Deutsche Bank (XETRA: DBKGn.DE / NYSE:) China Development Bank (CDB) and Deutsche Bank signed a Memorandum of Understanding at a ceremony in Berlin. The two parties expressed their interest in promoting the renminbi's (RMB) internationalization and in financing economic cooperation between China, Germany and other Belt & Road Initiative (B&R) countries.
The Belt & Road Initiative is a development strategy proposed by Chinese President Xi Jinping. It focuses on cooperation between Eurasian countries, primarily China, the land-based Silk Road Economic Belt and the oceangoing Maritime Silk Road. Many Chinese state leaders, including Premier Li Keqiang who is currently visiting Germany, have promoted this policy initiative across the world over the past several years.
As part of the Memorandum of Understanding, CDB and Deutsche Bank agreed to work together over the next five years with an aim of supporting projects worth 3 billion US dollars.
CDB and Deutsche Bank also agreed to establish a joint team in order to cooperate on projects that promote the B&R Initiative. Subject to applicable laws and regulations, CDB and Deutsche Bank will finance projects that are beneficial to clients of both banks, including through joint lending and project finance. Garth Ritchie, Head of Deutsche Bank's Corporate & Investment Bank, said: "We are pleased to work with China Development Bank in support of the Belt & Road Initiative. Expanding infrastructure links between China and Europe is a positive opportunity for the people and economies of both."
Werner Steinmueller, Deutsche Bank Asia Pacific CEO, added: "Deutsche Bank is proud of its unique and long-standing role in connecting the Chinese and European economies. We are confident that the depth of our network and experience in Europe will provide a critical anchor to this important China-led policy initiative."
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