-ground experience, Standard Chartered is well positioned to provide governments and clients on how best to benefit from China’s ongoing investment and trade”

More than 60 per cent of Standard Chartered’s global markets across Africa, Asia and the Middle East stand to benefit from China’s B&R initiative.

Mr Sebastian said the B&R initiative could facilitate finance for Africa’s key infrastructural development projects, while encouraging cross-border economic and trade partnerships for the two regions as a whole, not only with China, but also with those markets positioned along the B&R route.

“The Bank has more than 150 years of experience and a well-established network across Asia, Africa and the Middle East. Standard Chartered has the products and expertise to support the development opportunities which the ‘Belt and Road’ initiative brings to a number of economies where we operate.”

Mr Jerry Agyeman-Boateng, Head, Global Subsidiaries International Corporates, Standard Chartered, said the bank was at the forefront of facilitating the initiative across the countries in which the bank operated, to ensure smooth cooperation and execution of the projects.

He said the roadshow emphasises “our promise to be ‘Here for good’, while demonstrating our capabilities in cementing existing partnerships and forging new business opportunities across our footprint, in addition to other B&R countries”

He said the collaboration with the Chinese government would deepen cooperation in infrastructure construction and industry and help Ghana achieve self-sustained development.

GNA

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