(Yicai Global) Jan. 16 -- Shanghai Pudong  Development Bank and British Standard Chartered will join hands under  the auspices of the Belt and Road cross-border investment initiative.

The pair signed a cooperation memorandum  regarding the B&R initiative yesterday, regional news outlet Hebei  News reported. The B&R is President Xi Jinping's massive plan of  linking China with tens of former Silk Road countries by pipelines, railways and maritime routes.

The pair expects to capture business  opportunities along the B&R and strengthen cross-border links, while  assisting overseas firms to better explore the Chinese market. The two  lenders will deepen collaboration particularly in Asia, the Middle East  and Africa, while catering to the development needs of their clients,  the statement added. 

Signing the memorandum reflects a  long-term close partnership between the two banks, said Simon Cooper,  the chief executive of Standard Chartered's corporate and institutional  banking division.

Standard Chartered is the first foreign  bank to lend support to the B&R, as it will offer financing worth no  less than USD20 billion for projects along the B&R before the end  of 2020, the London-headquartered institution said in December 2017. 

SPDB also plans to support the B&R  till 2020. The bank has set up 41 core branches and nearly 1,700  business outlets at home and abroad.

Editor: Emmi Laine