May 15, 2017 2:30 am JST

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.

Get Insights on Asia In Your Inbox

To read the full story, Subscribe or Log in

Get your first month for $0.99

Redeemable only through the Subscribe button below

Once subscribed, you can…

  • Read all stories with unlimited access (5 articles per month without subscription)
  • Use our smartphone and tablet apps

To read the full story, Subscribe or Log in

3 months for $9
SUBSCRIBE TODAY

Take advantage of this limited offer.
Subscribe now to get unlimited access to all articles.

To read the full story, Update your account

We could not renew your subscription.
You need to update your payment information.

To read the full story, Subscribe or Log in

Once subscribed, you can…

  • Read all stories with unlimited access (5 articles per month without subscription)
  • Use our smartphone and tablet apps

To read the full story, Subscribe or Log in

3 months for $9
SUBSCRIBE TODAY

Take advantage of this limited offer.
Subscribe now to get unlimited access to all articles.

To read the full story, Update your account

We could not renew your subscription.
You need to update your payment information.