(MENAFN) Authorities of the Yorkshire city of Sheffield in Britain, famed for its steel industry, declared a 60-year USD1.3bn partnership with Sichuan Guodong Construction Group, one of the biggest firms in China's Sichuan Province.
The 1st tranche of funding related with the deal is worth up to USD292mn and will fund five Sheffield city center schemes over the next three years, but the exact projects that the investment will fund are yet to be determined.
Sheffield City Council has also recently signed co-operation trade contracts with Daqing, the leading center for the oil and gas industry in China, and the city of Nanchang, to lift trade between local firms in the Yorkshire city and China.
"We are clear that this will create thousands of additional jobs for the people of Sheffield, hence the investment comes from China, but the workforce on these projects will be British," said deputy leader of Sheffield City Council.
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