British and US giant banks such as Citigroup, HSBC and Standard Chartered are still rushing to seize opportunities thrown up by Beijing’s vast investment in the “New Silk Road” trade corridors spanning 65 countries.
Report informs citing the Financial Times, this project is expected to cover 60% of the world’s population and 1/3 of global GDP. Notably, Baku-Tbilisi-Kars railway is also part of the project.
“It’s huge – the private sector capital that comes in afterwards will be really impactful, assuming it all happens,” says Bill Winters, chief executive of Standard Chartered. “Our job is to try and pull the different pieces together, because there will be some local financing that is required as well.”
Gerry Keefe, head of corporate banking in Asia-Pacific at Citigroup, says: “Our multinational clients – both from the US and in Asia – see the Belt and Road Initiative as a generational opportunity to expand the scale and reach of their businesses”.