President of China announces billions of dollars of funding for “Belt and Road” initiative

15 May 2017

Chinese President Xi Jinping announced on Sunday in Beijing funding of 540 billion yuan (US$78.2 billion) for projects included in the New Silk Road Initiative, an infrastructure project with which China intends to strengthen its trade relations in Asia, Africa and Europe.

Xi Jinping made the announcement before leaders of some 30 countries during the opening speech of the international cooperation forum of “Belt and Road,” the simplified version of the “Silk Road Economic Belt and the 21st Century Maritime Silk Route.”

The President said that China will contribute an additional 100 billion yuan (US$14.5 billion) to the Silk Road Fund, set up in 2014 to finance infrastructure projects and provide aid over the next three years in the amount of about 60 billion yuan (US$8.7 billion) to developing countries and international organisations participating in the initiative.

Two banks – the China Development Bank and the Export-Import Bank of China – will also offer special loans up to 380 billion yuan (US$55 billion) to support “Belt and Road.”

Xi, who devised this international infrastructure plan during an official visit to Central Asia in 2013, intends with this project to revive the old Silk Road, the economic corridor that united the East and the West.

Macau was present at this forum with a delegation of 16 countries headed by Chief Executive Chui Sai On, which included the secretaries for Economy and Finance, Leong Vai Tac and for Social Affairs and Culture, Alexis Tam Chon Weng. (macauhub)