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

Light-emitting diode (LED) street lamps illuminate a road in Langen, Lower Saxony, May 23, 2013. Light-emitting diodes are taking over public spaces, saving thousands of euros in energy costs, although the price will deter households from making the switch for some time. LEDs are up to eight times more efficient than incandescent bulbs used in most homes but are still at least 10 times as expensive. The more expensive a lamp, the longer it needs to burn to write off the price, so it is more viable to use them in streets and hospitals than in homes where lights are off more than on. The town of Langen on Germany's North Sea coast has done the sums and two years ago became the first in Europe to replace its 2,583 street lights with LEDs at a cost of 1.7 million euros ($2.2 million). The town now spends about 79,000 euros a year to run its street lights - more than 60 percent less than before. Picture taken May 23. To go with story ENERGY-EFFICIENCY/LED REUTERS/Fabian Bimmer (GERMANY - Tags: BUSINESS SCIENCE TECHNOLOGY) - RTX1076O

Deutsche Bank, Germany's biggest lender, said today 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 USD 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.