Standard, ICBC back Chinese firms in Africa's B&R markets

Standard Bank, Africa's largest lender, and Industrial and Commercial Bank of China, the country's largest lender, have teamed up to extend loans and foreign exchange services to Chinese companies operating in African countries that are participating in the Belt and Road Initiative.

"African governments and enterprises welcome the initiative as it offers mutual benefits," said Victor Williams, executive head of corporate and investment banking of African region at Standard Bank. "Africa's resources and its huge market can combine with China's advanced technologies, high-quality products and sufficient funds.

"As Africa's largest bank, we are joining hands with ICBC to exploit opportunities brought by the Belt and Road Initiative, thereby expanding our financial services." Standard Bank and ICBC had reached strategic cooperation in 2008, and since then have participated in more than 30 programs. They were worth more than $20 billion by the end of last year.