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Chinese Firm to Invest Over $1.3Bln in England's Sheffield Over 60 Years

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China's Sichuan Guodong Construction Group signed the agreement with Sheffield City Council in order to invest 1 billion pounds ($1.32 billion) in city's projects.

MOSCOW (Sputnik) — China's Sichuan Guodong Construction Group will invest over 1 billion pounds ($1.32 billion) in projects to be realized in the English city of Sheffield over the next 60 years, Sheffield City Council said in a statement on Thursday.

Britain's Chancellor of the Exchequer George Osborne, center left, and Chinese Vice President Ma Kai, center right, applause as they witness a signing ceremony of the 7th China-UK strategic economic dialogue Roundtable on Public-Private Partnerships at Diaoyutai State Guesthouse Monday, Sept. 21, 2015 in Beijing. - Sputnik International
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According to the Council's statement, the agreement was signed within the framework of partnership between Sheffield and its sister city of Chengdu in China.

“This is the biggest Chinese investment deal to be made in a UK city outside of London," Councillor Julie Dore, leader of Sheffield City Council, said, stressing the importance of the deal amid economic uncertainty following the UK decision to leave the European Union.

According to the Council's statement, the first tranche of funding of 220 million pounds will be distributed between several city center projects over the next three years.

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