Deutsche Bank to support China's 'Belt and Road'

Deutsche Bank, Germany's biggest lender, said Wednesday it would support three billion dollars' worth of development projects in partnership with China Development Bank (CDB).

"CDB and Deutsche Bank agreed to work together over the next five years with an aim of supporting projects worth $3.0 billion," the group said in a statement, published as Chinese premier Li Keqiang visits Berlin.

The two banks signed a memorandum of understanding expressing "interest in promoting the renminbi's internationalisation and in financing economic cooperation between China, Germany and other Belt and Road Initiative countries," the statement read.

Chinese President Xi Jinping launched the "Belt and Road" project in 2013 aiming to reinforce infrastructure linking Asia with Europe and Africa, echoing the Silk Road across central Asia plied centuries ago by caravans.

"CDB and Deutsche Bank will finance projects that are beneficial to clients of both banks, including through joint lending and project finance," the two banks said.