China bolsters financing for Belt and Road projects
Another $14bn going into Silk Road fund
ISSAKU HARADA, Nikkei staff writer
BEIJING -- Chinese President Xi Jinping on Sunday pledged an additional 100 billion yuan ($14.5 billion) for a fund that is spearheading infrastructure development along the new Silk Road envisioned by the government.
A two-day international forum on the Belt and Road Initiative kicked off here on Sunday. In his keynote speech, Xi acknowledged that financing for the ambitious project presented a challenge. The Silk Road fund, established in 2014, currently totals $40 billion.
The China Development Bank and the Export-Import Bank of China will provide 380 billion yuan in financing for related projects, with major financial institutions asked to set up an overseas fund totaling 300 billion yuan.
Xi also indicated that developing nations along the economic corridor would receive 60 billion yuan in aid over the next three years.
Some 1,500 representatives of more than 70 international organizations and 130 nations attended the meeting, including the leaders of Italy, Spain, Chile and 26 other countries.