ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter
Economy

China offers loans for Eastern Europe infrastructure projects

Premier Li sees the region as key to Belt and Road push

Chinese Premier Li Keqiang, left, and Hungarian Prime Minister Viktor Orban attend an economic and trade forum in Budapest on Monday.   © Reuters

BEIJING -- China will increase financial assistance to help fund infrastructure projects in Central and Eastern Europe, Premier Li Keqiang said Monday in Budapest.

Li held a meeting in the Hungarian capital with leaders of 16 countries in the region, which he sees as key to Beijing's Belt and Road infrastructure-building initiative.

The relationship between China and Central and Eastern Europe, though they are geographically far apart, is built on a firm foundation, said Li, China's official news agency Xinhua reported Tuesday. The premier expressed hope that the Belt and Road initiative will help bolster the region's economy.

China is expected to support a Hungary-Serbia railway and other projects. To that end, a consortium comprising banks from China and Central and Eastern Europe will be set up, with the China Development Bank providing loans equivalent to 2 billion euros ($2.37 billion).

Hungarian Prime Minister Viktor Orban, who hosted the meeting, described the Belt and Road initiative "as the new form of globalization which does not divide the world into teachers and students but is based on common respect and common advantages," AP reported.

Orban, known for his strongman tactics, and other Central and Eastern European leaders are distancing themselves from Western Europe over such issues as immigration. China, for its part, seeks to use the Belt and Road initiative as a way to boost its influence in the region.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends June 30th

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media