China Increases Spending on the Silk Road

China intends to allocate an additional 100 billion Yuan (about $14.5 billion) to the Silk Road Fund, said the President of China, Xi Jinping, at the recent Forum of Silk Road countries in Beijing.

In addition, according to Jinping, China's Import and Export Bank is ready to allocate a targeted loan of 130 billion Yuan for the development of the “One Belt - One Road” project.

“Another 250 billion Yuan from the State Development Bank of China will go to support other projects of the new Silk Road,” he added.

In 2013, China announced the new "One Belt - One Road" strategy for economic development aimed at creating infrastructure and establishing links between the countries of Eurasia. The idea of a new Silk Road is based on the example of the Great Silk Road, which in ancient times was one of the most important trade routes in the world.

Dimitri Dolaberidze

15 May 2017 17:44